The 40-foot buses are adding to the U-M's fleet of alternatively-powered vehicles and stand out as they've been plastered with new maize and blue graphics that advertise the buses part of U-M's Planet Blue initiative. The buses are also recognizable because of the power packs they carry on their rooftops.

"The addition of hybrid buses to our fleet is another step in our commitment to sustainability," says Keith Johnson, associate director of transportation operations. "By the end of 2012, one in six buses on campus will be a hybrid."

One hybrid diesel-electric bus went in to service last week. Three others are in are at the campus sign shop having their special graphics added. One of those will be ready to roll this week, and the the other two should be ready sometime this month, says Steve Dolen, executive director of parking and transportation services for U-M. Another three will be in service by the end of fall, he says, and a total of seven buses will be on the streets around campus by the end of the fall.

A grant from Clean Energy Coalition and the Department of Energy paid for the first of the buses, which cost $180,000-$200,000.

More alternative energy buses are sure to be bought, Dolen say, as the university has a long-term plan to continue moving away from buses as well as all university vehicles that rely solely on gasoline.

"The technology is always changing," Dolen says. "We are watching those changes so that we make the best financial decision and the best environmental decision."

Source: Steve Dolen, executive director of parking and transportation services, University of Michigan
Writer: Kim North Shine
News from Concentrate

The 40-foot buses are adding to the U-M's fleet of alternatively-powered vehicles and stand out as they've been plastered with new maize and blue graphics that advertise the buses part of U-M's Planet Blue initiative. The buses are also recognizable because of the power packs they carry on their rooftops.

"The addition of hybrid buses to our fleet is another step in our commitment to sustainability," says Keith Johnson, associate director of transportation operations. "By the end of 2012, one in six buses on campus will be a hybrid."

One hybrid diesel-electric bus went in to service last week. Three others are in are at the campus sign shop having their special graphics added. One of those will be ready to roll this week, and the the other two should be ready sometime this month, says Steve Dolen, executive director of parking and transportation services for U-M. Another three will be in service by the end of fall, he says, and a total of seven buses will be on the streets around campus by the end of the fall.

A grant from Clean Energy Coalition and the Department of Energy paid for the first of the buses, which cost $180,000-$200,000.

More alternative energy buses are sure to be bought, Dolen say, as the university has a long-term plan to continue moving away from buses as well as all university vehicles that rely solely on gasoline.

"The technology is always changing," Dolen says. "We are watching those changes so that we make the best financial decision and the best environmental decision."

Source: Steve Dolen, executive director of parking and transportation services, University of Michigan
Writer: Kim North Shine
News from Concentrate

The disappointing part of the list is that all investors, except #25, invest in IT companies only.  IT of course covers a lot of industry subsectors like software, mobile apps, gaming, computing, internet, etc.  But I didn’t see alternative energy, materials, robotics, security or bio tech on anyones list.  #25 invests in medical devices.

Nonetheless it’s good to see angels willing to put their names and records out there for people to see.  Hopefully this will encourage more people to make investments in our future.

Chris Rizik, president and CEO of the Renaissance Venture Capital Fund, presented a session on pitching to venture capitalists and angel investors with Amy Cell, vice president of Ann Arbor Spark.

It’s important to understand the role of venture capital, Rizik and Cell said, and to make a pitch that’s rooted in current trends. Right now, Cell noted, alternative energy is a hot business prospect, compared to a decade ago, when social media or other Web applications might have been the industry favored by venture capitalists.” http://www.crainsdetroit.com/article/20091111/SMALLTALK/911119984/-1.

The numbers are in.  109 companies applied for funding in this round of the 21st Century Jobs Fund competition.  An astounding total of $451 million is being asked for in total.

Here’s a breakdown of the applicants:

49 Life Science companies asked for $178,666,184

This exceeded the expectations of most people we know.  Clearly some of the applicants didn’t pay attention to the fact there is only $30 million available. Green Earth Technologies from Stamford, CT is asking for $81,870,500.  Ten other companies asked for more than $10 million each.

See the entire list for yourself at http://ref.themedc.org/cm/attach/18EFD0C7-95D3-4A2F-89E4-CAE672D8ECD2/2008_21CJF_Application_Summary.pdf

In addition to Green Earth mentioned above it is interesting to note 7 other companies applying are from out of state.

Next phase is validation that all the applicants met the minimum criteria for application then they go to the NCMS for peer review.

Good luck to all.

21CJF Applicants
List of all 109 applicants for a piece of the $30 mm 21CJF pool available

There was not a slow down in deal flow for the Michigan Pre-Seed Capital Fund during the summer and it continues through the fall.

Since our last post we have made investments in these companies…

Phrixus Pharmaceuticals – Ann Arbor
Avidimer Therapeutics – Ann Arbor
Compendia Bioscience – Ann Arbor
Accord Biomaterial – Ann Arbor
Hybra-Drive Systems – Deerfield
RazorThreat – Royal Oak
Functional Brands – Detroit
Saleztrack – Troy
VENOMIX – Kalamazoo
XG Sciences – East Lansing

The total amount invested in these companies by the fund was more than $2 million.  Their cash matches exceeded $3.8 million.

We are very pleased with the industry and geographic diversity of these investments.

Several more applications are being reviewed and others are in the near term pipeline.  We anticipate having made at least 20 investments before the first anniversary of the fund.

Skip Simms, Fund Administrator