Controlled Thermal Resources has received $30 million in tax credits from the State of California to support the Hell's Kitchen geothermal lithium project.
Controlled Thermal Resources Holdings Inc. (CTR) has received a $30 million tax credit as part of the California Jobs First Initiative. The tax credits will support the critical development of the Hell’s Kitchen Lithium and Power Project in Imperial County.
CTR was one of the eight innovative companies that received a total of $120 million in investment from the State of California. The initiative is expected to generate more than 2,100 full-time jobs with an average annual salary of over $100,000 and bring in an estimated $15.5 billion in private investment over the next five years.
In exchange for this tax credit, CTR is expected to make capital investments of more than $14.7 billion and create nearly 450 new, full-time jobs in Calipatria and Imperial.
Situated in the Salton Sea Geothermal Field in Imperial Valley, the Hell’s Kitchen Lithium and Power Project aims to provide 50 MW of geothermal power and 25,000 tonnes of lithium hydroxide monohydrate by 2025-2026. CTR had recently broken ground on the construction of the first of seven facilities for what would eventually be the “Lithium Valley Campus.”
Construction commencement of the company’s first project stage is central to CTR’s larger vision for the Lithium Valley Campus, which includes the co-location of specialized battery material manufacturers onsite to enable direct access to CTR’s clean lithium and renewable baseload electricity.