A new energy company wants to move to Brevard County and just received $1 million
in tax breaks to do it.
Portland, Ore.-based Xun Energy has some ambitious plans.
The company is promising to create
The company has only earned limited income since 2007.
The startup energy company is proposing a Melbourne
Admittedly, the company isn't making any money yet.
Despite some vocal criticism,
decade for Xun Energy. If the company doesn't perform, it doesn't get the tax incentives.
Xun Energy has no significant assets, but CEO Jerry Mikolajczyk said Tuesday the company does have investors and a new $15 million line of credit.
"You can go from zero to revenue, especially in oil and gas, overnight," Mikolajczyk said.
The first hurdle for the fledgling company is closing on its Melbourne headquarters.
"We have nothing to lose by trying," said Brevard County
If Xun Energy doesn't close on the property, the tax abatement deal goes out the window and the company has to start this process all over again.