The grant was part of $13.6 million in BFTDA funding announced recently to support Gov. Edward G. Rendell's technology-focused economic development strategy. According to the announcement from the Community and Economic Development Secretary, the grant will provide state co-funding for federally sponsored nanotechnology research centers at Penn State.
Hank Foley, associate vice president for research at Penn State, says, "Penn State is an engine for economic growth in the central region and the Commonwealth. This grant is essential to us and will be used to fund new research in high risk - high reward areas, to improve our infrastructure and facilities, to continue workforce development and education in partnership with the State System of Higher Education and community colleges and to enhance the commercialization of nanotechnology to spur the growth of new business."
The BFTDA grant provides leverage for Penn State to procure further funding from industry and federal agencies such as the National Science Foundation. The BFTDA also provides separate funding for four Ben Franklin Technology Partners throughout Pennsylvania that identify the most promising technological ventures providing them with technical assistance and capital.