Innovate Texas Foundation Announces State Funding for Major Renewable Energy Project

AUSTIN, TEXAS – July 26, 2010 – 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.”

Wind power projects have the potential to create thousands of new jobs in rural communities in manufacturing, transportation and construction of projects. When combined with other forms of energy, wind power expands energy independence and extends Texas’ global energy leadership.

The National Wind Resource Center (NWRC), established by Texas Tech University, will serve as the research center with support from many of the nation’s leading research universities, each utilizing its unique areas of expertise within the renewable energy sector. The consortium also includes several nationally recognized workforce development leaders.

“The University appreciates the support and leadership provided by Innovate Texas Foundation to make the National Institute of Renewable Energy a reality,” said David Miller, vice chancellor of Texas Tech University System. “This exciting initiative links university research, community college technical training, government programs with industrial development and private sector investment to create the leading national institute in Texas.”

Innovate Texas Foundation:

Innovate Texas Foundation serves as a catalyst for collaboration and transactions among the state’s academic institutions, businesses, investors and government enabling them to engage with the global economy more efficiently and effectively. By connecting the wealth of knowledge in Texas with the entrepreneurial and financial resources of the globalized economy, Innovate Texas Foundation helps foster a culture in the state that encourages innovation and appreciates the need for strong businesses to create the high-value jobs that will form the backbone of our future economy. Learn more by visiting our site www.innovatetexas.org and on our blog http://www.innovatetexas.org/texknowledge.

More Information about the National Institute for Renewable Energy at: www.thenire.org
Contact: David L. Miller, Chair, The National Institute for Renewable Energy “NIRE” 806-742-4105, david.l.miller@thenire.org