Gov. Rick Perry today announced the state will invest $250,000 in ActaCell Inc. through the Texas Emerging Technology Fund (ETF) for the development and commercialization of its next generation, high power, rechargeable lithium ion batteries for use in electric vehicles.
"Texas is committed to investing in innovative, alternative energy solutions to help expand our energy portfolio and strengthen our economy," Gov. Perry said. "This ETF investment in ActaCell will help create a solution for the next generation of electric vehicles, and will help grow this industry in our state."
ActaCell's technology improves battery chemistry to provide longer lasting lithium ion batteries at a lower cost. These batteries are a safer and more efficient alternative for high power applications, such as electric cars, electric bikes and military vehicles, whose high operating temperatures quickly drain battery power.
The company is partnering with the University of Texas at Austin's Mechanical Engineering Department for the development 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 reviews potential projects and recommends funding allocations to the governor, lieutenant governor and speaker of the House. To date, the ETF has allocated more than $119 million in funds to 95 early stage companies, and $148 million in grant matching and research superiority funds to Texas universities.
For more information on the ETF, please visit http://www.emergingtechfund.com.