Ohio Third Frontier Continues to Fill Advanced Energy Business Pipeline

Ohio Third Frontier investments drive the state's advanced energy economy

Oct 11, 2010, 09:00 ET from Ohio Business Development Coalition

COLUMBUS, Ohio, Oct. 11 /PRNewswire/ -- This month, the state of Ohio has been recognizing its achievements in advanced energy through a number of events within the advanced energy industry. As a result, industry leaders are acknowledging the strategic investments made by Ohio Third Frontier and their impact on developing the state's thriving advanced energy industry cluster.

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"Ohio is celebrating its accomplishments and looking toward the future. Investments made by Ohio Third Frontier have helped Ohio claim a national leadership role and compete on a global level," said Lisa Patt-McDaniel, Director of the Ohio Department of Development. "Ohio Third Frontier supports companies that are helping lay the foundation for Ohio's long-term leadership and prosperity in the global energy economy."

Some of the activities surrounding advanced energy included the announcement of a new solar farm located at The Wilds conservation center, and an event held in Toledo recognizing Ohio's Energizing Careers Program award recipients. The program is made possible through $6 million of American Recovery and Reinvestment Act funding to train Ohio's workforce for green energy careers.

At a critical time in Ohio's technology-based economic development advancement, Ohio Third Frontier, an unprecedented and bipartisan commitment to create new technology-based products, companies, industries, and jobs, initiated a focused effort aimed at developing Ohio's breadth and depth of world-class competencies in the area of advanced energy. As of December 2009, Ohio Third Frontier has awarded nearly $170 million to Ohio's advanced energy sector alone. In addition to the advanced energy cluster, Ohio Third Frontier fosters the emergence of new technology clusters across the state, including fuel cells and photovoltaics.

Ohio Third Frontier investments complement the state's existing strengths in advanced energy. Also this month, Ohio eliminated its tangible personal property tax and real property tax for advanced and renewable energy project facilities, making it easier for energy companies to do business and create jobs in Ohio. This is in addition to the state's landmark energy reform bill, SB 221, which calls for 25 percent of all energy consumed by Ohioans to come from advanced energy sources by 2025. Ohio's reform bill has established one of the most aggressive renewable energy portfolio standards in the country.

"Ohio Third Frontier's investments in advanced energy have created a platform on which we can build superior capabilities in many rapidly growing industry sectors," John Griffin, director of the Technology and Innovation Division at the Ohio Department of Development, which administers the Ohio Third Frontier. "Ohio Third Frontier creates new companies and enhances efficiencies in existing firms by supporting innovation, which in turn, creates strong and sustainable jobs for the future."

According to the 2009 "Making an Impact" report conducted by SRI, Ohio Third Frontier's strategies for investing in Ohio's high-tech clusters contain all the elements associated with global best practices in technology cluster development, and indicate that these investments are already generating positive economic outcomes for Ohio's economy in terms of growth in technology sector employment, output, and wages. Since its inception, the Ohio Third Frontier has created nearly 55,000 direct and indirect jobs, and helped create $6.6 billion in economic impact in Ohio, a 9:1 return on investment.

More information about Ohio Third Frontier can be found at www.OhioThirdFrontier.com. PW-OTF-101110

SOURCE Ohio Business Development Coalition