Gov. Perry Announces TETF Investment in Digital Power Conversion Technology
Gov. Rick Perry has announced the Texas Emerging Technology Fund (TETF) is awarding $250,000 to Cirasys Inc. for the commercialization of its digital power converters. The company is licensing the patented technology from the University of Texas at Dallas, and will be working with the university to commercialize the technology.
"Encouraging partnerships between entrepreneurs and researchers at our state's universities creates a culture of innovation that keeps breakthrough technologies in the Lone Star State from inception to the marketplace," Gov. Perry said. "The power generation technology created by this partnership will provide a breakthrough solution to the evolving energy needs required by our changing technology capabilities."
Cirasys' technology provides greater performance, faster response, and additional capabilities that are currently unavailable in traditional DC power converters. The technology uses advanced algorithms in the design of intelligent DC-DC power converters used in products such as battery power management, LED lighting, and solar generation.
"How we generate, store and use electricity is rapidly becoming a critical concern across all industries," Cirasys CEO Paul Gregory said. "While the act of power conversion is at the core of all electronic devices, it hasn't kept pace with the tremendous growth and advances in consumer and industrial electronics and renewable energy systems. The investment from the TETF shows that Texas is serious about fostering new technologies and companies in the global energy race, and will accelerate our commercialization efforts considerably."
The TETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor's request, and reauthorized in 2007 and again in 2009. A 15-member advisory committee of high-tech leaders, entrepreneurs and research experts reviews potential projects and recommends funding allocations to the governor, lieutenant governor and speaker of the House. To date, the TETF has allocated more than $194 million in funds to 137 early stage companies, and over $194 million in grant matching and research superiority funds to Texas universities. Additionally, since the inception of the fund, recipients have attracted more than $592 million in additional investment from non-state sources, more than tripling the amount invested by the TETF.
For more information on the TETF, please visit http://www.emergingtechfund.com.
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