Terra Tech Corp (OTCMKTS:TRTC) subsidiary firm Edible Garden Corp. applied for ‘Clean Energy Pay’ for Performance Program. The company reported that the application has been approved and now its subsidiary will receive a total of nearly $300,000 over the course of next nine months.
Through Edible Garden, the company cultivates superior quality local and sustainably cultivated hydroponic produce. It is available on shelves of leading companies including Shoprite, Krogers and Walmart.
Terra Tech reported that the subsidiary firm has received its first check of $21,368.40. The Clean Energy Program of New Jersey is a state-wide plan that provides services, financial incentives and programs to business owners, residents, and local governments in the state. The assistance is offered to help minimize the State’s energy usage and control peak demand.
It is also meant to transform the industry for the next-gen of energy efficiency know-how. Terra Tech subsidiary has made considerable investments into their facility based in New Jersey. The objective is to increase automation and productivity while controlling carbon footprint and high energy consumption.
The expert view
Derek Peterson, the CEO of Terra Tech Corp (OTCMKTS:TRTC), stated that they feel fortunate that state has programs like these launched for the benefit of businesses. These programs are focused on improving environment. With the Nevada facility establishment in process, the grant of $300,000 couldn’t have come at a better time.
The company has received nearly $2 million as first check under private placement. They expect Equity Line to be effective in mid July. Mr. Peterson said that the grant is especially significant as it a non dilutive form of financing that Terra Tech can deploy to support operations and improve margins and efficiencies.
In last trading session, the stock price of Terra Tech gained nearly 2% to close the trading session at $0.107. The gains came at a share volume of 592,480 compared to average share volume of 1.08 million.