NEWS

Hyderabad Tech Expo sees 22 business deals
August 31, 2009, Business Line, Hyderabad

Twenty-two business deals were signed between Indian entrepreneurs and business houses, including foreign companies, at the Hyderabad Technology Expo here on Monday.

The event was part of the third edition of the DST (Department of Science and Technology, Government of India)-Lockheed Martin India Growth programme, a nationwide initiative to enhance growth and development of India's entrepreneurial economy.

The 22 deals, which included six with international companies, encompassed a wide array of sectors, mostly related to medical, renewable energy and environment sectors.

A chemical catalyst-based process that converts hydrocarbon-based material into fuels, a technology to convert algae into diesel fuel, nano polymer coating on coronary stents, heart sound analyser and a technology to create more efficient blades for generating wind energy formed the crux of some of the business deals that were concluded on Monday.

The algae technology deal was signed between STEPS Pvt Ltd of Mumbai and PetroSun Inc of USA. The technology, developed by STEPS, envisages conversion of algae grown in ponds, lakes and other water bodies into diesel fuel.

A company official said the conventional methods can recover about 10-15 per cent oil from algae. "The improved process by catalysis will increase the yield to almost 35-40 per cent. Further, in the improved process, any algae as grown naturally can be used as a feedstock and special algae seeds are not required," he said.

The deal between the two companies will involve first trial of STEPS algae to bio-diesel implementation in the USA.

Dr Ray Johnson, Senior Vice-President and Chief Technology Officer of Lockheed Martin Corporation, said the first year of the launching of the nationwide programme in 2007 saw 104 applications and 16 business deals, while in 2008 there were 330 applications and 24 deals. "This year, we received about 300 applications, with 22 business deals being concluded. This shows that the initiative is yielding the desired results in the field of commercialisation of innovation," he said.

He said the chief aim of the programme is to accelerate innovative new Indian technologies into markets in the United States and around the world. "Since its introduction in India, the programme has received encouraging response from innovators, inventors, scientists and researchers working across diverse sectors," he pointed out.

The technology expo was inaugurated by Mr K. Lakshmi Narayana, Andhra Pradesh Minister for Major Industries.