Thursday, May 14, 2009

NYSERDA Awards Ioxus a Manufacturing Business Incentives

We are very happy to announce that the New York State Energy Research and Development Authority has awarded up to $1.5 million in incentives to Ioxus, calling our Redicap ultracapacitor "an innovative energy-efficient product."

This is the first award under NYSERDA’s enhanced Manufacturing Business Incentive Program, an open-ended application for bridge funding available to firms manufacturing innovative energy-efficient products in New York State. NYSERDA noted that Ioxus "has shown significant prospect in developing new products that are energy efficient and demonstrated its need for bridge capital to bring those products to market."

Gov. David A. Paterson said of NYSERDA's program: “New York State is committed to tapping our ingenuity and growing the clean-energy technology sector to revitalize manufacturing. To boost our efforts, this incentive program is part of a suite of NYSERDA initiatives that address clean energy startups, business growth and manufacturing expansion. These programs’ applications are open-ended and can award up to $1.5 million to clean-energy manufacturing applicants.”

Francis J. Murray, Jr., NYSERDA President and CEO noted that “NYSERDA offers with this funding the kind of bridge financing that many young companies need and especially in our current economy, often cannot obtain. Ioxus is committed to meeting our program standards and developing products that can benefit New York with energy efficiency and job development. We are pleased to provide this assistance.”

Our CEO, Michael Pentaris, said he “is committed to making Ioxus a leading company in the field of green energy products and revitalizing the upstate economy through the creation of jobs and we appreciate NYSERDA and the State of New York’s help in making this a reality.”

Information on application requirements and assistance from NYSERDA staff are available on the web at add .

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