Kentucky has launched a new state program that will administer $5 million in public funds for investment in promising renewable and alternative energy companies in the commonwealth.
The New Energy Ventures program will target high-growth potential, early-stage Kentucky-based companies that are developing and commercializing alternative fuel and/or renewable energy technologies. Funds will be provided in the form of relatively small “seed” grants and through equity investments of varying amounts.
“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.”
The program is being administered by the Kentucky Science and Technology Corp., an independent non-profit company. Application forms and guidelines are available at www.startupkentucky.com.