Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Govt venture capital helps high tech Hutt firm

22 June 2006

Govt venture capital helps high tech Hutt firm

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.

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.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>

ALSO:

Corrections Corrected: Supreme Court Rules On Release Dates

Corrections has always followed the lawful rulings of the Court in its calculation of sentence release dates. On four previous occasions, the Court of Appeal had upheld Corrections’ practices in calculating pre-sentence detention. More>>

ALSO:

Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>

ALSO:

General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>

ALSO:

Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>

ALSO:

Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news