Forty-nine years ago, Wayne State University unveiled its brand new Detroit Research Park, located across from the John C. Lodge Freeway not far from the football stadium. The ceremony was held in front of a crowd of dignitaries that included Mayor Jerome Cavanagh. One of the first such endeavors of its kind in the nation, … Continue reading “Ash Stevens: Developing Chemicals Proudly Made in the USA”
Author: Sarah Schmid Stevenson
Sarah is a former Xconomy editor. Prior to joining Xconomy in 2011, she did communications work for the Michigan Economic Development Corporation and the Michigan House of Representatives. She has also worked as a reporter and copy editor at the Missoula Independent and the Lansing State Journal. She holds a bachelor's degree in Journalism and Native American Studies from the University of Montana and proudly calls Detroit "the most fascinating city I've ever lived in."
Venture Financing for MI Firms Down More Than 41 Percent
Venture capital investment in Michigan-based startups is down 41 percent this year compared to 2010, according to a report released yesterday by the Michigan Venture Capital Association (MVCA). Between January and August 2011, Michigan-based startups had raised $72.5 million in VC financing, compared to $123 million for the same period in 2010, and $91 million for … Continue reading “Venture Financing for MI Firms Down More Than 41 Percent”
EcoSynthetix Raises $100M in TSX IPO
On August 4, Lansing, MI- and Burlington, ON-based renewable chemical company EcoSynthetix announced it had closed its initial public offering priced at $9 per share in Canadian dollars, for proceeds totaling $100.35 million. The common shares trade on the Toronto Stock Exchange under the symbol “ECO.” EcoSynthetix is the inaugural portfolio company of the InvestMichigan! Growth … Continue reading “EcoSynthetix Raises $100M in TSX IPO”
MI’s Growing Wind Industry Lobbies for Continuation of Tax Credit
Last week, Congressman John Dingell (D-MI15) paid a visit to the Canton, MI-based Danotek Motion Technologies, a startup company developing products for the wind, microgrid, and transportation sectors. Dingell was there to announce his support for extending the Production Tax Credit, a federal income-tax credit that supports the production of electricity from utility-scale wind turbines … Continue reading “MI’s Growing Wind Industry Lobbies for Continuation of Tax Credit”
BAE and GD Win $1B in Army Contracts
The U.S. Department of Defense announced yesterday that it has awarded two metro Detroit defense firms nearly $1 billion in contracts to develop combat vehicles for the Army. Troy, MI-based BAE Systems Land and Armaments was awarded a contract worth almost $449.9 million to develop technology for the Army’s Ground Combat Vehicle Infantry Fighting Vehicle … Continue reading “BAE and GD Win $1B in Army Contracts”
Hydroelectricity Without Turbines or Dams? Vortex Hydro Energy Says It’s All About the VIV
What if you could generate hydroelectric power without turbines, propellers or dams—but by simply harnessing the current from the water the generator is placed in? According to Ann Arbor, MI-based startup Vortex Hydro Energy, thanks to a product developed by University of Michigan professor Michael Bernitsas, you can. Last decade, Bernitsas was attempting to build … Continue reading “Hydroelectricity Without Turbines or Dams? Vortex Hydro Energy Says It’s All About the VIV”
CeeTox Wins $25.9M Contract From EPA
Kalamazoo, MI-based life sciences company CeeTox announced today that it has been awarded a $25.9 million contract under the U.S. Environmental Protection Agency’s (EPA) ToxCast program to develop alternatives to animal testing for the toxicity of chemicals used in drugs, cosmetics, and personal care products. Rather than testing animals, CeeTox will test products on cells in … Continue reading “CeeTox Wins $25.9M Contract From EPA”
