- Versogen, a greentech startup, secures $4.7 million federal funding for clean hydrogen research
- Delaware companies in pharma, finance, and greentech experience growth and financial strengthening in May
- Incyte acquires dermatology company Escient for $750 million to expand skin treatment innovations
- PSI, a semiconductor manufacturer, expands in Newark with grants totaling over $700,000
- Monthly Money Moves column highlights companies like JPMorgan Chase, Truveris, and Versogen in Delaware
Delaware Greentech Funding Boosts Versogen
In the bustling landscape of Delaware’s financial sector, the latest Money Moves report highlights the significant strides made by various companies, including the greentech startup Versogen. This month’s edition features a diverse range of movers and shakers, from pharmaceutical giants to innovative tech firms, all making waves in the state’s economic scene.
Versogen: Pioneering Clean Energy Solutions
One standout in the recent Money Moves report is Versogen, a green hydrogen startup that is spearheading clean energy solutions in Delaware. As a spinoff from the University of Delaware, Versogen has been making waves in the industry with its cutting-edge technology and innovative approach to sustainable energy.
Versogen has secured a substantial portion of the $4.7 million Department of Energy funding to advance its research, production, and distribution of clean hydrogen. The startup’s focus on developing membranes for green hydrogen production aligns with the goals of the Mid-Atlantic Clean Hydrogen Hub, positioning Versogen as a key player in the shift towards zero-emission fuels.
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Formerly known as W7Energy, Versogen has seen significant growth since its inception, with a strong foundation laid at the Delaware Innovation Space before expanding to the FMC Stine Research Center in Newark. The company’s commitment to innovation and sustainability has not gone unnoticed, with the creation of 25 new jobs in the past two years and a notable milestone of achieving a membrane production capacity of one gigawatt per year in December.
Delaware Semiconductor Sector on the Rise
Aside from Versogen’s success, the Money Moves report also sheds light on the expansion of companies in various sectors, including the semiconductor industry. With the implementation of the $280 billion CHIPS and Science Act, the semiconductor sector is poised for growth, offering promising opportunities for local manufacturers in Delaware.
One such company making waves in the semiconductor sector is Phase Sensitive Innovations (PSI), a manufacturer specializing in radio-frequency components, devices, and systems. As a UD spinoff, PSI has reaffirmed its commitment to the local community by expanding its operations in Newark, with plans to increase its manufacturing capacity and enhance its research and development capabilities.
PSI’s recent grants from the Council on Development Finance and the Delaware Strategic Fund underscore the company’s dedication to growth and innovation. By investing in local talent and infrastructure, PSI aims to capitalize on the growing demand for semiconductor products and secure lucrative contracts in the coming year.
Driving Innovation and Economic Growth in Delaware
The success stories of companies like Versogen and PSI reflect the vibrant ecosystem of innovation and entrepreneurship thriving in Delaware. With a focus on clean energy solutions, semiconductor advancements, and pharmaceutical innovations, these companies are at the forefront of driving economic growth and creating job opportunities in the state.
As Delaware continues to attract investment and talent in key sectors such as greentech, semiconductors, and healthcare, the future looks bright for companies looking to make a meaningful impact on both the local economy and the global stage. By fostering a supportive environment for startups and established firms alike, Delaware is paving the way for a sustainable and prosperous future for all.
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