Wisconsin Department of Commerce Certifies Sologear, LLC as Qualified New Business Venture
Company now eligible for investor tax credits under Wisconsin's Angel Investor and Venture Fund Tax Credit Program
MADISON, Wis., October 20, 2009 – Sologear, LLC, a Wisconsin-based company devoted to developing applications and technology for solidifying ethanol fuel, was awarded the highly competitive Qualified New Business Venture certification from the state of Wisconsin.
The company's certification by the Wisconsin Department of Commerce makes investors in Sologear eligible for a 25-percent tax credit on the amount they invest in the company.
“To support new, high-end business growth, my most recent budget triples the amount of tax credits available to angel investors and early-stage seed funds,” Governor Doyle said. “Built on a foundation of innovative technology and strong leadership, Sologear, LLC is in a great position to grow and thrive in Wisconsin."
“Sologear is very pleased to be recognized as a Qualified New Business Venture in Wisconsin,” said Sologear President Chad Sorenson. “These tax credits will be an important catalyst to attracting new equity investment, which will fund our new product initiatives and future extensions of the fuel technology already being used in our first product, the FlameDisk.”
The Department of Commerce selected Sologear for this award based on their development of new technology for solidifying ethanol, which offers numerous advantages over other technologies in this field including lower air emissions, improved safety and higher performance. With this certification, Sologear joins an elite group of businesses within the state.
Sologear was started in 2005 to develop a new heat source for existing cooking grills that offered a new level of simplicity, ease-of-use and safety – all the while being more eco-friendly. Development of the technology to solidify ethanol fuel has opened the door for a variety of future products that are now being pursued and offer significant relative advantage over existing options in the consumer marketplace.
Source: Sologear (www.flamedisk.com)
