Illinois Technology Development Alliance and Boone County Partner to Promote Biomass Technology Companies

Chicago, IL – December 13, 2005 – The Illinois Technology Development Alliance (ITDA), a public-private nonprofit that assists high growth technology companies, has signed a contract to provide commercialization support services to biomass companies in Boone County Illinois under a Department of Energy (DOE) contract.

"The Biomass Products Information and Entrepreneur Development Program represents a great opportunity for Boone County to promote the formation and growth of biomass ventures in the region," said ITDA President Tom Thornton. "The program has the support of public and private leaders in the region and, importantly, helps emerging biomass companies access capital to develop new products and go-to-market."

The City of Belvidere and Boone County have formed a unique partnership with the local business community, agriculture producers, and area higher education institutions to establish the Biomass Products Information and Entrepreneur Development Program (BPIED). The goals of the program are to:

Develop and implement a technology business assistance program aimed at fostering the formation and growth of companies that are developing technologies to convert biomass into industrial applications;
Develop a competitive capital awards program to provide qualified BPIED clients with funds, on a cost match basis, to develop and commercialize processes and technologies to convert biomass materials into industrial products; and
Complete preliminary design and engineering plans for the proposed Ag-Tech Commercialization Center.

This program is funded through an 18 month $1 million contract with the DOE.

Under the agreement signed today, the ITDA will develop, operate and provide quality technology development assistance services prospective BPIED clients, as well as manage the competitive capital awards program.

About the Illinois Technology Development Alliance (ITDA):
ITDA is a public-private nonprofit created to stimulate the growth of new technology companies and private investment in Illinois. Specifically, ITDA provides access to capital, business development assistance, and access to federal technology development financing to high growth technology companies. Through ITDA's assistance, these promising companies can fundamentally address business, technology, management and other strategic issues critical to their success and, thus, improve their access to venture capital, i.e. make them "venture ready". ITDA has offices in Chicago and West Chicago. For more information, please visit www.itda.biz.