$1million in expenses paid to date
Exergy Development Group CEO James Carkulis has responded to recent media coverage surrounding unpaid sponsorship invoices for the Exergy Tour, the only UCI 2.1-ranked event for women in North America .
In an editorial published in the Idaho Statesman, Carkulis explained that $1 million of expenses have been paid by the company with more to go.
"It is also safe to say we shall pay the remaining balance and we are disappointed our commitments temporarily outran our ability to pay them," he said.
Despite the reported cash flow issues, Carkulis explained that construction would begin on two major projects - a wind farm in Texas and two dairy digesters in Idaho.
Carkulis also explained that the company’s sponsorship of men's Team Exergy UCI Continental Team and the Exergy-Twenty12 women's team, which featured 2012 Olympic time trial Gold medalist Kristin Armstrong and Olympic track bronze medalist Lauren Tamayo would continue. Cyclingnews previously reported that both teams denied any issue with payment.
"I in no way seek to trivialize our lateness paying our Exergy Tour bills; we are communicating and working with these folks," he continued. "We know that suspending work on our Idaho wind farms represents lost investment and diminished opportunities for rural towns. Anyone who has run a business knows the experience of being behind and having to suspend projects. In our case, these projects were years and millions of dollars in the making."
The US Government has subsidised sustainable energy projects in recent years, and will expire in the next two years. Exergy has lobbied the government to continue its support.