Monday, January 4, 2010

Advanced Energy Business Incubator to Expand Ohio’s Technological Strengths


Millions in state and federal funding has recently been secured to launch a green and advanced energy business incubator in Warren, Ohio. The purpose of the incubator is to help foster the development of technology businesses in Ohio’s Mahoning Valley. Essentially, the businesses spawned from the incubator will produce parts for geothermal, solar and nuclear energy plants, increasing the number of tech jobs in the state.
The Northeast Ohio Technology Coalition (Nortech) will be lending its expertise on the incubator project. Rebecca Bagley, president and CEO of Cleveland-based Nortech, said that over the next 10 months Nortech will help to identify the site for the incubator. Nortech will also help the incubator's 26-person steering committee develop an operational plan.
So far, nearly $3 million has been secured for the project. About $2.2 million in federal funds will be used to help equip the site. Another $500,000 in state funds has been earmarked to purchase the incubator building. Operating capital is expected to come from both federal and state dollars, including Ohio Third Frontier, a bipartisan commitment to expand Ohio's technology business.
Click here to learn more about the advanced energy business incubator in Warren, Ohio


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