Metabolic Solutions Raises Another $6.8M
Kalamazoo, MI-based Metabolic Solutions Development, a developer of drugs to treat Type 2 diabetes, raised another $6.8 million in equity-based financing, according to a July 29 filing with the Securities and Exchange Commission. Twenty-three investors participated in the sale. Most of the financing is being used for expenses related to converting the company to an … Continue reading “Metabolic Solutions Raises Another $6.8M”
Ann Arbor SPARK snags $250K in accelerator funding
The U.S. Commerce Department‘s Economic Development Administration last week announced a $250,000 grant award to Ann Arbor SPARK. The funding will support development of a business accelerator model that can be used by communities throughout the U.S. Ann Arbor SPARK’s model will assist emerging businesses with marketing and development plans, as well as commercialization strategies, according to … Continue reading “Ann Arbor SPARK snags $250K in accelerator funding”
Obama Announces $45M in Grants to MI Companies
President Barack Obama today announced that six Southeast Michigan-based companies would receive grants totaling approximately $45 million from the U.S. Department of Energy (DOE) to develop technologies used to make vehicles more fuel efficient. He made the announcement during a tour of Johnson Controls‘ advanced battery manufacturing facility in Holland, MI. The Michigan companies receiving … Continue reading “Obama Announces $45M in Grants to MI Companies”
ALTe, PG&E to Partner on Powertrain Development Project
ALTe, the Auburn Hills, MI-based developer of a extended-range electric powertrains used to power light commercial vehicles, last week announced it will collaborate with the San Francisco-based Pacific Gas & Electric Company (PG&E), one of the largest utilities in the United States, on a powertrain project for the fleet industry. ALTe will retrofit one of … Continue reading “ALTe, PG&E to Partner on Powertrain Development Project”
UM Awarded Nuclear Research Grants
The U.S. Department of Energy announced yesterday it awarded the University of Michigan nearly $3.5 million in research grants, aimed at developing cutting-edge nuclear energy technologies and training and educating the next generation of leaders in the U.S. nuclear industry. The university received a total of four awards in the areas of fuel cycle research … Continue reading “UM Awarded Nuclear Research Grants”
Ventower Debuts Wind Turbine Plant
Ventower Industries, the Monroe, MI-based fabricator and supplier of utility-scale wind turbine towers, opened the doors yesterday to its new, 115,000-square-foot manufacturing facility with direct dock access to Lake Erie. The high-tech plant is the culmination of four years of planning that came to fruition in part thanks to local, state, and federal incentives. The location … Continue reading “Ventower Debuts Wind Turbine Plant”
Aastrom Enters Final-Stage Trial With Stem-Cell Therapy for CLI Patients
Ann Arbor, MI-based startup Aastrom (NASDAQ: ASTM) recently announced it has reached an agreement with the FDA on the terms of a Special Protocol Assessment for the design of its Phase III clinical study of ixmyelocel-T, the company’s multicell therapy for patients with critical limb ischemia (CLI) who have no other treatment options. CLI is … Continue reading “Aastrom Enters Final-Stage Trial With Stem-Cell Therapy for CLI Patients”
Bloomberg vs. Men’s Health: Is Detroit a Tech Hotbed?
Amid the doom and gloom of downgraded bond ratings, debt ceilings and unemployment figures, a rare bit of good news poked through the muck last week like a crocus in springtime: According to a report by Bloomberg/BusinessWeek, Detroit ranks second in the nation for cities with the most new technology jobs. Fueling this hiring boom, … Continue reading “Bloomberg vs. Men’s Health: Is Detroit a Tech Hotbed?”
