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SCRA inducts 'green' composites maker for launch program

20 Dec '14

2 min read

SCRA Technology Ventures said it has inducted five new companies for its SC Launch Program, among which is GreenTex Solutions.

South Carolina-based GreenTex Solutions is an advanced materials composite manufacturing company that utilizes recycled carbon fibres to make composite parts.

It is focused on marine industry applications, but its technology has multiple uses as a cost effective, ‘green’ alternative to other traditional fabrication methods.

"We welcome these new companies to the SC Launch program and these will help to grow technology-based jobs in South Carolina in diverse industry sectors from life sciences to energy," said SCRA CEO Bill Mahoney.

SC Launch client companies are accepted into the economic development program and will receive mentoring and support services and are eligible to receive matching funding or larger investment funds.

SCRA Technology Ventures helps innovative companies grow and develop new technologies, creating jobs and advancing the knowledge economy throughout South Carolina.

This SCRA business sector provides support and mentoring to early stage, start-up technology companies through its flagship SC Launch program.

Since 2006, SCRA has deployed over $84 million in funding for entrepreneurs and infrastructure to support over 300 high-tech early-stage enterprises.

SCRA has directly invested over $19 million into the program's top 71 South Carolina start-ups, attracting over $301 million in add-on private investment.

The sector also supports commercialization and growth by facilitating the transfer of intellectual property and accelerating the transition of inventions to the marketplace.

Multiple economic impact studies show SCRA's cumulative output on South Carolina's economy to be over $16.6 billion.

SCRA says it has helped create approximately 15,000 technology-related jobs in the state, with annual wages averaging between $55,000 and $77,000. (AR)

Fibre2fashion News Desk - India