The Colorado Office of Economic Development and International Trade’s Economic Development Commission on Thursday approved Sky Peak Technologies for the Rural Jump-Start Tax Credit Program. Rural Jump-Start is a state initiative that provides companies with significant tax breaks if they’re in a rural area and provide a new technology, product or service to the region.

Sky Peak Technologies is based in Fruita and was awarded for its proprietary software aimed at reducing mobile data consumption and costs for mobile operators. Earlier this year, the company was recognized as a winner of the Greater Colorado Pitch Series during West Slope Startup Week.

Companies approved for the program receive 100% tax credit on income and sales taxes for four years, with opportunity to extend for another four years and request special cash grants, as long as those companies pledge to expand their operations and provide more jobs.

With the financial momentum Sky Peak Technologies will gain from the Rural Jump-Start Tax Credit Program, the company plans on opening a new office in Fruita and hiring at least five new software developers through a collaboration with Colorado Mesa University’s computer sciences program.

Sky Peak Technologies joins Valkyrie Recovery Systems Inc., Lyttle’s Fleet, SCOR’D, Eco Super Structures, Hayden Data and Acom Unlimited as the Western Slope companies to be approved for the Rural Jump-Start Tax Credit Program this year.