Governor Rendell Says Latest Round of Investments Will Support Alternative Energy, Early-Stage Businesses and Entrepreneurs

HARRISBURG, Pa., July 22 /PRNewswire-USNewswire/ -- The latest round of state investments in Pennsylvania's high-tech economy will bring alternative energy technologies to the marketplace and provide vital resources to early-stage companies and entrepreneurs that are creating jobs, Governor Edward G. Rendell said today.

In total, $27 million in investments were approved today by the Ben Franklin Technology Development Authority at its quarterly meeting.

"We must continue to invest in our technological capabilities and infrastructure because Pennsylvania simply cannot afford to fall behind the other states and nations that are making such investments," Governor Rendell said. "The industries targeted by these investments will help to speed our economic recovery and better position our state for long-term, global competitiveness."

Included in the investments today was an annual allocation from the Alternative Energy Development Program to the four Ben Franklin Technology Partners. The allocation is part of the $650 million Alternative Energy Investment Fund the Governor signed July 2008. Each partner is slated to receive $10 million over the next five years.  

The Governor cited a study that found for every dollar of state funds the technology partners invested, those projects returned three-and-a-half times more in tax receipts to the commonwealth's coffers. These projects also increased the state's gross domestic product by $9.3 billion and accounted for the equivalent of 32,800 jobs over a five year period.

With the new funding announced today, each partner will focus on their regional strengths and support early stage activities, including incubation support, management support, translational research, capital investments and other activities to develop and implement alternative energy and energy efficiency technologies.  

"The Ben Franklin Technology Partners have had great success over the past 27 years in providing critical seed funding and technical assistance to Pennsylvania's budding entrepreneurs and small businesses," Governor Rendell said. "Going forward, there's no question the partners will be a great asset to Pennsylvania's alternative energy agenda."

From the Alternative Energy Development Program, the Ben Franklin Technology Partners of Northeastern Pennsylvania received $2.85 million; the Ben Franklin Technology Partners of Central and Northern Pennsylvania received $2.5 million; The Ben Franklin Technology Partners of Southeastern Pennsylvania received $3.29 million and Innovation Works of Pittsburgh received $1.46 million.

In addition, the Ben Franklin Technology Development Authority also approved $16 million to be allocated equally among the four Ben Franklin Technology Partners.  The four regional centers are among the state's most important resources for vital early stage capital.

The Ben Franklin Technology Development Authority is one of the nation's largest and most-replicated state technology development programs, providing a vehicle for investment in economic, community, and university-based innovation. Together with the Department of Community and Economic Development's Technology Investment Office, the authority has leveraged more than $5 billion since 2003, helping to create more than 34,000 jobs.

For more information about the Ben Franklin Technology Development Authority, or other community and economic development programs visit www.newpa.com or call 1-866-466-3972.

Media contacts:

Jamie Yates, DCED; 717-783-1132

Michael Smith, Governor's Office; 717-783-1116

Editor's Note: Other projects approved today by the Ben Franklin Technology Development Authority include:

Philadelphia: DreamIt Ventures IV L.P., a pre-seed business accelerator that helps make business and product ideas viable, received a $125,000 Venture Investment Program loan to make 10 pre-seed investments into a new generation of technology companies.  DreamIt's business accelerator approach provides a small amount of capital to entrepreneurs, but in-depth, extensive coaching and mentoring and a deadline to get the most promising ideas launched, while allowing those with flaws to fail quickly, before more significant investments are made.

Pittsburgh: Robotics Foundry and Digital Greenhouse, Inc. received a $1 million Technology Development Program grant for the Technology Commercialization Initiative. The initiative will help companies in the industry of robotics, cyber security and electronics to fine-tune their research, build and test prototypes, manufacture real products and develop marketing plans to sell them.

Erie: Ben Franklin Center of Excellence for Northwest Pennsylvania received a $650,000 Technology Development Program grant for eBusiness and Advanced Information Technology (eBizITPA) in its ongoing work to raise the awareness, use, and advancement of information technology throughout Pennsylvania via educational offerings and technical and financial assistance. EBizITPA will assist 300 companies statewide in the areas of IT and e-business implementation, technology transfer, advanced IT product development, and IT workforce development. The project is expected to create 25 jobs and retain another 75 positions.

SOURCE Pennsylvania Office of the Governor