Today, Governor Polis and the Business Funding & Incentives Division of the Colorado Office of Economic Development & International Trade (OEDIT) announced today that High Altitude Geothermal, LLC is the first Moffat County business and the first geothermal company to join the Rural Jump-Start (RJS) program. The RJS program is intended to encourage economic development and job creation in rural communities across the state.
“Here in Colorado we are channeling the heat beneath our feet and powering our future. I am thrilled to see companies like High Altitude Geothermal utilizing state investments to expand geothermal energy into our rural communities and provide low-cost energy that will save people money,” said Governor Polis.
High Altitude Geothermal is a driller, designer, and installer of geothermal ground source exchange systems and heat pumps to provide heating and air conditioning to residential, governmental, and commercial buildings. The company provides a series of value chain functions related to geothermal energy including as a drilling subcontractor to other potential installers in the Rocky Mountain region, which requires specialized knowledge and equipment. Over the next four years, the company plans to employ five new hires.
“The ingenuity and innovation of companies like High Altitude Geothermal will play a key role in diversifying and growing the economy of northwest Colorado. We are thrilled to welcome the company to the Rural Jump-Start Program, supporting its goals to create local jobs and advance renewable energy, particularly in a coal transition community committed to diversifying its economy,” said Eve Lieberman, Executive Director of the Colorado Office of Economic Development and International Trade.
"High Altitude Geothermal extends our heartfelt thanks to OEDIT, who oversees the Rural Jump-Start program, and to all the partners and supporters who have been vital to our current business launch. The response has been overwhelming, and we are excited to provide future employment opportunities for our region as we transition away from coal. We’d like to give special thanks to Shannon Scott from Craig Economic Development for her invaluable support,” said Kristine and Matt Cooper, Founders and Owners of High Altitude Geothermal.
The Colorado Economic Development Commission approved High Altitude Geothermal to participate in the Moffat County RJS Zone at its September 19, 2024 meeting. Through the RJS program, businesses that start in or move to RJS zones can qualify for relief from the state business income tax, the sales and use tax, and county/municipal business personal property taxes. Qualified employees also receive relief from their state personal income tax.
Through June 30, 2025, businesses are also eligible for a general operating grant of up to $20,000 and up to $2,500 per qualified new hire. Businesses located in Tier One Coal Transition committees, like Moffat County, are eligible for up to $40,000 in operating grants and $5,000 per qualified new hire. These grants are intended to support regional economic and workforce development activities that expand local business, create new good-paying jobs, and create more diversified and strong local economies.
“The City of Craig’s Economic Development Department is elated to learn of High Altitude Geothermal’s recent award as the first recipient of the Rural Jump Start Program in Moffat County. Matt and Kristine Cooper have identified a strong and unique need both locally and regionally for their drilling and excavation services that aligns well with the goals of the Moffat County Vision 2025 Transition Plan. We’re excited to see their new business venture thrive!” said Shannon Scott, Economic Development Manager for the City of Craig.
RJS zones are designated to spur economic growth and job creation in economically distressed, rural counties of Colorado. Moffat County passed a resolution to participate in the program in February 2017. The Colorado Economic Development Commission (EDC) approved the zone application in March 2017.