Gov. Rick Perry today announced the state will invest $2 million in Turbo Trac USA Inc., of Midland, through the Texas Emerging Technology Fund (ETF) for the development and commercialization of their energy conservation technology for industrial motor systems.
"The Texas Emerging Technology Fund is helping supercharge a wide range of innovative technology industries in the state," Gov. Perry said. "This investment in Turbo Trac will provide a new, useful solution to companies looking to reduce manufacturing costs and energy consumption."
Turbo Trac's infinitely variable transmission technology for industrial motors helps increase motor system efficiency, while reducing energy consumption for industrial systems up to 20 percent. This reduction in energy use will provide a tangible savings to industries that use a significant amount of motor system energy for daily operations, including industrial electric motor, pump and compressor manufacturers.
Turbo Trac will focus on customers in industrial markets where the cost of energy is the single highest operating item in their manufacturing process. These industries do not currently have a viable, cost saving and efficient solution for their energy consumption needs.
Turbo Trac is partnering with the University of Texas Permian Basin School of Business and Texas Tech University College of Engineering for the development and commercialization of this technology.
The ETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor's request, and reauthorized in 2007 and again this session with $203.5 million for the 2010-2011 biennium. A 17-member advisory committee of high-tech leaders, entrepreneurs, and research experts review potential projects and recommend funding allocations to the governor, lieutenant governor and speaker of the House. To date, the ETF has allocated more than $99 million in funds to 81 early stage companies.