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THE MESSENGER

$650,000 gift aimed at knowledge start-ups

FLORENCE — Progress Energy gave a big boost to South Carolina’s efforts to attract knowledge economy businesses to the Palmetto State and the Pee Dee region Wednesday with an announcement by SC Launch! that the utility company will direct $650,000 of its tax dollars to the S.C. Industry Partnership Fund to help generate strategic investments in technology start-ups in the state.

“We think this is a very special investment for us and the state,” said Emerson Gower, Progress Energy region vice president.

“Progress Energy is proud to support the S.C. Industry Partner Fund,” Gower said. “This is a very special investment in the future of our state’s knowledge economy.”

The announcement came at a news conference at Progress Energy - Carolinas’ Florence office, where Gower praised state Sen. Hugh Leatherman and S.C. House Speaker Bobby Harrell for their efforts to get the legislation that makes such corporate investments possible through the General Assembly. “We applaud the leadership of Sen. Leatherman and Speaker of the House Bobby Harrell for introducing and advancing the legislation to create the Industry Partners Act and provide opportunities for new business throughout the Pee Dee and in all of South Carolina,” Gower said.

“What a great day for South Carolina business,” said Leatherman, RFlorence, who participated in the news conference. “With global competitive pressures at an all time high, we must do all that we can to encourage investment in our state.”

And technology, Leatherman said, holds the key to the state’s future economic growth and its ability to compete globally.

“We’re deeply appreciative of Progress Energy for its leadership in investing in this fund,” said Bill Mahoney, CEO of the South Carolina Research Authority (SCRA). SC Launch! is an SCRA collaboration.

Mahoney said the program is having an impact in all areas of South Carolina. “What we’re finding is that these knowledge institutions are everywhere in the state,” he said. The Progress Energy donation was the first corporate and the largest so far received by the fund. SC Launch! took in a total of $2 million in contributions to the fund, the maximum total contributions allowed by the 2006 legislation, which became effective June 1.

Businesses and individuals who contributed to the fund received tax credits toward South Carolina income tax for 100 percent of their donated amount.

SC Launch! will use the funds to accelerate entrepreneurial growth of technology start-ups that are creating high-paying jobs and building equity in the state’s future.