The Advanced Research Projects Agency-Energy has said 74 project teams on transformational energy technologies have accumulated $1.8 billion in follow-on funds from the private sector since the agency’s establishment in 2009.
ARPA-E announced the financial milestone during the eighth annual ARPA-E Energy Innovation Summit in Maryland, the Energy Department said Monday.
“The private sector plays a critical part in this community, and it is thrilling to see the technologies from our projects becoming market-ready energy products with full private support,” said ARPA-E Acting Director Eric Rohlfing.
DOE noted 56 projects backed by ARPA-E have created new companies and 68 projects have collaborated with other government agencies to support further development.
ARPA-E has awarded approximately $1.5 billion in research and development funds to nearly 600 projects through 36 focused programs and three open funding solicitations and works to support projects that could transform ways to generate, store and use energy.