September 25, 2006
Granholm visits Jobs Fund recipient Tellurex Corporation in Traverse City
LANSING – Governor Jennifer M. Granholm today visited Tellurex Corporation, one of the 61 awardees selected by the Michigan Strategic Economic Investment and Commercialization (SEIC) board to share more than $100 million from the first round of the 21st Century Jobs Fund. The initiative is part of the governor’s comprehensive Jobs Today, Jobs Tomorrow economic plan to grow Michigan’s economy by helping to create jobs in Michigan’s emerging technologies.
“The work being done at Tellurex is an excellent example of what the 21st Century Jobs Fund is all about,” said Granholm. “Thanks to their world-class research and creative collaborations with other Michigan businesses, Tellurex is building tomorrow’s high tech automobile applications and creating jobs that will help keep our graduates here at home.”
The 21st Century Jobs Fund is a $2 billion, ten-year initiative proposed by Granholm, approved by the Michigan Legislature, and administered by the Michigan Economic Development Corporation (MEDC) to accelerate the diversification of Michigan’s economy and create jobs. The initiative will focus on growing and attracting jobs in the high-growth sectors of life sciences, alternative energy, advanced automotive materials and manufacturing, and homeland security/defense.
Tellurex, a nano-technology thermoelectrics company, received a $1.26 million 21st Century Jobs Fund grant in hopes to create 20 new jobs. The company has developed technologies for multiple industries that include medical instruments and food service and high-tech automotive applications, such as a beverage holder that will heat or cool whatever it holds, for installation into automobile platforms.
“It’s truly a win-win,” Granholm said. “Our families benefit from new high-tech products, while our communities benefit from the jobs.”
The announcement made two weeks ago was the culmination of a process that began eight months ago with Granholm’s announcement of a request for proposals for 21st Century Jobs Fund commercialization funding.
The original field of 505 proposals was narrowed to 179 finalists by an independent peer-review process conducted by the American Association for the Advancement of Science (AAAS). The 179 finalists recently underwent intense, individual interviews by AAAS experts who then made final recommendations to the SEIC board.
The AAAS is the world’s largest science and engineering association and publisher of Science magazine. Awardees include researchers at Michigan public universities and private research institutes and entrepreneurs working to commercialize technology-based products.
Each of the awards will be administered by the MEDC, with contracts that establish conditions and mileposts for receipt of funds. Contracts, individually tailored to each proposal, will be finalized by the MEDC’s general counsel in consultation with the Michigan attorney general. The MEDC employs portfolio managers similar to those of venture capital operations who will oversee the progress of the projects. Award funding will be paid out incrementally as project milestones established in the proposal and contract are achieved.
The contract and funding process will be overseen by the chief compliance officer, a position required by the 21st Century Jobs Fund legislation.
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