EDINBURG– Gov. Rick Perry today reiterated the importance of strengthening the state’s emerging technology sectors and promoting partnerships between the public and private sectors through investments from the Texas Emerging Technology Fund (TETF). The governor spoke at the University of Texas-Pan American where he announced TETF investments in the university and two area companies.
“The investments we’re announcing today are an essential part of our ongoing strategy to establish Texas as the go-to place for innovation and sensible incentives,” Gov. Perry said. “These three essential investments will have a strong impact across our state and here in the Valley, and their benefits will be felt in the form of jobs for our citizens, increased private sector investment and a better quality of life.”
UT-Pan American is receiving $3.4 million for the creation of its Rapid Response Manufacturing Center that will reduce the lead time in a product’s life cycle between inception and delivery to the customer. The center will provide greater commercialization opportunities in South Texas by centralizing all product development, design, testing and distribution in one location, thereby reducing development time and driving new products into the market more quickly.
Photon8 Inc. is receiving $250,000 for the development of its commercially viable algae bio-fuel technology. The company will use the award to genetically enhance the performance of the algae and advance its extraction technology.
ScanTech Sciences Inc. is receiving $2 million for the development and commercialization of food sterilization technology that uses electronic pasteurization to ensure the safety and freshness of food. The technology will allow for safer import of food by removing more insects, bacteria and toxins without using chemicals.
In addition to today’s TETF announcements, National Instruments also announced the new NI Texas Emerging Technology Grant Program, which provides software and training services to companies that receive TETF investments. NIs LabView software will help young companies make the transition from the university lab to the marketplace.
The TETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor’s request, and reauthorized in 2007 and again in 2009 with $203.5 million for the 2010-2011 biennium. A 17-member advisory committee of high-tech leaders, entrepreneurs and research experts reviews potential projects and recommends funding allocations to the governor, lieutenant governor and speaker of the House. To date, the TETF has allocated more than $126 million in funds to 98 early stage companies, and $153 million in grant matching and research superiority funds to Texas universities.
For more information on the TETF, please visit http://www.emergingtechfund.com.