inBusiness PHX
Lucid Group, Inc. announced that it has entered into an agreement with its majority stockholder, Ayar Third Investment Company (“Ayar”), an affiliate of the Public Investment Fund (“PIF”), to purchase $1.0 billion of newly created series of convertible preferred stock via private placement, subject to customary closing conditions.
“We are extremely pleased to receive this strong, continued support from the PIF, as we work to solidify our place as the world’s leading EV technology company,” said Peter Rawlinson, CEO and CTO, Lucid Group. “We continue to invest for the long term in both our technology and our vertically integrated manufacturing capabilities, with PIF’s support a key differentiator. With their support, we remain focused upon accelerating our growth via deliveries, executing key business initiatives with relentless focus upon cost, and launching our game-changing Gravity SUV later this year.”
Lucid intends to use the net proceeds from the private placement for general corporate purposes, which may include, among other things, capital expenditures and working capital.
The convertible preferred stock sold to Ayar in the private placement will be sold in reliance on the exemption from registration provided in Section 4(a)(2) of the Securities Act of 1933, as amended.
Lucid’s mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The company’s first car, the Air, is a state-of-the-art luxury sedan with a California-inspired design. Assembled at Lucid’s factories in Casa Grande, Arizona, and King Abdullah Economic City (KAEC), Saudi Arabia, deliveries of Lucid Air are currently underway to customers in the U.S., Canada, Europe, and the Middle East.
AZ Capital Times
In the Arizona desert, a Danish company is building a massive solar farm that includes batteries that charge when the sun is shining and supply energy back to the electric grid when it’s not.
Combining batteries with green energy is a fast-growing climate solution.
“Solar farms only produce when the sun shines, and the turbines only produce when the wind blows,” said Ørsted CEO Mads Nipper. “For us to maximize the availability of the green power, 24-7, we have to store some of it too.”
The United States is rapidly adding batteries, mostly lithium-ion type, to store energy at large scale. Increasingly, these are getting paired with solar and wind projects, like in Arizona. The agencies that run electric grids, utility companies and developers of renewable energies say combining technologies is essential for a green energy future.
Batteries allow renewables to replace fossil fuels like oil, gas and coal, while keeping a steady flow of power when sources like wind and solar are not producing. For example, when people are sleeping and thus using less electricity, the energy produced from wind blowing through the night can be stored in batteries — and used when demand is high during the day.
Juan Mendez, a resident of Tempe, Arizona, gets power from local utility Salt River Project, which is collaborating with Ørsted on the Eleven Mile Solar Center. As a state senator, Mendez pushed SRP to move to renewable energies.
He thinks the power company is still investing too much in gas and coal plants, including a major expansion planned for a natural gas plant in Coolidge, Arizona, near the solar center.
“This solar-plus-storage is a good step, but SRP needs to do more to provide clean energy and clean up our air and help address climate change,” Mendez said.
The utility said it’s adding more renewables to its energy mix and recently pledged to zero out its emissions by 2050.
The U.S. has the second most electrical storage in the world, after China. In 2023, the U.S. added an estimated 7.5 gigawatts — 62% more than in 2022, according to the BloombergNEF and the Business Council for Sustainable Energy factbook. That amount can power 750,000 homes for a day and brings the total amount of installed capacity nationwide to nearly enough for 2 million homes for one day, according to BloombergNEF.
In the U.S., California leads in energy storage as it aggressively cuts greenhouse gas emissions. It has twice as much as any other state. Residential, commercial and utility-scale battery installations increased by 757% there over just four years, meaning there’s now enough to power 6.6 million homes for up to four hours, according to the California Energy Commission.
That’s partly because in 2013, the California Public Utilities Commission told utilities to buy energy storage with a target to be met by 2020. Since then, power companies have continued to add more batteries to help the state meet clean electricity requirements.
Southern California Edison is one utility adding thousands of hours of energy storage. It is putting in solar-plus-batteries to replace some power plants that burn natural gas and would typically supply electricity in the evening.
“If it’s just clean and not reliable, you really don’t have anything,” said William Walsh, vice president for energy procurement and management. “We need both.”
In California, batteries proved their value in September 2022, as the West was experiencing a long heat wave that sent temperatures into the triple digits. Electricity demand reached the highest the state had ever seen on Sept. 6, 2022, as people cranked up air conditioners.
Walsh credits the batteries added to the grid between 2020 and 2022 with helping to avoid blackouts. Two years earlier, there were rolling electricity outages in California during a similar extreme heat wave.
Texas has the second-most battery storage after California. Last month, Schneider Electric announced it’s teaming up with energy company ENGIE North America on solar and battery systems in Texas to get closer to the French multinational’s 100% renewable energy goal in the U.S. and Canada. Before the Inflation Reduction Act, a major climate law passed in 2022, the deal and the necessary $80 million investment would not have been possible, said Hans Royal, Schneider Electric’s senior director for renewable energy and carbon advisory.
