Innovate Texas Foundation Announces Formation of National Institute for Renewable Energy

Institute to Develop Nation’s Wind and Renewable Energy Resources

AUSTIN, TEXAS – May 24, 2010 – Innovate Texas Foundation joined the Texas Tech University System and The Wind Alliance to announce today the formation of the National Institute for Renewable Energy (NIRE), an independent public-private collaboration that will work to solve key scientific and technology challenges facing the wind power industry. The announcement was made during the Windpower 2010 Conference in Dallas, sponsored by the American Wind Energy Association.

NIRE will operate for-profit business components that will design, construct and operate research wind farms. These farms will generate power to be sold in the commercial marketplace, with a portion of the revenue going to fund a non-profit research center. NIRE will also provide services to industry partners and offer an industry consortium, which will be managed by The Wind Alliance. Start-up funding for NIRE has been derived from many of the economic development organizations in West Texas.

Texas "Tech is nationally recognized as a leader in wind-energy research," said Chancellor Kent Hance. "We are grateful to be associated with this collaboration to address the future energy needs of our state and nation. As our country moves toward energy independence, Texas Tech will continue to develop innovative solutions and make advancements in all areas of the power generation sector."

Wind power will fuel more than high-paying jobs by providing incremental power production and expanding rural community and school district tax receipts. When combined with other forms of energy, wind power expands energy independence and extends Texas' global energy leadership.

Organizational planning and support for the initiative was provided by Innovate Texas Foundation, a non-profit institution that serves as a catalyst for collaborations and transactions among universities, industry, investors, communities and government and enables them to more effectively engage with the global innovation economy.

"We believe that NIRE will significantly enhance innovation and result in more rapid commercialization of suites of complementary renewable energy technologies. NIRE's collaborations with industry, state and federal agencies will advance integration of new power generation and transmission tools and develop new standards. This high impact initiative will create high-value jobs and provide benefits throughout Texas and across the United States," said David Nance, Chairman of Innovate Texas Foundation and NIRE board member.

National organizations indicating support for NIRE include the American Wind Energy Association and The Wind Coalition. They will be joined by as many as 30 private-sector firms with large investments in renewable energy projects. NIRE maintains offices in Lubbock and Austin.

John D. White, Managing Director of The Wind Alliance, commented "The unique structure of NIRE and its innovative relationship with The Wind Alliance provide partners the opportunity to achieve individual goals while helping to solve issues facing the wind energy industry on a national scale."

The National Wind Resource Center (NWRC), established by Texas Tech University, will serve as the research center for the initiative with support from many of the nation's leading research universities, each utilizing its unique areas of expertise within the renewable energy sector. The consortium also includes several nationally recognized workforce development leaders.

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Innovate Texas Foundation:

Innovate Texas Foundation serves as a catalyst for collaboration and transactions among the state's academic institutions, businesses, investors and government enabling them to engage with the global economy more efficiently and effectively. By connecting the wealth of knowledge in Texas with the entrepreneurial and financial resources of the globalized economy, Innovate Texas Foundation helps foster a culture in the state that encourages innovation and appreciates the need for strong businesses to create the high-value jobs that will form the backbone of our future economy. Learn more by visiting our site www.innovatetexas.org and on our blog http://www.innovatetexas.org/texknowledge.

More Information about the National Institute for Renewable Energy at: www.thenire.org

For Press Inquiries, Contact: Jeff Hunt, PulsePoint Group 512-457-8448, jhunt@pulsepointgroup.com

For NIRE Inquiries, Contact: David L. Miller, Chair, The National Institute for Renewable Energy "NIRE" 806-742-4105, david.l.miller@thenire.org