Private Equity Solutions

The Vermont Center for Emerging Technologies formally opened its doors June 27 with a ribbon cutting ceremony and remarks by Senator Patrick Leahy, University of Vermont president Daniel Mark Fogel and L. Fred Hackett, chair of the VCET board.

Senator Leahy announced that he has secured more than $1 million to expand the center, Fogel pointed out the many connections between VCET and UVM and Hackett unveiled VCETs first client companies, ElectroCell Technologies and Apollo SRI.

Located in Farrell Hall on UVMs Trinity College campus, VCET is an independent nonprofit small business development program affiliated with UVM and other entities around the state that is designed to foster the success of new high-growth, high technology firms in Vermont. The initiative is designed to leverage UVM technology and specialty laboratory facilities and equipment; link client companies to key faculty, staff, and student interns from UVM and other academic institutions; and connect clients to an extensive network of private sector mentors and advisors and private investment capital resources.

Vermont faces many challenges in the 21st century, but none may rival the need to maintain our leadership in innovation and advanced technology, said Leahy. It will be a major factor in growing our economy. VCET will tap the deep reservoir of innovation that we have in Vermont and transform that into high-tech jobs.

The formal opening of VCET, and the announcement of its first tenants, are a watershed moment for UVM and the part it can play in helping drive economic development in our state, said UVM president Daniel Mark Fogel. We owe a debt of gratitude to Senator Leahy for his role in helping launch VCET and, now, in promoting its continued expansion.

The 4,000 sq. ft. facility that opened is an extensive renovation of what had been library space. It contains eight offices for client companies, four labs, administrative offices, conference rooms and shared office equipment.

The new grants that Senator Leahy announced, $300,000 through the Small Business Administration and $750,000 through the Department of Housing and Urban Development, will be used for operating expenses and to develop a second-phase component of VCET, which will include additional office, laboratory, and light production space.

Last year, Senator Leahy secured an appropriation of $994,000 through the Department of Housing and Urban Development to help develop the center. The state of Vermont contributed $100,000 to the launch, and UVM donated the Farrell Hall space.

ElectroCell Technologies, Inc. has developed a proprietary agricultural technology for treating animal waste that destroys pathogens and reduces nutrient levels thereby reducing farm odor, improving animal and farmer health, and greatly reducing the environmental impacts resulting from waste water run-off pollution. Apollo SRI is an early stage company commercializing a UVM-developed technology using nano materials for filtering pharmaceutical products for high levels of purity.

VCET has also been working with two affiliate clients, Draker Solar Design and Lansky Consulting. As affiliates, these fast growing, early stage firms do not require VCET space but have already been using the full range of business development services offered by the program.

VCET is fielding calls and screening a dozen prospective clients and will select another slate of client companies in July and anticipates filling the first-phase space by early fall.

[ Comment, Edit or Article Submission ]