Royal is advising other global Fortune 500 companies it works with to get into the market.
“The industry needs that, the grid needs it,” said Royal.
Back in Arizona, Ørsted’s Eleven Mile Solar Center covers 2,000 acres in rural Pinal County. It has 857,000 solar panels and more than 2,000 cubes that look like large shipping containers but contain battery modules. Ørsted also has large solar and storage projects in Texas and Alabama, and in Europe.
When the Arizona facility opens this summer, most power from the solar farm will go to Facebook owner Meta’s data center in Mesa. The solar power not needed by Meta, in addition to the power stored in the batteries, will go to the local utility’s customers. The new batteries can ensure power to roughly 65,000 homes during peak hours of demand.
“What I think is exciting is just how rapidly this market is moving,” said Yayoi Sekine, head of energy storage at BloombergNEF. “There’s so much pressure for the U.S. and different regions to decarbonize, and storage is one of the major technologies to enable that. There’s a lot of momentum.”
Register for the Council’s upcoming Phoenix and Tucson tech events and Optics Valley optics + photonics events.
KTAR News
PHOENIX — Arizona dominated a national ranking that details which U.S. cities lead the way in solar power potential.
Nine cities in Arizona are listed among the top 20 of Roof Gnome’s ranking of “2024’s Best Cities for Solar Energy.”
Roof Gnome is part of the Home Gnome family of home services sites that helps people find home services professionals.
According to its website, Roof Gnome compared nearly 500 of the biggest U.S. cities based on “the solar viability of their roofs, potential solar energy production, as well as projected financial and environmental impact. (Roof Gnome) also measured average grid energy prices, access to solar equipment and services and time to recoup solar investments, among 17 total metrics.”
Phoenix topped the list with an overall score of 65.3. (Click here to see Roof Gnome’s ranking/methodology.)
Scottsdale placed sixth in the rankings followed by Mesa (eighth), Tucson (14th), Chandler (15th), Gilbert (17th), Tempe (18th), Glendale (19th) and Peoria (20th).
Roof Gnome released its rankings to help mark Solar Week, which is observed the last full week of March.
Phoenix Business Journal
Amazon.com Inc. has signed another massive industrial lease in metro Phoenix, adding to its substantial portfolio in the Valley.
Amazon (Nasdaq: AMZN) will fully lease a 1.2 million-square-foot building for 10 years at The Cubes at Glendale industrial park, according to a new Cushman & Wakefield listing that markets the building for an acquisition opportunity.
The e-commerce giant will occupy building B of the industrial project, located at 15301 W. Northern Ave., which was developed by Chicago-based CRG in an industrial hotbed with major employers including Nestle, Red Bull, White Claw and Walmart.
Amazon was not immediately available for comment about its lease. CRG declined to comment for this story.
The Cubes houses other major tenants including Williams-Sonoma Inc.’s 1.2 million-square-foot facility, a U.S. Merchant manufacturing plant and Saddle Creek Logistic’s warehouse. At full buildout, the Cubes industrial project is expected to total 5.5 million square feet. Four buildings have been developed on the site so far.
A JLL team made up of Bill Honsaker, John Lydon and Kelly Royle are the leasing brokers for The Cubes at Glendale Project. JLL declined to comment.
Amazon was represented by Mike Freret, a market leader for KBC Advisors in Phoenix. Freret could not immediately be reached for comment.
The sales team at Cushman & Wakefield advising on the potential sale of the Amazon-leased building in Glendale includes Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley, according to the listing.
Lease is one of Amazon’s biggest recent moves in the Valley
Amazon’s lease is one of its largest in the Valley in recent years. The retailer has continued to expand its footprint in Arizona despite the company’s strategy to sublease millions of square feet of warehouse space as e-commerce business slowed in 2022.
In 2023, Amazon opened its newest Phoenix-area facility in Mesa for a 1.2 million-square-foot storage and distribution center, the largest of its kind in the U.S. It was expected to employ at least 800 people and increase to 1,300 during peak seasons.
Amazon is also looking to start construction on two separate data center projects in Mesa for a pair of 465,451-square-foot buildings.
In total, Amazon has 17 fulfillment and sortation centers in Arizona and 13 delivery stations. The company employs more than 33,000 full- and part-time employees in the state, the Phoenix Business Journal reported in 2023.
The Amazon deal also marks the largest known industrial lease signed in metro Phoenix since 2022, a record year for industrial leasing in the Valley.
Industrial absorption slowed significantly last year after reaching 27 million square feet in 2022, which saw major leases such as a 1.2 million square-foot lease from Lowe’s at The Cubes at Mesa Gateway and Amazon’s 1.1 million-square-foot lease at Elliot 202 in Mesa.
