Philadelphia organization announces funding for regional tech companies
With eyes on a sector that could see significant growth in the coming years in Southeastern Pennsylvania, Ben Franklin Technology Partners announced that it was looking to provide funding to small, regional clean tech and energy efficiency companies that are looking to bring new technologies to market, according to a release from the organization.
The organization has been part of an effort to establish the region as a leader in the energy efficiency sector, as it is a member of an ongoing project that was designated an innovation HUB by the U.S. Department of Energy.
The Greater Philadelphia Innovation Cluster for Energy Efficient Buildings (GPIC) is an effort that relies upon the expertise provided by member organizations like Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) to help establish the region as the epicenter of progress for the design and development of energy efficient buildings and technology.
The company noted that it is the commercialization partner for the GPIC and is working with other member organizations to bolster the sector in the region.
According to the release, BFTP/SEP recently issued the announcement of a special briefing for companies that are looking to market new alternative and clean energy technologies, and Ben Franklin will invest $10,000 to $50,000 through its Technology Commercialization Fund (TCF). Along with this amount, up to $750,000 will be provided through the Innovation and Emerging Funds program.
According to Technically Philly, funding for these programs is provided by the Commonwealth of Pennsylvania through the Alternative Energy Development Program (AEDP).
The news source reported that the eligibility rules requires that companies be located in the five-county region BFTP focuses on that include Bucks, Chester, Delaware, Montgomery and Philadelphia counties.
Companies must also have fewer than 500 employees and be working on the development and commercialization of products that meet one of two criteria, according to the release. These are that the development will either be a technology that improves the energy efficiency of a traditional energy source, such as coal, or be a clean technology that meets specific Alternative Energy Portfolio Standards from Tiers I and II.
According to the release, the company has already invested more than $155 million to grow more than 1,750 regional enterprises across a variety of areas of technology.