Third Frontier OKs $12.5M for Central Ohio organizations - Business First of Columbus:

Third Frontier OKs $12.5M for Central Ohio organizations - Business First of Columbus:


The Ohio Third Frontier program is planning to give technology-related research and development in Central Ohio a $12.5 million infusion.
The Ohio Department of Development said four Columbus-area entities are in line to receive funding as part of the state’s 10-year, $1.6 billion Third Frontier initiative to create high-tech jobs. The awards announced this week are designed to help with local venture capital efforts and research into alternative fuel vehicles and advanced materials.Local funding recipients were:
• Columbus-based Ohio TechAngels will receive $1.6 million for its third venture capital fund.
• TechColumbus, the Columbus region’s technology incubator and technology industry advocate, is in line for $900,000 for its venture capital Pre-Seed Fund II project.
• Velocys Inc., a Plain City-based technology development company and spinoff of Columbus-based Battelle, will be given $4 million to apply microchannel processes to transportation fuel development.
• Ohio State University in Columbus will be presented with two awards of $3 million each – one that will go towards research and development of hybrid-electric commercial vehicles, the other for commercialization of bio-based reinforcement materials in plastic composites.
The Central Ohio awards were part of a $36 million round of funding the Third Frontier program awarded across the state. Awards are contingent on state Controlling Board approval.