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News and Information Article
HARRISBURG, Pa., Aug. 29 // -- Governor Edward G. Rendell
said the commonwealth is investing nearly $5.3 million in seven projects
that will support the deployment of alternative fuel vehicles, biomedical
research, venture capitalists and the states successful Keystone
Innovation Zone initiative.
"With our dynamic mix of world-class universities, a skilled workforce,
and a competitive business environment, Pennsylvania is home to some very
exciting and innovative technological advancements," Governor Rendell said.
"Were leveraging our resources to attract private sector investment to
help shape the future. Each day, we work to provide the help and resources
needed so that Pennsylvania can continue to play a leading role in the
development of new technology.
"The investments were announcing today will enhance partnerships with
new, hi-tech businesses, create new jobs and help drive Pennsylvanias
economy forward," Governor Rendell added. "While we have made great strides
in rejuvenating our economy, making investments in our universities and
technology businesses will enhance our efforts."
The Governor said the investments were made available through the Ben
Franklin Technology Development Authority, which is a state-funded network
dedicated to fostering technological innovation, strengthening the
commonwealths economy, and creating and retaining good-paying jobs that
require advanced skills. It also provides funding for a host of technology
initiatives and supports four Ben Franklin Technology Partners throughout
Pennsylvania that identify the most promising ventures and provide them
with technical assistance and capital.
The BFTDA provided funding for the following projects:
Aurora Ventures V LLC received $2 million that will be invested in seed
and early-stage Pennsylvania companies specializing, principally, in the
information technology and life sciences sectors. The fund has a solid co-
investing relationship with many Pennsylvania-based venture capitalists,
including Quaker BioVentures, Internet Capital Group, SR One and Spring
Capital. Auroras balanced investment approach draws upon the expertise of
its existing investment team, with 47 years of aggregate venture investing
experience plus 56 years of aggregate operational and management
experience.
Allegheny County
The Technology Collaborative (TTC) was awarded $2 million to support
rounds 14 and 15 of its technology commercialization initiative. The
initiative provides grants to Pennsylvania companies and universities to
develop new technologies and products for commercialization by Pennsylvania
companies; creating new products and markets for existing companies; and
facilitating the spinout and startup of new companies in the commonwealth.
TTCs mission is to leverage existing strengths in the universities and
business community to commercialize electronic and robotic technologies for
consumer electronics, networking, computer, robotics and assisted living
markets.
Centre County
The Pennsylvania State University, Pennsylvania Transportation
Institute Hybrid and Hydrogen Vehicle Research Center received $273,278 to
further develop a hydrogen bus, van, and fuel cell vehicle that will be
used to demonstrate Air Products and Chemicals new hydrogen station. The
funding will be used to develop and demonstrate the commercial cost
viability of a stand- alone, comprehensive hydrogen fueling station that
delivers a hydrogen product stream meeting strict end-use performance
requirements. This project will expand the hydrogen fleet to ten vehicles
and extends testing and demonstration through a third year, while promoting
new businesses and educating engineers and policy makers.
I-99 Corridor Keystone Innovation Zone (KIZ): The Centre County
Industrial Development Corporation was awarded $187,500 in second round
funding to operate the I-99 Corridor KIZ. Since its inception in 2004, the
I-99 Corridor KIZ has promoted various economic development services,
programs and Penn State University resources to existing regional
industries and entrepreneurs. The zones goal is to establish and promote
the I-99 Corridor as a cost- effective, high-value added location for
competitive knowledge-based businesses and their employees. During the
first round funding, 139 jobs were created and 172 jobs were retained.
Lycoming County
Williamsport/Lycoming County Keystone Innovation Zone (KIZ): The
Industrial Modernization Center Inc. received $182,175 in second round
funding operate the zone. With this investment, the zone hopes to expand
company programs, benefits and materials to accommodate entrepreneurs
needs in the region, and use the expertise of the zones college partners.
The zone will continue to build relationships, potential partnerships, and
share best practices with other KIZs.
Monroe County
Pocono Mountains Keystone Innovation Zone (KIZ): East Stroudsburg
Universitys Center for Research and Economic Development (CFRED) was
awarded $150,000 in second round funding to operate the Pocono Mountains
KIZ. This funding will support expansion of the zones network of resources
by educating targeted groups on the advantages of locating businesses in
the zone. The Center for Research and Economic Development serves as the
coordinator of the KIZ and operates the ESU business accelerator program.
The business accelerator contributes to the development of new companies by
providing office space, professional business development services, student
interns and graduate assistantships. During the first funding round, 22
jobs were created and 60 others were retained.
Montour County
Geisinger Clinic received $500,000 to support BioLink, a biobanking
initiative. A biobank is a collection of biological material representative
of a larger population utilized for biomedical-based genetic and
epidemiologic research. The effort will involve collecting 40,000
biological samples over a two-year period. BioLink will establish
Pennsylvania as the first biobank of its kind in the world. It is unique in
that it will link genetic data with longitudinal clinical medical history,
providing a powerful tool for researchers and fueling medical discovery.
The research collaborations that result from this initiative will generate
revenues and support the creation jobs and companies within Pennsylvania.
For additional information on the Governors investment in technology
and his economic stimulus programs, please visit http://www.newPA.com or
call 1- (866)-GO-NEWPA (866) 466-3972.
The Rendell Administration is committed to creating a first-rate public
education system, protecting our most vulnerable citizens and continuing
economic investment to support our communities and businesses. To find out
more about Governor Rendells initiatives and to sign up for his weekly
newsletter, visit his Web site at: http://www.governor.state.pa.us.
CONTACT: Michael Smith
717-783-1116
Michael Chapaloney (DCED)
717-783-1132
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