Solar and Storage developer Stella Energy selects Empact’s platform for IRA tax compliance management
BOULDER, Colo. and HOUSTON, Aug. 1, 2023 /PRNewswire/ — Empact Technologies (Empact), a clean energy tax incentive management software and services company, today announced the launch of its new platform designed to maximize the impact of clean energy project incentives under America’s Inflation Reduction Act (IRA). Empact combines powerful software with incentive compliance expertise into the industry’s first and most comprehensive IRA management platform.
Empact also announced a multi-year agreement with Stella Energy Solutions, a leading utility-scale solar and storage developer in Houston, Texas. Stella will use the Empact Technologies platform for IRA tax incentive management on all current and future solar and energy storage projects for a period of five years.
“We’re on the brink of a global transformation to a clean energy future. Empact’s platform will enable a more sustainable and equitable energy transition by optimizing the financial, social, and environmental impact of clean energy projects,” said Charles Dauber, founder and CEO of Empact Technologies.
According to analysts from Goldman Sachs, the IRA is the most supportive regulatory environment in clean tech history, providing an estimated $1.2 trillion of incentives by 2032.
Empact enables developers to leverage the IRA clean energy program to secure project construction financing, while ensuring regulatory compliance. Empact also provides the industry’s most robust data repository to protect investors from IRS recapture risk.
“Ensuring adherence to the new IRA tax incentive requirements is a critical element of our project financing,” said Staats Battle, Senior Vice President of Operations, Stella Energy. “We chose Empact Technologies to manage the entire process on our behalf, from working with our EPCs and project suppliers, to providing 3rd party proof of our compliance to our financing partners.”
Empact’s platform combines proprietary SaaS technology with professional services, enabling projects to meet IRS regulatory requirements for prevailing wage and apprenticeship, domestic content, and energy and low-income community incentives. Uniquely comprehensive, Empact’s compliance data repository includes EPC and on-site subcontractor payroll records, domestic content qualification data for steel / iron and manufactured products, as well as project location and supporting documentation for energy and low-income community incentives.
To learn more about how Empact Technologies maximizes the financial, environmental, and social impact of America’s IRA clean energy project incentives, visit empacttechnologies.com.
About Empact Technologies
Empact Technologies maximizes the impact of clean energy project tax incentives with the industry’s premier IRA management platform. Empact combines proprietary SaaS technology with professional services, enabling projects to meet IRS regulatory requirements for prevailing wage and apprenticeship, domestic content, and energy and low-income community incentives. Developers use Empact to secure project construction financing, ensure regulatory compliance, and protect investors from IRS recapture risk.
Media Contact: Fabienne Rodet, 650-804-2504, firstname.lastname@example.org
SOURCE Empact Technologies