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Last updated on April 16, 2014 at 17:34 EDT

Innovate Texas Foundation Announces State Funding for Major Renewable Energy Project

July 26, 2010

AUSTIN, Texas, July 26 /PRNewswire/ — Texas Governor Rick Perry announced Texas Tech University and the National Institute for Renewable Energy (NIRE), a non-profit, public/private collaboration, will receive $8.4 million from the Texas Emerging Technology Fund (TETF). The grant allows both entities to help resolve key scientific and technology issues facing the wind power industry.

NIRE, which was formed in 2009 with organizational support from Innovate Texas Foundation and in conjunction with Texas Tech University, focuses on advancing technology in the wind industry and addressing the future energy needs of the United States through specialized renewable energy research initiatives and distributed wind energy production farms.

“Texas is home to some of the brightest minds in the energy business, both in the private sector and at our world-class universities, like Texas Tech,” Gov. Perry said. “This TETF investment will ensure that Texas can continue to add wind capacity and prepare to connect wind farms to the grid and our major cities, helping address the growing energy needs of a population that is expanding by about 1,000 people per day.”

Texas Tech University will use the state funds to facilitate technology development, further decrease the cost of wind energy and other renewable energy sources, and optimize energy storage technologies. Funding provided to NIRE will be used to design, construct and operate research wind farms, and sell the power generated in the commercial marketplace 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. Texas Tech and its wind research organizations will receive $6.4 million of the award, while NIRE will receive $2 million.

“Innovate Texas Foundation is pleased to have played a fundamental role in developing the NIRE public/private partnership structure,” said David Nance, chairman of Innovate Texas Foundation and NIRE board member. “The NIRE initiative connects government, academic and industrial assets to create a dynamic, sustainable ecosystem of innovation for renewable energy technologies and tools. Privately funded distributed wind energy production facilities will harness revenues, train renewable energy professionals and provide research installations to extend Texas’ leadership as the top wind energy producer in the U.S.”

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SOURCE Innovate Texas Foundation


Source: newswire