After ballyhooing a new wind energy company last week, the Greater Colorado Springs Economic Development Corp. is backpedaling.
The EDC issued this statement this afternoon:
COLORADO SPRINGS REGIONAL ECONOMIC DEVELOPMENT CORPORATION STATEMENT ON ROCKY WIND POWER
(March 1, 2010) - The Colorado Springs Regional Economic Development Corporation (CSREDC) recently received information about Rocky Wind Power (a subsidiary of Prevailing Power) that requires some clarification.
Initial research by the CSREDC on the company, including an on site visit with the company owners at their facility in Iowa, provided an indication that the company was viable. However, as a result of the company's recent announcement of their intentions to establish a presence in the Pikes Peak Region, prior customers, employees and clients have provided new information that reflects the company's credibility and past performance have not been consistent with what was stated by the company official, Steve Stultz. Additionally, CSREDC has learned there are a number of registered complaints concerning Prevailing Power that are being investigated by the Iowa State Attorney General's Office.
Small wind generation is an exciting renewable energy source but it is also an industry that is still in development. Those interested in investing in this industry are encouraged to investigate any company in this industry before doing business with them. The CSREDC's prior involvement with Rocky Wind Power in no way constitutes an endorsement of this company.