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Third Frontier keeps Akron startup from moving; three-county region wins 36 percent of funds
By Paula Schleis
Beacon Journal business writer
Published on Saturday, Jun 28, 2008
More than one-third of the $67 million in grants recommended by the Ohio Third Frontier Commission this week is destined for projects in Summit, Portage and Stark counties.
The money will aid efforts to commercialize new liquid crystal products, find new sources of rubber, market an engine that converts waste heat into electricity, advance new techniques for healing wounds and expand the region's fuel cell industry.
In at least one case, Third Frontier is helping to retain a promising Akron startup that was being heavily courted by out-of-state investors.
A $4.3 million grant has been recommended for reXorce Thermionics, an Akron Global Business Accelerator tenant planning large-scale testing of a revolutionary thermal engine early next year.
''We always wanted to stay, but there were a few firms that we had offers from that were contingent on us not being in Ohio,'' said reXorce Chief Executive Officer Michael Gurin.
After receiving word that reXorce was a finalist for the very competitive state grant, reXorce turned the other investors down, he said.
Gurin added that he hopes winning a Third Frontier grant will elevate the company's profile.
''Attracting talent has been the bottleneck issue,'' he said. ''In general, there is significant demand for engineers and scientists. . . . Hopefully more people will hear about us and be excited about what we're doing.''
ReXorce's grant partners are Parker Hannifin Corp., Case Western Reserve University, the University of Akron, Carbide Derivative Technologies, and Advanced Diamond Technologies.
The company is using NASA technology in its engine, which can capture waste heat being released into the environment and convert it to usable electricity.
The Third Frontier grant recommendations announced this week are contingent upon State Controlling Board approval.
Paula Schleis can be reached at 330-996-3741 or pschleis@thebeaconjournal.com.
More than one-third of the $67 million in grants recommended by the Ohio Third Frontier Commission this week is destined for projects in Summit, Portage and Stark counties.
Get the full article here.
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