May 2 2013
The Institute for the Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with Bing Energy International, LLC. The company’s fuel cell innovations will lead to power generation that is lower in cost, more efficient and cleaner for the environment, while bringing increased stability to the electric grid.
The Institute works with Florida’s research universities and institutions to support new company creation and job growth, and the Seed Capital Accelerator Program bridges early funding gaps, enabling recipients to reach critical milestones and attract additional private investment capital.
“Based on patented technology developed at Florida State University by Dr. Jim P. Zheng. Bing is creating a more commercially viable fuel cell," said Dean Minardi, Bing CFO. “Building on the groundbreaking work of Dr. Ben Wang, inventor of buckypaper, Zheng has pioneered a fuel cell that incorporates a thin membrane composed of carbon nanotubes, reducing the need for expensive platinum that, until now, has made fuel cells too expensive to be widely marketed. This funding through the Institute’s Seed Capital Accelerator Program will enable Bing Energy to accelerate production of core fuel cell components at our manufacturing facility in Tallahassee.”
“This company is solving one of the most difficult challenges we face today – how to provide clean and efficient energy in a cost-effective, reliable manner,” said Jamie Grooms, Institute CEO. “Our goal is to support companies at these early stages so they can achieve product commercialization and success, and deliver high-skill, high-wage jobs in the state of Florida.”
Source: http://www.florida-institute.com/