AUSTIN – Gov. Rick Perry announced the Texas Emerging Technology Fund (TETF) is awarding $1 million to the Center for the Advancement of Non-Metallics in Energy Sectors (CANES).
The investment will accelerate research programs and commercial developments focused on the application of high performance polymers in energy sector applications, and is a collaboration between Texas A&M University, the Consortium for Advancing Performance Polymers in Energy Applications at the Texas A&M Polymer Technology Center, and Element Materials Technology Hitchin.
“The Texas Emerging Technology Fund continues to provide critical, early stage funding for some of the most promising innovations that have the potential to improve lives around the world,” Gov. Perry said. “Supporting innovation with collaborative partnerships between entrepreneurs, researchers and institutions of higher education enhances our energy capabilities, strengthens and diversifies our economy, and ensures that Texas remains a global competitor in emerging technologies.”
CANES will ensure members of the consortium will have access to the most up-do-date, cutting-edge technology research in the field of high performance polymers. For example, deep off-shore energy applications are often exposed to extremes in pressure or temperatures. Identifying non-metallic, non-corrosive materials for use in extreme conditions will assure Texas keeps pace with continuously increasing technical demands.
“Receiving this award is further indication of Texas’ commitment to research excellence and commercial expansion in energy sector markets,” said Dr. Tim Bremner, Chairman of the CANES Board of Directors. “We could not ask for better synergies or more direct contact amongst the key players in this field of research. We are additionally grateful for the support of the Research Valley Partnership, the Texas A&M Energy Institute and Hoerbiger Corporation of America through this application process, which was truly a collective effort.”
The TETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor's request, and reauthorized in 2007, 2009, 2011 and 2013. A 17-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 $202 million in funds to 142 early stage companies, and over $220 million in grant matching and research superiority funds to Texas universities. Additionally, since the inception of the TETF, more than $1.6 billion in additional investment from other non-state sources has followed on to the TETF investment, more than quadrupling the amount invested by the TETF.