VIPC Awards Commonwealth Commercialization Fund Grant to Torev Motors
CCF grants support startups, critical early technology testing and market validation efforts
RICHMOND, VIRGINIA, UNITED STATES, May 29, 2023/EINPresswire.com/ -- The Virginia Innovation Partnership Corporation (VIPC1) today announced that Torev Motors3 has been awarded a Commonwealth Commercialization Fund (CCF2) grant for $75,000. VIPC’s CCF programs have distributed more than $48 million to Virginia-based startups, entrepreneurs and university-based inventors since 2012.
Based in Arlington, Va., Torev Motors is pioneering the next generation of electric vehicle (EV) motors for the automotive, marine, aerospace industries. Torev uses a first-of-its kind double axial flux motor, invented by founder and CEO Rory Brogan, which reduces the use of rare earth metals and improves vehicle efficiency and performance. Torev’s prototype motor is scheduled to be completed by May 2023.
Torev was also awarded a $3,500 grant through VIPC’s Federal Funding Assistance Program in support of an SBIR application to the National Science Foundation (NSF).
“We are excited and grateful to VIPC for this opportunity and the advancements it will bring,”said Rory Brogan, founder and CEO of Torev Motors. “We proudly offer clients across the transportation space access to sustainable, high-efficiency electric motors that drive real economic and environmental impact.”
“We are pleased to award a CCF grant to Torev Corporation,” said Jeanette Townsend, VIPC’s Director for Private Sector Grants. “VIPC’s CCF grant program plays an important role in getting funding to Virginia-based pre-seed and seed-stage startups when they need it most. Our goal is to help Virginia companies grow and lead the nation in innovation, opportunity, and job creation. Torev’s innovative electric motor architecture shows real promise for lessening the need for rare earth metals in electric motors while maintaining expected power and efficiency characteristics.”
CCF accepts applications and awards funding on a rolling basis to Virginia’s small businesses and university-based innovators. This competitive grant program seeks to fund high-potential Virginia-based for-profit technology companies at the early stage of commercialization and provides grants up to
$75,000. The grants support early technology and market validation efforts such as the development of prototypes or a minimum viable product (MVP), customer pilots, intellectual property protection, and more. For more information on funding opportunities and eligibility requirements, or to apply, visit the CCF pages at www.VirginiaIPC.org.
About the Commonwealth Commercialization Fund (CCF)
VIPC’s Commonwealth Commercialization Fund (CCF) was launched on July 1, 2020 to foster innovative and collaborative efforts in Virginia. Combining two legacy state programs, the Commonwealth Research Commercialization Fund (CRCF) and the Virginia Research Innovation Fund (VRIF), CCF seeks technologies with a high potential for economic development and job creation and that position the Commonwealth as a national leader in science- and technology-based research, development, and commercialization.
About Virginia Innovation Partnership Corporation (VIPC)
VIPC: Connecting innovators with opportunities | VIPC is the commercialization and seed stage economic development driver in the Commonwealth that leads funding, infrastructure, and policy initiatives to support Virginia's innovators, entrepreneurs, startups, and market development strategies. VIPC collaborates with local, regional, state, and federal partners to support the expansion and diversification of Virginia’s economy.
Programs include: Virginia Venture Partners (VVP) | VVP Fund of Funds (SSBCI) | Virginia Founders Fund (VFF) |Commonwealth Commercialization Fund (CCF) | Petersburg Founders Fund (PFF) | Smart Communities | The Virginia Smart Community Testbed | The Virginia Unmanned Systems Center | Virginia Advanced Air Mobility Alliance (VAAMA) | The Public Safety Innovation Center |Entrepreneurial Ecosystems | Regional Innovation Fund (RIF) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.VirginiaIPC.org. Follow VIPC on Facebook, Twitter, and LinkedIn.
Angela Costello, Vice President of Communications
Virginia Innovation Partnership Corporation (VIPC)
angela.costello@VirginiaIPC.org
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1 https://www.VIrginiaIPC.org
2 https://www.VIrginiaIPC.org
3 https://www.Torevmotors.com
