Florida Companies Receive Over $450,000 in Funding

TRDA and Dept. of Community Affairs Sponsor Funding Initiatives to Assist Energy Technology Companies

 
Titusville, Fla. – December 5, 2001 – Venture Smart Florida and the Investment Initiative for Energy Technologies, two new funding opportunities sponsored by the Technological Research and Development Authority (TRDA) and the Department of Community Affairs/Florida Energy Office, recently announced funding awards of over $450,000.

“Over the next 20 years, Florida will have to greatly expand its energy capacity and supply to meet increasing demand,” said Governor Bush at the “Powering the Future” conference in Jacksonville in August. “Yet the cheapest, easiest and fastest kilowatt we generate is the one we can save through efficiencies. There is a consensus on conservation and efficiency, so let us start there.”

“At TRDA, we have responded to the Governor’s continued call for increased focus on efficient energy technologies,” says Dave Kershaw, director of energy programs at TRDA. “By supporting Florida’s businesses with emerging clean and efficient technologies, we stand to decrease dependence on foreign oil and increase the growth of Florida’s economy.”

Investment Initiative for Energy Technologies helps support companies get exceptional new energy products off the ground.  Investment Initiative for Energy Technologies lowers the financial risks associated with commercializing new technologies by co-investing with other private investors. The program focuses on promising high-tech companies close to commercialization.

Two Brevard County companies received $150,000 funding awards from the Investment Initiative - Synthetic Technologies, a Melbourne-based manufacturer of plastic non-woven filters replacing older technologies such as melt blown synthetic fiber and wet laid glass fiber and Chromalux Inc., a Titusville-based creator of high resolution digital projection technology.

Venture Smart Florida was created to help commercialize energy-related technologies that benefit the state’s economy and promote clean, efficient energy practices.  The program offers business and technical support to promising companies as a means of while enhancing their potential for success in the venture capital market. 

The following companies received funding awards from the Venture Smart program: Alternative Energy Solutions, manufacturer of Volcano pool heating systems (West Palm Beach); Electrodynamics Associates, manufacturer of prototype electric power generators (Oviedo); International Carbon Bank & Exchange, designers of an Internet based greenhouse gas emission inventory system (Gainesville); RINI Technologies, developer of cooling systems and thermal management solutions to high powered solid state lasers (Winter Park); SRT Group, developer of a new energy storage/hydrogen production system (Miami); and VP Lighting Technologies, developer of energy-saving modifications to commercial lighting systems (Sanford).

The Technology Research and Development Authority, established by the Florida Legislature in 1987, delivers the successful and cost-effective transfer of cutting edge technologies to schools and small businesses throughout the State of Florida. Through strategic alliances with NASA, the federal government, the aerospace industry and state partners – including the Department of Education, Enterprise Florida and the Department of Community Affairs – TRDA is giving Floridians the edge to successfully compete in the new millennium. TRDA sponsors programs that enhance education, space research and economic development within the state.