First Tenants Accepted for New GreenTech Incubator Facility in Hanover County
For Immediate Release
May 4, 2010
Hanover, VA - The Dominion Resources GreenTech Incubator (DRGI), a center to assist new businesses focused on energy efficiency and other clean and green technologies, has accepted its first two tenants in its Ashland facility in the Presidential II building. DRGI, which opened for business in January 2010, is a joint initiative of Hanover County, the Town of Ashland, the Virginia BioTechnology Research Park (VBRP), the Virginia Biosciences Development Center (VBDC) and Dominion Resources (NYSE: D), the program’s title sponsor.
Modeled after the VBDC’s successful biosciences incubation program, DRGI will provide its member companies an affordable facility on the I-95 corridor, assistance with strategy and business planning, access to expertise within Dominion Resources, expert advice from business advisory boards, access to discounted professional services and introductions to sources of grant and investment capital. As the companies grow, they are expected to move to nearby locations in Hanover County, boosting the local economy.
“The Dominion Resources GreenTech Incubator is pleased to welcome Marz Industries and Eastlight Renewable Ventures, LLC as the first clients in our new program”, said David Lohr, Executive Director of DRGI. “Both companies are excellent examples of the types of creative entrepreneurs and innovative alternative energy solutions we are seeking to attract.”
Marz Industries is developing an onboard hydrogen fuel solution, the Compliance I, which will enable long haul truckers to avoid extended periods of idling thereby reducing fuel consumption, maintenance costs and air emissions. The company plans to manufacture, service and commercialize integrated heating, air conditioning and power units using hydrogen fuel cell technology at the core of its safe renewable energy system. Future Marz systems will be adapted to power grid and non-grid applications in conjunction with wind, solar and wave energy.
Eddie Miller, President of Marz said, “The DRGI gives us a place to work in a professional atmosphere with an extensive group of advisors on hand. The selection process into this membership gives us credibility and allows us to say to our perspective investors, vendors or customers that we have this facility and advisor support made possible by Dominion Resources and Hanover County to help in our success as a business.”
In addition to Marz, DRGI has accepted Eastlight Renewable Ventures, a company that develops, finances, owns and operates large scale, distributed generation solar energy projects. Eastlight offers commercial building owners the opportunity to generate economic and environmental value from an underutilized asset with no capital investment on the owner’s part. According to David Caldwell, Managing Director of Eastlight, “We manage all aspects of the project development process including financing, system design, permitting, roof warranty preservation, installation, interconnection and then provide all ongoing operations, maintenance and management of the system.” Customers agree to a long term Solar Power Purchase Agreement for a portion of their building’s energy demand, at prices equal to or lower than their existing electricity rates.
“Dominion is excited to have a role in encouraging the growth of the clean and green technology movement in Virginia,” said Mary C. Doswell, senior vice president-Alternative Energy Solutions for Dominion. “It will take creative minds to find new, clean technologies that will help our state and nation become more energy efficient. Those minds now will have a place in Central Virginia to test their ideas, get assistance and be launched toward success.”
About Dominion Resources: Dominion is one of the nation’s largest producers and transporters of energy, with a portfolio of more than 27,500 megawatts of generation, 1.1 trillion cubic feet equivalent of proved natural gas and oil reserves, 14,000 miles of natural gas transmission, gathering and storage pipeline and 6,000 miles of electric transmission lines. Dominion operates the nation’s largest natural gas storage systems with 975 billion cubic feet of storage capacity and serves retail energy customers in 12 states. For more information about Dominion, visit the company’s Web site at www.dom.com.
About Hanover County/Ashland, VA: Hanover County is a dynamic community within the Greater Richmond, VA region located 90 minutes south of the nation’s capital in Washington, DC. Hanover’s central, mid-Atlantic location offers seasonable climates and one-day access to more than half of the U.S. population base. A business-friendly county with competitive tax rates, Hanover also has a strategic transportation infrastructure that includes I-95 and I-295, and convenient access to I-64. The Town of Ashland, located in central Hanover County, is a community of seven square miles and 6,000 plus residents that enjoy prosperity fueled by Randolph Macon College, a growing private sector and a strong, regional economy. Ashland is a town born of the railroad and is proud of its history. Safe streets, an efficient police department and a diverse array of retail and tourist activities add quality amenities for both the residents and businesses.
About the Virginia BioTechnology Research Park: The Virginia BioTechnology Research Park is currently home to a unique mix of over 60 public and private bioscience companies, research institutes affiliated with the VCU Medical Center, and major state and national medical laboratories. These companies are housed in nine buildings totaling more than 1.1 million square feet of space, representing an employee base that exceeds 2,000. The Park’s nationally recognized biosciences business incubation program, the Virginia Biosciences Development Center (VBDC), has successfully graduated more than 40 client companies, including three publicly traded firms. VBDC’s client companies and graduates have attracted more than $400 million in equity, grant and strategic capital. The Park’s Virginia Biosciences Commercialization Center has been created to assist international life sciences companies locating at the Park with commercialization activities through M&A or IPO, giving these Park’s tenants full-scale business assistance as they enter the US market. The Commercialization Center is working with 9 bioscience companies with technologies ranging from medical devices to diagnostics and therapeutics. www.vabiotech.com
For more information about DRGI, contact David R. Lohr at Dominion Resources GreenTech Incubator at (804) 368-8610 or email at DavidLohr@domgreentech.com.
