Five institutions that got Energy Department seed money in 2009-2010 – including two in the Bay Area – since have attracted more than $100 million in outside private capital investment, Vice President Joe Biden said today.
The money came from the Energy Department’s Advanced Research Projects Agency-Energy (ARPA-E).
“America is at its best when we innovate – and ARPA-E supports the very best of American innovation,” said Biden, who spoke today at the National Clean Energy Summit 4.0 in Las Vegas.
“These five companies are swinging for the fences, pioneering new technologies that could help answer the energy challenge and create jobs,” he said. “They illustrate how a small but strategic investment by the federal government can pay big dividends down the road and bring into the market groundbreaking new technologies.”
Primus Power of Hayward received $2 million in ARPA-E seed funding in July 2010, and in May 2011 raised $11M in a round of financing. DBL Investors and I2BF Global Ventures joined existing investors Chrysalix Energy Venture Capital and Kleiner Perkins Caufield & Byers. It’s developing a “flow battery” using high energy fluids pumped throughout the unit, capable of storing renewable energy such as wind and solar power and then releasing that energy into the grid during peak load times.
Stanford University received $1.5 million in ARPA-E seed funding million and since has secured $25 million in private investments to support Professor Fritz Prinz’s work on commercializing a new type of energy storage device that will perform many of the same jobs as a normal battery, but deliver greater energy and power and withstand thousands of charges without showing a significant drop in performance.
ARPA-E will be making its next round of awards in September, including some to projects to keep America’s manufacturers competitive by reducing the need for expensive “rare earth” materials from China. Rare earths are naturally-occurring minerals with unique magnetic properties, used for modern necessities such as laptops and lasers as well as in clean-energy technologies such as electric vehicles and wind turbines. Up to $30 million will be made available for this area, in addition to funding for projects in advanced biofuels, thermal storage, grid control technologies and solar power.