BOULDER - Cocona Inc., a Boulder-based firm that makes fabric from coconut fibers, has been approved to receive up to $10,000 in rebates for sales and use taxes, and permit-related fees.

The rebates were approved by city manager Jane S. Brautigam through the city's flexible rebate program, one of the city's business incentives. The program covers a wide range of fees, equipment and construction use taxes.

Under this program, the city manager may consider a specific incentive package for tax and fee rebates to meet a local company's specific needs. The company is then eligible for the rebate after it has made its investment and paid the taxes or fees to the city.

Cocona develops technologies that enhance the technical performance of clothing, footwear and sleep systems under the product name 37.5.

Founded by Greg Haggquist in 2000, Cocona's 37.5 technology is used by active and outdoor apparel brands including Adidas, Pearl Izumi, Under Armour and Carhartt.
 
"Boulder salutes Cocona's innovation in making high-performance fabric from coconuts," Brautigam said. "This creativity is a great example of Boulder's innovative spirit. Cocona's investment and expansion in Boulder is great news."

Cocona moved from its former space at 2100 Pearl St. to a new office at 5480 Valmont Road. In addition, the company has moved its laboratory, including the five employees who work there, from Longmont to the new office in Boulder.

"Boulder is an ideal place to locate a technology company," said Cocona CEO Jeff Bowman. "Besides being an easy place to recruit top talent, the city has supported our growth every step of the way."

The flexible rebate program uses social, community, and environmental sustainability guidelines to evaluate eligible businesses. Companies choose the guidelines that best fit their circumstances, but must meet minimum requirements in order to receive the rebate.

The city said Cocona's fabrics use less energy during the laundering process due to polyester yarn made from carbon particles from the water filtration industry. In addition, the company will work with the EnergySmart program to identify potential ways to reduce energy use and save money.