October 22, 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

Gasoline Prices: Why Are They Going Down Now?
Gasoline Prices: Why Are They Going Down Now?

Gasoline prices in the U.S. are the lowest they've been in four years. Why?

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Jeb Bush has said he'd accept tax increases as long as they are paired with federal spending cuts. This stance runs counter to conservatives who oppose tax hikes. Is Bush right?

  • Yes - raising taxes should be considered
  • No - there's enough money, need to manage it better

See Results

Ballot Box
Subscribe