EDA Gives ACET $6.44M Grant

U.S. Commerce Secretary Don Evans has awarded a $6.44 million grant, the largest-ever economic development grant given by the Bush Administration, to Advancing California’s Emerging Technologies (ACET) to expand the Oakland Alameda Bio Tech Incubator to a 40,000-square-foot, state-of-the-art laboratory.

Once completed, the newly expanded building will be the largest of its kind west of the Mississippi, ACET director Sam Doctors said in a press statement. Housing nearly 40 high tech, biotechnology, environmental and energy start-up companies, the incubator will include fully equipped laboratory and office space, videoconferencing facilities, and other shared amenities.

Since May 1998, ACET has helped seven companies create nearly 1,000 jobs and generate close to $150 million in venture capital. The new ACET facility is expected to graduate 12-15 companies per year, help create 6,000 jobs to the Bay Area and attract nearly $1 billion in investment by the fifth year of operation.

Groundbreaking for the new building is expected in December 2002, with completion in 2004.