Cree, NCSU, ABB Share In $5.15M Department Of Energy Grant

By Triangle Business Journal

North Carolina State University and Durham-based Cree will share in a $5.15 million US Department of Energy grant to develop ⿿smart grid⿝ technology used to store energy from solar wind and other renewables.

The money, the bulk of which is headed to Cree (Nasdaq: CREE), comes from the energy division of DOEâ¿¿s Advanced Research Projects Agency.

Other participants include ABB, which has a large Triangle presence, and Powerex.

N.C. State will receive $750,000 over the life of the grant.

N.C. State⿿s role is to develop a transformer-less intelligent power substation, says Subhashish Bhattacharya, an assistant professor of electrical and computer engineering at N.C. State and primary investigator for the university on the grant project. ⿿It will be a more cost-effective and efficient means of connecting renewable energy resources to the existing power infrastructure.⿝

Copyright 2011 American City Business Journals

http://www.bizjournals.com/triangle/news/2011/01/27/cree-ncsu-abb-share-in-515m.html?ana=thestreet

Copyright bizjournals.com 2010

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