ARPA-E Announces Projects Have Attracted over $450 Million in Private Sector Funding
February 27, 2013
The Energy Department's Advanced Research Projects Agency-Energy (ARPA-E) on February 26 announced that ARPA-E projects have demonstrated major technical successes and shown significant market engagement in the four years since the agency began catalyzing energy breakthrough technologies. Overall, 17 projects have attracted over $450 million in private sector follow-on funding after ARPA-E's initial investment of approximately $70 million, 12 have leveraged their technologies to form new companies, and more than ten have partnered with other government agencies for later stage investment. The innovations include improved batteries, electric vehicle motors, solar thermochemical fuel production, and wind turbines among a range of technologies.
Building on President Obama's call in his 2013 State of the Union address to further American energy independence through innovation, key thought leaders from academia, business, and government came together recently to discuss cutting-edge energy issues at ARPA-E's fourth annual Energy Innovation Summit in National Harbor, Maryland. See the Energy Department press release.