New Mexico Company Osazda Energy Awarded $1.2 Million DuraMAT Grant
Santa Fe, N.M. – Today, Economic Development Secretary Designate Alicia J. Keyes announced that Osazda Energy, a renewable energy resources company, is one of four companies chosen to receive a $1.2 million grant from DuraMAT (Durable Module Materials) Consortium. This award will allow Osazda Energy to engage in their second project with DuraMAT with the goal of advancing U.S. global competitiveness within the renewable energy sector by improving the performance & lifetime of PV modules & systems while decreasing the levelized cost of electricity.
“Osazda Energy was awarded a $50,000 New Mexico SBIR Matching Grant as well as a $2,000 Innovation Voucher from the Office of Science and Technology to help them jumpstart their product commercializationprocess,” said Economic Development Secretary Designate Alicia J. Keyes. “I’m proud New Mexico hassupported their growth and I wish them the best of success as they find investors, strategic partners, and manufacturers to help bring their vision to the renewable energy market.”
The New Mexico Small Business Innovation Research (SBIR) Matching Grant program provides matching funds to New Mexican companies that have been granted federal SBIR awards. The purpose of SBIR funds is to assist businesses in achieving development and commercialization goals. New Mexico Innovation Vouchers are competitive grants designed to enable early stage science and technology companies to overcome business development barriers. This is achieved by providing small amounts of funding at critical moments during company growth.
Osazda Energy’s unique Metal Matrix Composite (MMC) technology was discovered by Professor Sang M. Han, PhD. Dr. Han is the Regents’ Professor in the Chemical & Biological Engineering and Electrical & Computer Engineering departments at the University of New Mexico and he serves as the CTO of Osazda Energy.
“We are absolutely thrilled that we have been able to develop an innovative technology that enables solar panels to last up to 50 years longer,” said Osazda Energy CTO Sang M. Han. “This type of technology not onlymakes electricity more affordable, but it helps conserve valuable resources. Sustainable Energy is extremely important for our future. This grant will allow us to hire another team member to continue module testingwhile growing the company locally.”
Osazda Energy was formed in early 2017 by New Mexico Start-Up Factory, a local company that sources technologies and creates investable companies, and New Mexico Angels, a group of accredited angel investors focused on investing in early-stage companies in New Mexico.