FOR IMMEDIATE RELEASE
Mansfield, OH, December 17, 2009: Ohio's Lt Governor Lee Fisher announced today that R W Beckett Corporation and Energy Technologies, Inc. (ETI) would be awarded a state grant of One Million Dollars for development of energy storage technologies to be used in both residential and military applications. The grant is awarded through the Ohio Third Frontier Advanced Energy Program (OTFAEP) and is part of more than $7.2 million in grants which were awarded to six entities for the advanced energy research and production in Ohio. These grants are expected to create many new high tech jobs statewide.
The key objective of this project is to accelerate the development and commercialization of distributed power products employing lithium-ion battery technology for use in utility, military, and off-grid renewable generation applications. Technical proof of concept is already established and there is substantial evidence of interest by potential end-use customers. This program will develop and validate the manufacturing process of the components and develop a design that will produce a commercially viable product, advancing Ohio's presence in the emerging lithium-ion power storage market.
This project will meet the specific objectives of the Ohio Third Frontier Advanced Energy Program goal for the development and growth of the advanced energy industry in Ohio in the following ways:
1) Cost and Performance Standards Achievements: This project will demonstrate the commercial viability of a product that meets the long-term cost goal of cost/kWh put forth by the utility industry.
2) Significant Ohio Employment: The five-year employment expectation of this proposal is 375 Ohio jobs, with the possibility of an additional 600 jobs through the development of a Boston-Power Li-ion cell manufacturing facility.
3) Assistance in Securing Additional Financial Resources: Successful demonstration of this energy storage product within the specified cost constraints will enable the development of a strong business case for the long-term commercial viability of this opportunity, which is necessary for additional internal and/or external financing.
4) Demonstrate Commercial-Ready Product: This project will develop a commercial-ready demonstration unit for deployment into end-user testing upon completion of the project period.
In the announcement, Governor Ted Strickland said, "Ohio has a strong legacy of innovation, and the know-how to turn that innovation into products and good jobs for Ohioans. Ohio Third Frontier supports companies that are helping lay the foundation for Ohio's long-term leadership and prosperity in the global energy economy."
Eric Fingerhut, Chancellor of the Ohio Board of Regents and Chair of the Ohio Third Frontier Commission added, "The diverse range of public-private collaborations supported here will help spark new businesses across the state and, with them, create new jobs. Attracting these innovative, high-growth firms is a testament to Ohio's leadership in the expanding energy economy."
Lisa Patt-McDaniel, Director of the Ohio Department of Development further stated that, "Ohio Third Frontier creates new companies and enhances efficiencies in existing firms by supporting innovation. Ohio Third Frontier is significantly enhancing our state's advanced energy economy by creating strong and sustainable jobs."
The Ohio Third Frontier was initiated in February 2002. This project is the state's largest-ever commitment to expanding Ohio's high-tech research capabilities and promoting innovation and company formation that will create high-paying jobs for generations to come. The 10-year, $1.6 billion initiative is designed to: Build world-class research capacity; Support early stage capital formation and the development of new products; and Finance advanced manufacturing technologies to help existing industries become more productive. Through the Ohio Third Frontier Project, additional federal and private sector support can boost the total investment to more than $6 billion.
The goal of the Ohio Third Frontier Advanced Energy Program is to accelerate the development and growth of the advanced energy industry in Ohio by direct financial support to organizations seeking to: investigate near-term specific commercial objectives with respect to products, processes, or services; commercialize new products, commercialize manufacturing processes or technologies, or adapt or modify existing components or systems that can reduce the cost of advanced energy systems or address technical and commercialization barriers; or demonstrate market readiness. While this program is open to any advanced energy projects (excluding fuel cells and photovoltaics), preference is being given to projects in wind, biomass, and energy storage. The initiative is an integral part of the Third Frontier Project.
Working with our partners across business, state and local governments, academia, and the non-profit sector, the Ohio Department of Development works to attract, create, grow, and retain businesses through competitive incentives and targeted investments. Engaged every day in marketing, innovating, investing, and collaborating, the Ohio Department of Development works at the speed of business to accelerate and support the teamwork that is absolutely necessary for success by providing financial, informational, and technical assistance to those making an investment in Ohio's future.
Energy Technologies, Inc. (ETI), established in 1991, is a privately held electronics and technology manufacturing company. ETI currently operates from its 32,200 square feet manufacturing and engineering facilities in Mansfield, Ohio. ETI has become a world leader in providing extremely reliable power backup and generation equipment to the Defense, Homeland Security, Industrial, Medical, and Telecomm market sectors.
ETI provides highly reliable, yet cost effective product solutions for the rugged computer and power conditioning requirements of its customers. ETI's product lines include Power Generation (engine-generators, solar panels, wind turbines and fuel cells), Power Conditioning (uninterruptible power supplies (UPS), inverters, power converters and frequency converters), Power Distribution and Control Products (intelligent power distribution units (iPDU), energy management systems (EMS) and SCADA systems).
For More Information Regarding ETI, Contact:
Energy Technologies, Inc.
219 Park Avenue East
Mansfield, OH 44902-1845