Five statewide tech companies will receive $1.5 million in loans and grants from the Sirti Foundation, including two area firms developing energy technologies.

The money comes from an award from Washington’s Department of Commerce Energy Program, funded through the federal stimulus package. The goal is to assist companies to create high-quality jobs in energy-saving areas or environmentally beneficial products.

The two Spokane companies receiving grants and loans are:

• $350,000 to Demand Energy Networks, a Liberty Lake firm developing Demand Shifter, an energy storage device that extracts energy from the grid, stores electricity in its batteries, and reintroduces energy back into the grid when it is needed. It will get $100,000 in loans and $250,000 in grants.  The company was launched in 2008. The grant anticipates creation of 49 additional jobs and leveraging $3,410,943 in additional funding.
  

The Spokesman-Review ran a story this past January on Demand Energy Networks. It’s here and includes the photo above, showing Randi Neilsen, a company executive. 

• $200,000 to Great Northern Spokane, LLC, which is creating a geothermal heat pump demonstration project in the former Burlington Norther Santa Fe terminal acquired this year by energy management company, McKinstry.

The award provides a $100,000 loan plus a $100,000 grant. The goal is for McKinstry to use the project as a demonstration to work with other companies looking for energy savings. The project estimates eight new jobs.

Read the rest of the story below.

Companies in Washington with clean-energy projects or energy-saving products can apply for federal money through a program being managed by Sirti.

A Thursday, Sept. 23, workshop at Sirti’s downtown Spokane building will detail the guidelines of the program. The $1.5 million to be awarded comes from the federal Recovery Act and is administered by the Commerce Department.

That meeting starts at 10 a.m. in the Sirti board room; it can also be attended online.

The money will be distributed in grants and loans to firms doing business in Washington.

Sirti market development director Linda Hemingway said applicants must apply for both a grant and a loan. Each qualifying company will receive from $100,000 to $500,000, Hemingway said

She said the expectation is that four to seven firms will receive the awards and loans. Applicants’ projects must be beyond the research stage and be ready for commercial development.