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FOR IMMEDIATE RELEASE
CONTACT:
Linda Hemingway
Director of Market Development
Sirti
509-358-2031
lindah@sirti.org
$1.5 MILLION SIRTI FOUNDATION ENERGY INNOVATION FUND NOW AVAILABLE
Grant and Loan Fund to Stimulate Jobs and Accelerate Energy Production and Energy Efficiency in Washington
Spokane, WA – September 16, 2010 – The Sirti Foundation, a private foundation established in support of Sirti, announced today that a $1.5 million Sirti Foundation Energy Innovation Fund is now available for competitive distribution to qualified Clean Energy Innovation Projects. The $1.5 million Energy Innovation Fund, made possible by an award from the Washington State Department of Commerce State Energy Program under the American Recovery and Reinvestment Act, is designed to accelerate technology based companies in their endeavors to create high quality jobs by bringing innovative solutions to commercial markets in the general categories of energy savings, renewable generation, or environmentally beneficial technologies. The Energy Innovation Fund is comprised of $750,000 in grant funds and $750,000 in loan funds. Both types of funds are available exclusively on a cost-reimbursement basis.
The Sirti Foundation is soliciting applications by October 20th, 2010 from companies developing innovative clean energy products and services through-out Washington. The Energy Innovation Fund is open to for profit entities licensed to conduct business in the State of Washington and that satisfy the minimum qualifications stated in the Request for Proposal (RFP) document. Project funding is to be used for demonstrations of commercialized or nearly commercialized technology that promise to fulfill one or more of the following objectives as called for in the Washington Department of Commerce State Energy Program strategic plan:
· Increase energy efficiency or renewable energy production in the state of Washington.
· Increase energy efficiency to reduce energy costs and consumption for consumers, businesses and government.
· Reduce reliance on imported energy.
· Improve the reliability of electricity and fuel supply and the delivery of energy services.
· Reduce the impacts of energy production on the environment.
As a condition of the Federal funds, Research and Development work is not eligible for funding. Energy Innovation Fund awards will be announced on November 24th, 2010 with each award composed of both grant and loan dollars.
The Energy Innovation Fund is intended to serve a broad breath of technologies or services from early-stage companies with clean energy technology as well as established companies with demonstration projects of new clean energy technologies or service models.
“Sirti’s purpose is accelerating economic growth by providing business acceleration services to companies in the clean technology, biotech, and information/communications sectors throughout the Inland Northwest,” said Kim Zentz, Executive Director of both Sirti and the Sirti Foundation. “The award from the Department of Commerce for the Sirti Foundation Energy Innovation Fund provides access to critical funding and Sirti acceleration services to clean energy technology companies throughout the State to stimulate high quality job creation and accelerate the achievement of the objectives of the State Energy Program strategic plan.”
“The Sirti Foundation Energy Innovation Fund has the capacity to advance early-stage entrepreneurial clean technology companies and more established companies on both sides of the Cascades to grow and improve jobs in Washington,” said Rogers Weed, Director of the Washington State Department of Commerce. “This investment will help drive sustainable economic growth and energy efficiency, renewable energy and environmental innovations statewide.”
For more information on the Sirti Foundation Energy Innovation Fund and the request for proposals (RFP) visit www.sirti.org.
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About Sirti Foundation
The Sirti Foundation is a tax-exempt entity that is privately funded through grants and contributions to help support Sirti’s vision and mission. In particular, the Sirti Foundation pursues funding for special projects which help deliver results under Sirti’s mission. The Sirti Foundation has six independent board members representing executive leadership from various industries and three board members from the Sirti Board.
About Sirti
Sirti is an agency of the State of Washington which is a collaboration of business, higher education and government to accelerate the development and growth of technology-based companies in the Inland Northwest, especially in Eastern Washington. Its target clients are innovative technology companies with defensible intellectual property, large market potential, and principals who show a strong desire to grow their business. Sirti offers two state-of-the-art buildings with a total of 40,000 square feet of usable incubation space with wet labs and light manufacturing potential along with full service offices and a sophisticated IT infrastructure. Sirti offers business coaching and management assistance, as well as access to capital and Sirti IP/BizNet legal services. Sirti’s experienced staff and veteran entrepreneurs provide expertise in technology assessment, market research, strategic planning, marketing, finance and management for both start-ups and high-growth businesses.
About Washington State Department of Commerce
The Washington State Department of Commerce is administering more than $200 million in Recovery Act funding. For more information about the Department of Commerce, visit www.commerce.wa.gov.