3 tech firms in area each get grants of $50,000

7/9/2009

Three northwest Ohio start-up technology firms each have been awarded $50,000 grants from the Regional Growth Partnership's Rocket Ventures venture capital fund to spur technology job growth in the region.

DenDroCo LLC is a bio-sciences company housed at the University of Toledo, and it has developed a pheromone derivative for pine beetles to create a barrier between the destructive insects and forests threatened with infestation. The pheromone stops the beetles' spread without killing them. The beetles have destroyed 35 million acres of forest throughout the western United States and Canada.

Nextronex Energy Systems LLC is a Perrysburg alternative energy company started in 2008 that develops electronic power inverters for solar energy installations. The inverters convert the direct current electricity produced by solar arrays into alternating current used in homes and businesses.

Third Millennium Metals LLC is a Findlay company which has invented an advanced process that can significantly enhance the physical properties of metals, allowing them to become more conductive and stronger through a nanocomposite treatment. The treatment does not add significant cost during the manufacturing process, company officials said.

The grants, which help firms in their early stage of development, focus on alternative energy, advanced materials, and biosciences. Funding for the grants comes from $15 million from the state and $7.5 million in private development funds.