Ohio Launches $40M Green Energy Program to Fund Projects

Ohio is launching a program with $40 million in federal and state stimulus funds to invest in advanced energy projects, with the goal of creating more "green collar" jobs in the state. The Ohio Energy Gateway Fund is ready to accept applications for funding. The goal is to provide funding for at least 12 projects in the state related to advanced energy, said Mark Barbash, assistant director of the Ohio Department of Development. Examples include companies that need to buy equipment or convert traditional manufacturing facilities to build parts needed for wind turbines, solar panels or other advanced energy production.

Two investment managers, EnerTech Capital and Arsenal Venture Partners will review applications and make funding decisions. EnerTech is the lead investment manager for the Ohio Energy Gateway Fund and will receive $30 million. Arsenal will receive $10 million. Each manager will be required to match the public funding with private investments at a minimum of dollar for dollar, meaning the state investment could yield a minimum of $80 million.

Both managers are also required to establish offices in Ohio and EnerTech has set up operations in the TechColumbus center on Kinnear Rd.

EnerTech has set up a Web site where applicants can begin applying for funding at: www.OhioEnergyGatewayFund.com. 

For more, see the story in the Columbus Dispatch.

Or download the FAQ sheet published by EnerTech.