Rocky Wind Power, a subsidiary of the company wooed here with tax incentives but put things on hold after questions were raised about its viability, has gone out of business, the Colorado Springs Business Journal reports.
Writer Rob Larimer says in a story posted Monday that Iowa-based Prevailing Power has closed down, according to the Valley News Today of Shenandoah, Iowa.
Rocky Wind Power, an off-shoot of the business, was lured here by a $300,000 package of incentives, mostly tax breaks, and planned to open a wind generator manufacturing plant that would have employed at least 125 people.
Within days of the announcement last month, the Greater Colorado Springs Economic Development Corp. issued a press release saying questions surrounded the company. Those included a pending investigation by the Iowa Attorney General's Office and wind technicians who challenged whether the roof-mounted and street-light mounted wind generators would actually work.
Mike Kazmierski, CEO of the EDC, told the Independent his agency would change how it vets potential businesses, although the EDC's goal is not to investigate companies but rather only provide information they seek in making a relocation decision.