GAINESVILLE and BOCA RATON, Fla., Nov. 8, 2016 /PRNewswire-USNewswire/ -- The Florida Institute for the Commercialization of Public Research (the Florida Institute) announced today that it has finalized a funding agreement with Partnering in Innovation, Inc. (Pi-Innovation), an Orlando-based company with technology developed at NASA Kennedy Space Center. The Florida Institute supports new company creation based on publicly-funded research, and bridges early funding gaps for companies spinning out of Florida-based universities and research institutions.
Pi-Innovation offers a revolutionary carbon capture technology, capturing carbon dioxide (CO2) from industrial emissions for sale and beneficial use in multiple markets ranging from processing to enhanced oil recovery (EOR). The technology has break-through potential in terms of reducing total system costs and environmental risks.
"CO2 is typically thought of as a waste emission and an overabundant greenhouse gas but it can also be a valuable product," said Kathleen O'Neil Pi-Innovation Chief Executive Officer. "We have a global team with funding from groups in the US, France and Australia, which will enable us to offer clean energy technology that not only promises to reduce costs but also has the potential for integrated removal of other pollutant emissions (including sulfur and mercury oxides)."
"By capturing CO2 emissions Pi-Innovation is offering a way to reduce global greenhouse gases and create a more sustainable environment," said Jackson Streeter, MD, Florida Institute Chief Executive Officer.
About the Florida Institute
Formed by the Florida Legislature in 2007, the Florida Institute for the Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida's state universities and private research institutions to leverage a $2B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. With funding from the State of Florida through the Department of Economic Opportunity, and through the generosity of mentors, advisors and donors, the Institute provides company building services, and seed funding through the Florida Technology Seed Capital Fund, to promising Florida startups. Sixty-one companies have been funded to date, and the Institute's economic impact through June 30, 2016 in the State of Florida was $630 million.
About Partnering in Innovation, Inc.
Partnering in Innovation, Inc. (Pi-Innovation) offers a novel technology, capturing CO2 from industrial emissions with the potential for integrated removal of other priority pollutant gases in the same process. The innovation explores the combination of: (1) a membrane- developed at NASA-Kennedy Space Center (KSC) and (2) a gas-separation process developed at the DOE Savannah River National Laboratory.
Chief Operating Officer
Institute for the Commercialization of Public Research
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SOURCE Florida Institute for the Commercialization of Public Research