Innovate Texas Foundation Announces Formation of National Institute for Renewable Energy

May 24, 2010

AUSTIN, Texas, May 24 /PRNewswire/ — Innovate Texas Foundation joined the Texas Tech University System and The Wind Alliance to announce today the formation of the National Institute for Renewable Energy (NIRE), an independent public-private collaboration that will work to solve key scientific and technology challenges facing the wind power industry. The announcement was made during the Windpower 2010 Conference in Dallas, sponsored by the American Wind Energy Association.

NIRE will operate for-profit business components that will design, construct and operate research wind farms. These farms will generate power to be sold in the commercial marketplace, with a portion of the revenue going to fund a non-profit research center. NIRE will also provide services to industry partners and offer an industry consortium, which will be managed by The Wind Alliance. Start-up funding for NIRE has been derived from many of the economic development organizations in West Texas.

“Texas Tech is nationally recognized as a leader in wind-energy research,” said Chancellor Kent Hance. “We are grateful to be associated with this collaboration to address the future energy needs of our state and nation. As our country moves toward energy independence, Texas Tech will continue to develop innovative solutions and make advancements in all areas of the power generation sector.”

Wind power will fuel more than high-paying jobs by providing incremental power production and expanding rural community and school district tax receipts. When combined with other forms of energy, wind power expands energy independence and extends Texas’ global energy leadership.

Organizational planning and support for the initiative was provided by Innovate Texas Foundation, a non-profit institution that serves as a catalyst for collaborations and transactions among universities, industry, investors, communities and government and enables them to more effectively engage with the global innovation economy.

“We believe NIRE will significantly enhance innovation and result in more rapid commercialization of suites of complementary renewable energy technologies. NIRE’s collaborations with industry, state and federal agencies will advance integration of new power generation and transmission tools and develop new standards. This high impact initiative will create high-value jobs and provide benefits throughout Texas and across the United States,” said David Nance, Chairman of Innovate Texas Foundation and NIRE board member.

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SOURCE Innovate Texas Foundation

Source: newswire

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