Obama unveils $500m emerging tech scheme

President Barack Obama instigated a national initiative which will leverage over $500 million in investments to fund emerging technologies that can increase the energy efficiency of industrial facilities and create manufacturing jobs, writes EcoSeed.

The Advanced Manufacturing Partnership (AMP) will harness the cooperation of the US' top manufacturing companies and universities to invest in IT, biotechnology and nanotechnology.

The government eyes these sectors as areas that create processes which reduce costs, improve product quality, and accelerate production, eventually leading to the creation of more jobs.

According to the Business Green, the department of energy, which is funding the initiative, said the AMP would accelerate the development of 35-50 selected projects, commercialising new processes or materials in the next five to seven years.

Early-stage development projects could receive up to $1 million and must be completed within two years, while innovations that are able to be lab tested, or that boast a working prototype, are eligible for up to $9 million awards.

“With these key investments, we can ensure that the United States remains a nation that 'invents it here and manufactures it here' and creates high-quality, good paying jobs for American workers”, said Obama, reveals the BizTimes.