Bing Energy, a high-tech alternative energy developer, has announced plans to close its California-based operations and relocate to Florida. California's corporate tax rate, among the highest in the nation, coupled with stringent permitting rules and regulations, led to Bing Energy's decision to leave the Golden State, the company said.
Bing Energy Chief Financial Officer Dean Minardi explained: "I just can't imagine any corporation in their right mind would decide to set up in California today." Mr. Minardi continued: "In the end, it was cheaper to be in Florida. They wanted us to be here, and know we have our tech lab, corporate headquarters and our first production facility here. It's probably 15 percent less cost to do business here than in California."
Bing Energy was incorporated in Chino in 2009. The company is working to develop hydrogen-powered fuel cells for use in motor vehicles and some power stations.
Chino Mayor Dennis Yates said: "I understand completely why they left, with a Democratic governor elected, plus all the environmental restrictions, workers' comp, sales tax and licensing fees on vehicles, the list goes on and on. Companies are leaving in droves, and the recession compounds the problem." (Source: Inland Daily Bulletin, February 24.)
February 28, 2011
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