Date: Feb 21, 2011 Source: (
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Austin, TX— Nanohmics announced today that it has received a Tibbetts Award from the Small Business Administration (SBA) for its success in commercializing science and technology innovations with support from the Small Business Innovation Research (SBIR) program. SBA presents the awards to companies and individuals that have advanced technological innovation and economic growth.
Nanohmics has launched two new companies to focus on the commercialization of technologies it developed. These events were major factors in gaining recognition from the SBA. Faradox Energy Storage, Inc. (www.faradox.com) has successfully raised capital to commercialize high-temperature, high-energy-density capacitors, and GlideLine Systems (www.glidelinesystems.com) delivers parachute navigation solutions to military Special Operations personnel.
"This award validates our motivation for starting the company," said Nanohmics President, Mike Mayo. "Since our first Small Business Innovation Research (SBIR) proposal in 2002, we have focused the company on innovation and commercialization, leveraging funding from the SBIR program and our commercial partners. As a result, Nanohmics has enjoyed steady growth while creating jobs and value for the Austin economy."
Nanohmics' Tibbetts Award recognizes the company's success in meeting the U.S. Government's emerging needs for advanced materials, electro-optics systems, and sophisticated electronics. Nanohmics technology has been incorporated into a number of government programs and several commercial products.
"The SBIR program allowed three first time entrepreneurs to take the risk of creating a new venture, which has led to the creation of - over 30 high value jobs for the Austin region thus far," continued Mayo. "Ultimately, we believe our work will create hundreds of jobs and significant economic value."
Mike Mayo, Nanohmics' President and co-founder, accepted the award at a ceremony this morning in Washington, DC. Afterward, he met with SBA Administrator Karen Mills, and attended a reception at the White House.
"This is a proud day not only for Nanohmics but also for the city of Austin," said Sean Greene, SBA's Associate Administrator for Investment and Senior Adviser for Innovation. "Companies like Nanohmics represent the best in American ingenuity."
