Bulk of funding to spur new advancements in next generation energy technologies
– By Stephen Heiser –
Governor Edward G. Rendell stressed the importance of supporting promising new Pennsylvania companies today as he announced recent state investments that will advance nuclear technologies, cutting-edge alternative energy technologies, bring new products to the marketplace, and provide crucial seed money that will fuel future economic growth and create new jobs.
"Technology-based industry is a huge economic driver for Pennsylvania," Governor Rendell said. "By using our resources wisely, we are equipping our universities, venture capital firms, and economic development partners with the tools they need to bring new ideas to the marketplace and support young companies. These investments will help solidify our reputation as a leader in technology investment."
The Ben Franklin Technology Development Authority, or BFTDA, approved the investments totaling $6 million last week during its quarterly meeting. BFTDA has leveraged more than $2 billion since 2003, resulting in 14,000 high-value jobs, Governor Rendell said. The newly approved projects include:
University Research Grant Program
The University of Pittsburgh received $700,000 to support an initiative to advance technologies in nuclear, mining and electrical power and advanced materials.
Lehigh University received $1 million through the university research grant program to support the final round of funding of the Center for Optical Technologies. The funding will be used to implement initiatives from a partnership between Lehigh University, Penn State University, and Northampton and Lehigh Carbon community colleges.
Other University Research Grants supporting Pennsylvania Initiatives for Energy are:
The Energy Commercialization Institute received $1.2 million to support the first regional partnership in southeast Pennsylvania for advancing alternative and clean energy technologies. The funding will focus on high-impact energy areas of transportation and generation with the founding partners of the Ben Franklin Technology Partners of Southeastern PA, the University of Pennsylvania, and Drexel University.
Lehigh University received $700,000 to support the university's energy and environmental research initiative. The funding will be used to support energy and environmental research projects, with a focus on electric power generation, alternative fuels, and to investigate related energy reduction strategies and environmental impacts. In addition, the funding will support creating the Energy Systems Institute and a partnership with Northampton Community College's Electrotechnology Applications Center to recommend energy efficiencies for Pennsylvania businesses.
Penn State received $700,000 to pursue commercially viable distributed power management products in partnership with Drexel University at the Philadelphia Navy Yard.
Technology Development Grant Program
Philadelphia-based University City Science Center received a $200,000 technology development grant to support a program that bridges gaps between university scientists, technology transfer offices and the commercial and investment worlds. The program helps reduce business risk and increase the attractiveness of investment in intellectual property within its member universities.