Press Releases

  • TERI & GTI Ventures LLC, USA partners to launch global enterprises: Collaborative approach to focus on commercialization of TERI technologies

    24 March 2005

    The Energy and Resources Institute (TERI), India's leading research & development organization, has today announced a partnership with GTI Ventures LLC, USA (GTI). This collaborative approach will marry TERI's world-class technologies developed at TERI and GTI Ventures expertise in launching new business enterprises.

    GTI and TERI expect to launch their first commercial spin out in early 2006. The new venture between TERI and GTI shall focus on the sophisticated research in microbial biotechnology for remediation of oil spills and Micorrhizal technologies developed and patented by TERI.

    The scope of the partnership between GTI and TERI involves plans for commercialization of specific technologies developed by TERI on a global scale. Drawing on executive experience and contacts, GTI Ventures advises its R & D partners as to possible spin-out opportunities. GTI then provides early momentum by attracting top talent, business development, capital, and infrastructure to successfully launch new enterprises. TERI would contribute its leading edge technology Intellectual property into the new venture. GTI and TERI will work to create a long-term capability for successive commercial ventures in a manner that is not disruptive to TERI's core mission of conducting scientific research to tackle mankind's problems with energy and pollution.

    While announcing the joint venture Dr R K Pachauri, Director-General, TERI said, "TERI has, quite purposefully, developed a bank of technologies that carry immense potential to reduce the ecological footprint of development on the world's natural wealth. The talent of diverse groups in TERI was pooled to create workable and viable solutions that are, most importantly, sustainable."

    "We at TERI are very pleased to join forces with an internationally renowned company like GTI Ventures LLC. We are confident that integrating TERI's research expertise and GTI Venture's financial and management experience will increase our technology leadership for the sustainable tomorrow." he further added.

    "Dr Michael Schulhof is a distinguished leader of business and industry, and as Chief Executive of Sony North America was responsible for Sony's outstanding success and expanding its market presence in North America. As CEO of GTI Ventures he is now concentrating on technological innovations that would benefit humanity as a whole with attractive returns for innovators and technologists who develop new products and processes towards sustainable development." Dr Pachauri said while addressing the press meet.

    Dr Michael Schulhof, CEO and General Partner GTI Ventures summarized the partnership as follows: "We are very pleased to be partnered with a world-class research facility such as TERI. US Venture Capital backed firms have outsourced technology development to Indian subsidiaries. We now hope to take the next important step - developing high technology companies based on Indian R&D for the Indian and world markets. I want to thank Dr Pachauri, for his enterprise, global vision and economic foresight. We look forward to a long and prosperous relationship."