Taft Governor Announces More Than $3.1 Million in Third Frontier Awards, 1,900 Jobs for Northwest Ohio
TOLEDO, OHIO (October 15, 2003) - Governor Bob Taft today announced more than $3.1 million in Third Frontier awards to the University of Toledo and several Toledo area companies that will be used to create more than 1,900 high-paying jobs in Northwest Ohio within the next seven years.
"This is a great day for Toledo and northwest Ohio," said Taft. "Ohio must be the place where new knowledge is used to create new products, new businesses and new jobs. I'm pleased to see that happening here in Northwest Ohio, and I'm proud the state could partner with these cutting-edge projects to create so many good jobs for Ohioans."
The University of Toledo received a $2 million Wright Capital Project Fund award to establish the Center for Photovoltaic Electricity and Hydrogen. The Center will focus on developing systems that convert solar energy into non-polluting electricity and into hydrogen for fuel cells, which has the potential to improve our environment, reduce our nation's dependence on foreign oil and transform Northwest Ohio into a national leader in alternative energy. The project represents collaboration between UT, McMaster Energy Enterprises, Innovative Thin Films, Engineered Glass Products, Midwest Optoelectronics, BRP Manufacturing, First Solar and Pilkington Glass. McMaster Energy Enterprises expects to create more than 1,000 new jobs and Midwest Optoelectronics expects to create 50 high-skilled jobs and reach $30 million in sales by 2010.
A $622,272 Third Frontier Action Fund award will help Imaging Systems Technology (IST) commercialize cheaper, more durable plasma based displays to be used in automobiles, airplane cockpits, and military equipment and for entertainment and medical applications. Within three years, the process will be upgraded to full-color, and include the eventual mass marketing of home theater displays, like HDTV. This project is a collaboration between IST and EISC, Toledo's Edison Center. IST expects to create 800 new, good jobs by 2010.
Cooling Technologies, Inc. received a $483,700 Third Frontier Action Fund award to help them become more competitive in the commercial and residential air conditioning market. Cooling Technologies has developed Cooltec5, a cheaper, highly efficient heat activated absorption chiller that converts heat energy to cooling 15% more effectively than competitive chillers. This technology will not only revolutionize the way residential and commercial buildings are powered, but it will also create significant savings for business and homeowners. Cooling Technologies expects to create 60 new, good jobs within five years.
The Third Frontier Project is Taft's $1.6 billion job creation program to expand Ohio's high-tech research capabilities and promote start-up companies to create high-paying jobs. It is the state's largest-ever economic development investment and has received bi-partisan support from the Ohio Legislature. The final part of the Third Frontier Project, a $500 million bond program up for voter approval in November, would allow the state to allocate $50 million annually over the next 10 years to attract top research talent to Ohio institutions, help with the development and commercialization of new products and create new good jobs for Ohioans.
