mPhase Technologies, Inc. (OTCBB: XDSL), the developer of Power on Command™ battery technologies, had its Smart NanoBattery presented as part of a series of new innovative nanotechnology products at an Office of Science and Technology briefing for President Obama held at the White House on March 12, 2010. The purpose of the briefing was to provide the President with an update on the National Nanotechnology Initiative (NNI) budget for 2011.
mPhase's Smart NanoBattery had been selected by the NanoBusiness Alliance to be included among the new nanotechnologies showcased at the President's Council of Advisors on Science and Technology (PCAST) March 12 meeting at the National Academies building in Washington, DC.
mPhase Technologies CEO Ron Durando stated, "The inclusion of mPhase's Smart NanoBattery at these high-profile events indicates the growing recognition of the significant need for funding of innovative nanotechnology product development among members of the Federal government. We believe that such recognition may also help improve mPhase's chances of receiving Federal money allocated for nanotech research and manufacturing."
On March 12, PCAST issued a highly favorable report on the progress of nanotechnology development and commercialization, and issued five recommendations that would bolster U.S. leadership in nanotechnology research:
- Increase NNI funding for nano-manufacturing research, while maintaining current funding for basic research
- Strengthen the NNCO (the NNI's coordinating entity) with additional funds and a broader mandate
- Develop metrics that track the benefits of nanotechnology (e.g., job creation)
- Develop a cross-agency strategy that identifies knowledge gaps and links environment, health and safety research
- Expedite the citizenship review process for foreign students receiving advanced degrees in science and engineering
Federal agency investments in nanotechnology totaled approximately $1.7 billion in fiscal year 2009, plus an additional $500 million in allocations through the 2009 American Recovery and Reinvestment Act. Federal agency investments in nanotechnology are projected to total $1.78 billion in fiscal year 2010.