FOR IMMEDIATE RELEASE
#R-03-028 May 7, 2003
ARMY ANNOUNCES VENTURE CAPITAL INITIATIVE (VCI)
The Army announced today its Venture Capital Initiative (VCI) to satisfy a critical Army technology requirement - obtaining lighter, more efficient power sources for individual soldier systems.
"Power and energy technologies are an opportune area for Army investment, particularly because the Army's interests parallel those fueling the commercial market," emphasized Dr. A. Michael Andrews, Army Chief Scientist.
The goal of the VCI is to jump-start promising technologies in the area of portable power and energy to lighten soldiers' loads as they operate worldwide, often in extreme environments and under austere conditions. It will focus its investment activities on innovative technology companies, including those that may not normally do business with the Army.
"Finding new energy sources for soldiers is akin to a search for better power solutions for handheld computers like Palm Pilots, Blackberries, personal digital assistants and cell phones," continues Andrews. "Lighter and smaller is better."
The VCI will be managed by a not-for-profit corporation under the authority of the 2002 Department of Defense Appropriations Act, Public Law 107-117, Section 8150. The corporation will be modeled on the Central Intelligence Agency's venture capital initiative, In-Q-Tel, and funds will be provided from basic research and applied research accounts.
The Army has worked with a RAND board of advisors to select the best company to manage the VCI. OnPoint Technologies, Inc., of Maitland, Fla., will balance its primary objectives of improving collaboration with the entrepreneurial community and transitioning technologies into the U.S. Army, with the need to earn a return on investment that provides for continued operation of the VCI in future years.
For more information contact Maj. Amy Hannah at U.S. Army Public Affairs at 703-697-4314. This document is available on Army Link, a World Wide Web site on the Internet at http://www.dtic.mil/armylink/
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