Detroit Startup H2bid Connects Water Utilities, Vendors Through E-Bidding Service
Perhaps it’s no surprise that the Great Lakes State is home to the world’s largest online clearinghouse for water utility contract opportunities. H2bid.com, believed to be the only Internet business of its kind, connects water utilities with vendors through its cloud-based e-bidding services. The Detroit startup was founded in 2006 by Glenn Oliver, a former … Continue reading “Detroit Startup H2bid Connects Water Utilities, Vendors Through E-Bidding Service”
NanoBio Licenses RSV Vaccine Tech
Ann Arbor, MI-based NanoBio today announced it has licensed an antigen from the National Institutes of Health (NIH) that it says represents a significant step forward in the development of a vaccine for respiratory syncytial virus (RSV). Currently, there are no approved vaccines for RSV, an infection that sends 75,000 to 125,000 infants under 1 … Continue reading “NanoBio Licenses RSV Vaccine Tech”
Deadline to Enter Accelerate Michigan Innovation Competition is August 10
The deadline is quickly approaching for those who wish to enter the Accelerate Michigan Innovation Competition. Applications must be completed by Aug. 10 for companies and Sept. 30 for students. The awards will be announced Nov. 17 at the Henry Ford Museum in Dearborn. The Accelerate Michigan Innovation Competition is a global business plan competition … Continue reading “Deadline to Enter Accelerate Michigan Innovation Competition is August 10”
Kiva Chooses Detroit as First City for Crowdfunded Microfinance Program
When Delphia Simmons’ boss at COTS Detroit, an organization founded in 1982 to address the city’s growing homeless crisis, came back from a trip to Philadelphia with an armload of newspapers produced and sold by homeless people there as a means of self-support, an idea started bubbling in the back of Simmons’ mind. “I had … Continue reading “Kiva Chooses Detroit as First City for Crowdfunded Microfinance Program”
Detroit Xconomist David Cole Switches Gears with AutoHarvest
David Cole, the former chairman of the Center for Automotive Research, recently announced his new role as co-founder and chairman of AutoHarvest, a nonprofit website that aims to connect the auto industry with the local entrepreneurial ecosystem in order to market and commercialize intellectual property. Once connected, members can build personal and company profiles; participate … Continue reading “Detroit Xconomist David Cole Switches Gears with AutoHarvest”
Ford, TechShop Partner on Detroit Location to Help Everyday Inventors Create, Build—and Commercialize—New Technologies
At first glance, the nondescript office park at 800 Republic Drive in Allen Park, MI, is notable only for being situated next to the Detroit Lions’ practice facility. That’s set to change on Nov. 18, when the building will be transformed into TechShop Detroit, a joint project between Ford and TechShop, the DIY communal fabrication … Continue reading “Ford, TechShop Partner on Detroit Location to Help Everyday Inventors Create, Build—and Commercialize—New Technologies”
$25M in State Funding Will Support Entrepreneurs, Startups
The Michigan Economic Development Corporation (MEDC) announced yesterday that the Michigan Strategic Fund (MSF) has awarded $25 million to six metro Detroit organizations that will support entrepreneurs in launching and growing startup companies throughout the state. The funding comes from the state’s 21st Century Jobs fund, which is focused on the commercialization of cutting-edge technologies … Continue reading “$25M in State Funding Will Support Entrepreneurs, Startups”
Chinese Companies Flock to Metro Detroit in Search of Automotive Expertise
When Tianhai Electric North America won a $300,000 incentive from the Michigan Economic Growth Authority to establish a world headquarters in Orion Township this past May, it was the latest example of a Chinese automotive company choosing to locate operations in Southeast Michigan—and part of a growing trend that has the Detroit area playing an … Continue reading “Chinese Companies Flock to Metro Detroit in Search of Automotive Expertise”
MI Businesses First to Benefit From New U.S. Investment Initiative
The U.S. Small Business Association (SBA) today announced a partnership with Dow Chemical and state investment funds to help finance second-stage growth companies in Michigan, the first state in the nation to take part in the new nationwide investment initiative. The InvestMichigan! Mezzanine Fund, part of the $1 billion Start-Up America Impact Investment SBIC Initiative, will pump … Continue reading “MI Businesses First to Benefit From New U.S. Investment Initiative”
750k for Are You A Human?
Are You A Human?, the developer of an alternative to the ubiquitous CAPTCHA human-verification test that is designed to block spammers, has raised a $750,000 Series A financing round, according to a press release. Detroit Venture Partners, whose CEO Josh Linkner showcased Are You A Human? last week as one of the firms it had … Continue reading “750k for Are You A Human?”
MI’s Augment Ventures Announces First Investment
Augment Ventures, a new early-stage venture capital fund in Ann Arbor, MI, today announced it has closed its first round of funding and made its first investment in Aperia Technologies, a cleantech company developing an automatic tire inflation device for trucks. “Augment, which has an overall fund goal of $20 million, will invest in transformational … Continue reading “MI’s Augment Ventures Announces First Investment”