TylerDurden
100 GW
University of Michigan spinoff gets boost to develop lithium ion batteries
by Tina Reed | The Ann Arbor News
Wednesday September 24, 2008, 8:30 PM
Ann Arbor-based Sakti3 will get $3 million to establish itself as one of the state's first alternative-energy research and development centers, the state announced Wednesday.
The local high-power automotive battery start-up will be one of the state's first Centers of Energy Excellence, the Michigan Economic Development Corporation said. The company, which spun out of the University of Michigan, will partner with U-M to research next generation lithium ion batteries and technologies.
"We are so pleased to be able to accelerate our efforts with this support, to help grow the electrified drivetrain infrastructure in the state," Sakti3 chief executive officer Ann Marie Sastry said in a release.
In March, Sakti3 received state tax credits worth nearly $2.38 million. At the time, the company said it planned to hire 112 people to manufacture batteries for electric cars in Ann Arbor within the next 10 years.
The COEE program was signed into law this summer and allows a state funding board to divvy out $45 million to technology companies that have nearby businesses and infrastructure to create clusters of alternative-energy research and development around the state.
Two other companies have been designated Centers of Energy Excellence in other areas of the state.
Swedish Biogas International is receiving $4 million to create a waste-to-energy center in Flint with the C.S. Mott Foundation. Massachusetts-based Mascoma Corp. is receiving $20 million to create a cellulosic ethanol center in the Upper Peninsula with Michigan State University and Michigan Technical University.
Reporter Tina Reed can be reached at 734-994-6843 or treed@annarbornews.com.
by Tina Reed | The Ann Arbor News
Wednesday September 24, 2008, 8:30 PM
Ann Arbor-based Sakti3 will get $3 million to establish itself as one of the state's first alternative-energy research and development centers, the state announced Wednesday.
The local high-power automotive battery start-up will be one of the state's first Centers of Energy Excellence, the Michigan Economic Development Corporation said. The company, which spun out of the University of Michigan, will partner with U-M to research next generation lithium ion batteries and technologies.
"We are so pleased to be able to accelerate our efforts with this support, to help grow the electrified drivetrain infrastructure in the state," Sakti3 chief executive officer Ann Marie Sastry said in a release.
In March, Sakti3 received state tax credits worth nearly $2.38 million. At the time, the company said it planned to hire 112 people to manufacture batteries for electric cars in Ann Arbor within the next 10 years.
The COEE program was signed into law this summer and allows a state funding board to divvy out $45 million to technology companies that have nearby businesses and infrastructure to create clusters of alternative-energy research and development around the state.
Two other companies have been designated Centers of Energy Excellence in other areas of the state.
Swedish Biogas International is receiving $4 million to create a waste-to-energy center in Flint with the C.S. Mott Foundation. Massachusetts-based Mascoma Corp. is receiving $20 million to create a cellulosic ethanol center in the Upper Peninsula with Michigan State University and Michigan Technical University.
Reporter Tina Reed can be reached at 734-994-6843 or treed@annarbornews.com.