Seven Kentucky companies have been awarded a combined $1.15 million in funding from the Kentucky New Energy Ventures, a state program that administers public funds for investment in promising renewable and alternative energy companies in the commonwealth.
The fund provides one-time grants of $30,000. Equity investments by the fund to date range from $250,000 to $750,000 and must be matched dollar-for-dollar in cash by the company.
Wind Energy Corp. of Elizabethtown and Louisville Clean Energy will receive investments of $750,000 and $250,000, respectively.
Neathery Technologies (Lexington), RE Strategies (Midway), Thermobaric Energy Systems LLC (Madisonville), Kentucky Renewable Energy (Paducah) and Kozo Saito, University of Kentucky (Lexington) will each receive the $30,000 grants.
“This program is designed for companies that have unique and competitive products and technologies that have or will have intellectual property protection,” said Economic Development Cabinet Secretary John Hindman.
“Companies applying for these grants and investments must demonstrate that their technologies are commercially viable and that they can lead a successful business venture.”
Managed by the Kentucky Cabinet for Economic Development, through the Department of Commercialization and Innovation (DCI), the program is administered by the Kentucky Science and Technology Corporation, an independent non-profit company.