Governor Rendell Says New State Investments Will Fuel Expansion of PA’s Tech Sector

HARRISBURG, Pa., April 2 /PRNewswire-USNewswire/ -- Governor Edward G. Rendell stressed the commonwealth’s support for an economy rooted in innovation today as he announced new state investments that advance alternative energy technologies, support research collaborations between academia and industry, and bring new products to the marketplace.

At its quarterly meeting, the Ben Franklin Technology Development Authority approved $2 million in investments for several projects that support Pennsylvania’s technology-based economic development agenda.

"Pennsylvania’s future hinges on entrepreneurs and companies whose ideas will lead to the next scientific breakthroughs," Governor Rendell said. "Pennsylvania companies, researchers and entrepreneurs, working together with the state, will lead to high-skill, high-wage jobs, significantly contribute to our state’s economic prosperity, and push forward economic development priorities such as energy independence."

The Ben Franklin Technology Development Authority has leveraged more than $4 billion since 2003, resulting in 27,000 jobs, Governor Rendell said.

In addition to the projects approved today by the authority, the four regional Ben Franklin Technology Partners, which identify and support promising ventures with technical assistance and capital, presented their strategic plans to implement the $10 million they will each receive from the Alternative Energy Investment Fund enacted in July.

Each partner’s strategic plan focuses on their own regional strengths. In general, the partners will work to support early stage activities, including incubation support, management support, translational research, company investment and other activities to develop and implement alternative energy technologies and energy efficiency technologies.

For more information, contact the Ben Franklin Technology Partners at www.benfranklin.org.

For more information on BFTDA or the commonwealth’s other community and economic development programs, visit www.newPA.com or call 1-866-466-3972.

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 Rendell’s initiatives and to sign up for his weekly newsletter, visit www.governor.state.pa.us.

EDITOR’S NOTE: The newly approved projects include:

University Research Grant Program

Lehigh University received $900,000 through the university research grant program to support the Pennsylvania Materials Research Science and Engineering Center. Through the center, Lehigh, in partnership with Carnegie Mellon University, will research and develop innovative and advanced materials, with an emphasis on nanotechnology.

The Pennsylvania NanoMaterials Commercialization Center received $500,000 through the university research grant program to support the Advanced Materials and Energy Research and Commercialization Initiative. This initiative will advance Pennsylvania’s strengths in advanced materials research and manufacturing to help grow new and existing companies in the energy sector and foster energy research collaborations among industry and university partners.

The Pennsylvania State University received $850,000 through the university research grant program to support the Penn State Institutes for Energy and Environment Faculty Recruitment program. The program will create greater capacity to develop research into energy technologies, manage energy resources, and implement energy policy as a complement to the Alternative Energy Investment Fund.

Keystone Innovation Zone (KIZ) Program

Hill House Economic Development Corporation was allocated $177,975 in round-two funding for the Pittsburgh Central Keystone Innovation Zone. PCKIZ will continue to support its existing KIZ companies and encourage the creation of new enterprises within the zone. During this funding cycle, PCKIZ will refine its business idea competition, and anticipates the creation of two new PCKIZ companies. The Duquesne Small Business Development Center will assist in administering the business idea competition. In its inaugural year, PCKIZ helped create 31 new jobs, retain 36 others and place 14 student interns in PCKIZ companies.

The York County Economic Development Corporation was awarded $125,000 in round-three funding for the York Keystone Innovation Zone. The YKIZ, in conjunction with the William F. Goodling Regional Advanced Skills Center, will implement a new program called the Pennsylvania Center for Advanced Technology, a business-to-business technology transfer program that identifies intellectual property with potential for commercialization. Round two funding to YKIZ helped to create 8 new jobs, retain 16 others, and commercialize two new technologies.

The Chester County Economic Development Council was allocated $125,000 for round-three funding for the Chester County Keystone Innovation Zone. CCKIZ will build and expand its pipeline of business resources and continue assisting entrepreneurs located in the zone. CCKIZ helped create 17 new jobs, retain 239 others, and place 8 interns at local CCKIZ companies during the second funding cycle.

    CONTACT:
    Jamie Fulginiti (DCED)
    717-720-1387

    Michael Smith
    717-783-1116

SOURCE Pennsylvania Office of the Governor