Virtually no one in the energy field disagrees that existing energy systems will soon need replaced, or significantly upgraded.
But facing potentially overwhelming financial costs, industry startups and entrepreneurs need reliable sources of capital.
The energy transition conference held in Cleveland {Monday} brought designers, manufacturers and potential funders from Iowa, Illinois, Indiana, and Ohio together to explore opportunities for new energy investment.
Judith Canales of the Department of Agriculture says cooperation of the Energy and Agricultural industries `could' put this region on par with - or ahead - of others also seeking to become national energy suppliers, especially since the federal government is advancing programs to entice high-tech investment.
JUDITH CANALES:
"What we are trying to do is nudge investors, nudge banks, to use this loan guarantee program so that we can frankly, build more..."
Some Ohio programs have already benefitted from the push. Canales cited $13 million in loans to the Coram Flora Company in Lorain County, which installs biomass boilers.
Another company from outside the region is READY to put its energy investment dollars to work here. Leslie Garrison traveled from New Jersey's NRG Energy Corp, which owns all or part of energy ventures across the country - but very few in the Midwest.
LESLIE GARRISON:
"NRG itself is very interested in funding not only just acquisitions of existing projects, but of putting real development capital into new companies."
Local agencies like NorTech and Jumpstart were also involved, led by the sponsoring Chicago Council on Global Affairs, which is pushing the Midwest to think of itself as one area - with an energy goal.
