The designer, developer and manufacturer of continuous duty, on-site power generation systems received a $1.6 million grant from the state in 2006 to develop a new controller for the company's prime power generation products. Since, the company has nearly doubled its employment, secured additional funding and plans to continue growing its operations.

"The 21st Century Fund is a powerful tool aimed at growing new and innovative companies like I Power Energy Systems that are working to bring cutting edge technologies to the marketplace," said Governor Mitch Daniels.

Unlike traditional diesel powered standby generators, I Power's generator systems harness the power of gaseous multi-fuel sources to produce efficient electricity without polluting the environment. The company's newest product line runs on renewable bio-fuels such as biogas from wastewater treatment facilities, landfills and concentrated animal feeding operations.

"Indiana's 21 Fund support has allowed our company to position itself for exciting future growth opportunities," said Mike Hudson, chief executive of I Power. "We look forward to the opportunity to make I Power one of the world's premier electric power equipment manufacturing firms."

The Central Indiana-based company currently markets low emissions generation equipment aimed at eliminating the possibility of brown or black outs, while improving the quality of power delivered to businesses. In addition, its line of generators recovers waste heat to provide air conditioning and hot water, reducing overall energy consumption and adding efficiency.

Purdue University's Department of Electrical and Computer Engineering and School of Engineering and Technology at Indiana University Purdue University Indianapolis collaborated with the company to develop the next generation of the company's systems controller technology, which the company has already patented. The refinement of the controller, which ensures universal compatibility with utility grids and distributed generation equipment, has earned acclaim in technical circles and appeared in peer reviewed professional papers. The new controller is expected to be available on the company's generators in the fourth quarter of 2008.

I Power Energy Systems is one of 51 businesses awarded a 21st Century Fund grant since January 2006. During that time, the fund has invested more than $65 million in high-tech Indiana entrepreneurial companies that have the potential to create thousands of high-skill, high-wage jobs.

About I Power Energy Systems LLC
I Power Energy Systems is a producer of power units that are responsive to customer demands in the areas of electricity and thermal energy (combined heat and power - CHP), and shaft power for irrigation pumps and other applications. I Power is committed to investing in the development of technology to meet the efficiency, environmental and economic challenges of the market place. In addition, the I Power Management Group represents over 150 years of experience in the area of thermal and electric power. For more information about I Power Systems, visit http://www.ipoweres.com/.

About IEDC
Established under Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Indiana Secretary of Commerce Nathan Feltman serves as the chief executive officer of the IEDC. Since the creation of the IEDC, the state has posted three consecutive years of record-breaking commitments for new jobs. For more information about IEDC, visit www.iedc.in.gov.