Battelle is providing $10 million toward the establishment of the fund - to be known as the "Battelle Technology Fund". The total fund size is $20 million, with additional commitments from The Ohio State University, State of Ohio, Nationwide, Huntington, Baker and Hostetler, and EDF Ventures.

"Investment in technology is an investment in Ohio's future," said Governor Bob Taft. "I applaud Battelle and the Columbus Technology Leadership Council for their vision to strengthen Central Ohio and our state through this fund."

"A tremendous new partnership among the public and private sectors has made this leading-edge technology venture fund a reality," said Mayor Michael B. Coleman. "Venture funding is critical in attracting technology-based businesses and this fund will be a key tool in helping build Columbus as America's 21st Century City. My thanks to Battelle for its outstanding leadership and very generous contribution to this fund. Thanks also to the Columbus Technology Leadership Council, State of Ohio, OSU, Huntington Banks, and Nationwide for their very significant contributions."

"This is a major step toward Greater Columbus' goal of becoming a well-recognized national and international technology player," said Douglas E. Olesen, Battelle's retired President and CEO; Carl F. Kohrt, Battelle's new President and CEO; and Jeffrey M. Wilkins, Chairman of the Columbus Technology Leadership Council and CEO, Metatec International, in a joint statement. "A deep pool of locally based venture capital is a great foundation for spawning new technology-based businesses that will benefit our economy and quality of life. We hope to look back several years from now and see a number of successful local businesses created from the Battelle Technology Fund."

"Battelle's business model is built upon developing technologies which have a strong marketplace impact and then reinvesting the financial rewards in new technologies and our local community," added Olesen and Kohrt. "We're pleased to be able to invest some of Battelle's profits in this new venture fund in Greater Columbus."

"This was the first initiative of the Columbus Technology Leadership Council," added Wilkins. "This effort was successful because of the direct involvement of many Council Directors - particularly Doug Olesen of Battelle, William Kirwan of OSU, Jerry Jurgensen of Nationwide, and Tom Hoaglin of Huntington. It was also successful because of the very strong support from Governor Bob Taft and Mayor Michael Coleman. The State of Ohio provided a grant from the Governor's Technology Fund and the City of Columbus helped considerably through the Mayor's on-going involvement in the Columbus Technology Leadership Council."

The new venture fund will be located in Columbus, be structured as a private equity fund, and have a strong information technology and life sciences focus. The fund manager will be Curtis Crocker, a nationally recognized venture capital expert who will relocate to Columbus. The fund is expected to be begin operations on November 1.

Battelle is a global leader in technology development and technology commercialization. Headquartered in Columbus, Ohio, it has annual revenues of $1 billion. It counts as its successes the development of the office copier machine (Xerox), pioneering work on the compact disc, new technology for telecommunications, and medical product breakthroughs.

The Columbus Technology Leadership Council serves as the unifying voice and force for technology for the Greater Columbus community. The Council consists of 32 senior industry, education, and government executives who are committed to the advancement of technology in Central Ohio.

For additional information, contact Tom McClain, V.P. Corporate Communications, Battelle (614-424-7728), or Katy Delaney, Media Relations Manager, Battelle (614-424-5544), or Todd Ritterbusch, President Columbus Technology Leadership Council (614-675-3709).