02 Sep '11, 12am

5 ARPA-E Projects Raise $100M in Private Investment

Five companies that received seed funding from the Department of Energy's Advanced Research Projects Agency-Energy (ARPA-E) in 2009 and 2010 have attracted more than $100 million in outside private capital investment. Vice President Joe Biden crowed about the milestone during his speech at the National Clean Energy Summit 4.0 in Las Vegas on Monday. The private sector financing reflects the progress these companies made over the past two years toward developing new technologies that could transform the way Americans use and produce energy, he said. ARPA-E gave between $1.5 million and $6 million to each company to develop advanced grid scale batteries or innovative new approaches to biofuels or waste heat recovery. The companies are: Phononic Devices (Raleigh, NC): ARPA-E funding $3 million; private funding, $11 million. Phononic is designing devices that capture waste hea...

Full article: http://www.sustainablebusiness.com/index.cfm/go/news.disp...

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