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news release:
New Zealand government venture capital helps
high tech Hutt firm
Wellington, New Zealand, June 27: A Lower Hutt technology firm
HTS-110 Ltd is
experiencing international success, assisted by government venture capital
funding, Economic Development Minister Trevor Mallard said today.
Trevor Mallard today visited the company HTS-110 that was formed in 2004 to
capitalise on the world-leading research into high temperature superconductor (HTS)
material carried out by
Industrial Research Ltd (IRL), a Crown Research Institute.
"The Labour-led government is proud to get behind a local company exporting
leading-edge technology. We've done so through significant research funding and
also more recently at the start-up phase through the Venture Investment Fund.
“HTS-110 has also received significant support from the Venture Investment Fund
(VIF) through venture capital manager Endeavour Capital. VIF is a government
scheme targeting innovative New Zealand firms in their early stages of
development.
"VIF received a $60 million boost in the budget to help more young kiwi firms
achieve global success, reflecting the Labour-led government’s commitment to
working with businesses to develop a high-value, high wage, export-led economy.
“The government recognises there is a need for capital and expertise boosts for
firms like HTS-110, which is leading the way in high temperature superconductor
technology.
“In its two years of operation, HTS-110 has developed products for customers in
the United States, Japan, Europe, Taiwan and Korea. Earlier this year, the
company also entered a partnership with US-based Progression Inc to provide
buyers with HTS magnet capability."
HTS-110 has grown from three people to 10 since its formation, and has grown
annual revenue to $1.7 million. Atypically for a new start-up business, it
expects to break even this year. It expects to be employing more than 50 people
in five years time with an income of around $70 million.
The company is also developing a cluster of local businesses with which it is
working to supply its specialist, high value products to international markets.
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The Foundation for Research and Science and Technology (FRST) has supported IRL
superconductivity research with approximately $30 million in funding over 15
years. Approximately $2 million of this has gone specifically to HTS-110, and
FRST has committed another $1 million to the company in the next two years.
HTS-110 was named “Start-up of the Year” at the 2005 New Zealand Incubator
Awards and was a finalist in the Wellington Regional Gold Awards in the emerging
gold category. HTS-110’s products are used by the energy, science, medical,
defence, transport and industrial markets. The company’s staff are experts in
superconducting systems design and materials science.
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