September 23, 2014
Funding Bing Energy

Photo:

Jim Zheng tapped college roommate Harry Chen (right) to help commercialize Buckypaper. His brother, Yung Chen (center), is Bing's CEO.

Research Florida

Funding Bing Energy

Bing Energy — founded on the work of FSU researchers — offers a tantalizing glimpse into a hydrogen-powered future.

Lilly Rockwell | 5/27/2014

Startup funds for Bing came from the founders, who pooled $610,000. In an initial fundraising round targeting private investors, Bing raised $3 million — half from America and half from China. The Chinese funding went toward creating Nantong Bing Energy, a subsidiary of Bing that operates in China.

The company later raised another $2 million from Chinese and American investors and currently is trying to raise $2.5 million to complete the manufacturing build-out of its Tallahassee facility.

CFO Dean Minardi says the company has received some help from the state, including a $300,000 loan from the Florida Institute for the Commercialization of Public Research. Minardi hopes Bing receives investments from the Florida Opportunity Fund, a state-created investment fund that invests in venture capital and clean energy firms. The fund can match up to $1.5 million that Bing raises from investors.

Tags: Energy & Utilities, Environment, Research & Development, Technology/Innovation, Transportation, Research Florida, Hydrogen Hopes

Digital Access

DIRECT DIGITAL ACCESS
Add digital to your current subscription, purchase a single ditgital issue, or start a new subscription to Florida Trend.

TABLE OF CONTENTS
An overview of the features and articles in this month's issue of Florida Trend.

ACCESS THIS ISSUE »

Florida Business News

Florida Trend Video Pick

Closing credits roll for 30-year video store
Closing credits roll for 30-year video store

The Video Shop Super Store, a video rental store in Lake Worth for more than 30 years, is closing its doors as fewer and fewer people rent movies, opting for online streaming instead.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Do you believe climate change is a major threat to Florida? (Comments welcome)

  • Yes
  • No

See Results

Ballot Box
Subscribe