The Buchanan County Industrial Development Authority approved an $80,000 grant agreement with the Virginia Coalfield Economic Development Authority to study the potential of manufacturing small wind turbine systems in the county.
The agreement was approved during the IDA’s Aug. 17 meeting. Wade McGeorge made the motion to approve the agreement, and Danny Bailey seconded it. The motion passed.
The funding will support a feasibility and economic impact study and a pilot test to manufacture small vertical wind turbine energy recovery systems in Buchanan County.
The study will give local economic development officials a closer look at whether the emerging energy technology could be manufactured successfully in the county and what economic benefits it might bring. The work could help determine whether the concept can create jobs, attract investment or become part of Buchanan County’s efforts to diversify its economy.
Approval of the agreement does not mean a full manufacturing operation has been authorized or established. The grant supports the preliminary study and pilot testing needed to evaluate whether the idea is practical.
Under the agreement, grant proceeds must be used only for the wind turbine project. The IDA must provide written disbursement requests, invoices and other documentation verifying project expenses before funds are released.
Any money not disbursed within two years of the agreement date will return to VCEDA.
The wind turbine agreement was among several agreements with VCEDA that the IDA approved during the meeting.