Leasing of buildings totaling 1 million or more square feet dropped off in 2023 while tenants looking for spaces 250,000 square feet or less drove a lot of the leasing last year. The largest lease signed last year was Cubework.com Inc. for 915,160 square feet followed by Saddle Creek Logistics Services for 570,080 square feet.
Although leasing for larger spaces slowed, demand from tenants is still driving high levels of construction across the Valley. About 40 million square feet of industrial inventory was under construction in Q4 after record levels of supply delivered last year.
Activity in some markets have slowed because of high interest rates and companies pausing expansion plans, but the Phoenix area is still seeing leasing and construction numbers that are above pre-Covid levels because of its population growth, companies relocating out of California and the substantial manufacturing growth in the region.
Phoenix Business Journal
Under a new $1.2 billion contract awarded this week, Raytheon’s Arizona unit will provide the German military with a fresh supply of Patriot air and missile defense equipment.
Raytheon, a division of Virginia-based RTX Corp. (NYSE: RTX), whose missile manufacturing operations are based in Tucson, said the contract will supply the most current Patriot Configuration 3+ radars, launchers and command-and-control stations, along with spare parts and support.
The Patriot system is capable of defeating advanced long-range cruise missiles, tactical ballistic missiles and various air-breathing weapons, which are designed to reach hypersonic speeds. Patriot is the only such system that is combat-proven, Raytheon said.
“This contract reflects the global emphasis on advanced air and missile defense capabilities and the steadfast confidence in Patriot,” said Tom Laliberty, president of Land and Air Defense Systems at Raytheon. “With this expansion, Germany will not only modernize its own significant air defense but enhance its interoperability with allies and further strengthen a core NATO mission.”
The Global Patriot air defense system is used by 19 countries, with more than 240 fire units delivered around the world, Raytheon said. It involves radars and multiple kinds of intercepters against threats. The system has intercepted more than 150 ballistic missiles in combat operations around the world, the company said, with most of those using Raytheon’s Guidance Enhanced Missile surface-to-air weapons.
Raytheon 360-degree radar passes test
In separate news, Raytheon also announced this week that its Lower Tier Air and Missile Defense Sensor, or LTAMDS, completed its fourth successful live-fire demonstration.
The system is a 360-degree air and missile defense radar to be used by the U.S. Army that is intended to provide greater capabilities than current options against manned and unmanned aircraft, cruise missiles, ballistic missiles and hypersonic weapons.
The latest test took place at the White Sands Missile Range in New Mexico, where the system acquired and tracked a high-altitude, high-speed cruise missile surrogate, passed the data to the Integrated Battle Command System, or IBCS, and guided a PAC-3 Missile Segment Enhancement missile to the target.
“The advanced capabilities of LTAMDS outpace the global threats of today and tomorrow and allied forces are watching its progress intently,” Laliberty said in a statement. “The solid performance of the radar against these complex and realistic threats validates the radar’s design and demonstrates how this capability will transform the air and missile defense mission.”
With previous LTAMDS program testing taking place in October, further tests are expected this year before “a 360-degree, full sector capability” fielding within the year.
The tests are part of a 2019 contract project that includes six radars.
In another separate deal, a joint venture between Raytheon and Lockheed Martin was awarded a $7,859,917 modification to a 2023 U.S. Army contract for the Javelin Weapon System. The modification is for repair and maintenance support, with work being done in Tucson and expected to be completed by August 30.
Tucson Sentinel
The U.S. Department of Energy is investing $366 million to support clean energy development in rural and remote areas, officials announced Tuesday.
The money will support 17 projects across 20 states and 30 Native American tribal nations.
“President [Joe] Biden firmly believes that every community should benefit from the nation’s historic transition to a clean energy future, especially those in rural and remote areas,” Energy Secretary Jennifer Granholm said in a press release. “DOE is helping revitalize communities across America — ensuring thriving businesses, reliable access to clean energy, and exciting new economic opportunities, now and for generations to come.”
Twelve of the projects are fully on tribal land. One project, which is receiving $10 million, will use solar power to reduce costs for Taos Pueblo households by $700 per year.
Another initiative, led by Native Renewables Inc., will receive $8 million to install solar and battery energy storage systems to provide electricity for 300 homes in the Navajo and Hopi nations. In a 2022 report the Energy Department found that 21% of Navajo and 35% of Hopi tribal homes do not have electricity.
“Many tribal communities, tribal nations generally pay higher than average rates for electricity,” Wahleah Johns, head of the Energy Department’s Office of Indian Energy, told reporters Monday. “They face a high energy burden and energy poverty.”
One project to receive a large payout is the National Association of Community Health Centers, which was awarded more than $57 million. The organization will provide clean energy systems to 175 rural health centers across the Southeast in Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina and Tennessee.
The National Rural Electric Cooperative Association received $45.2 million to create rural electric cooperatives and deploy solar infrastructure in seven rural areas across the country: Anza, California; Arivaca, Arizona; Clinton and Cooke City, Montana; Decatur, Tennessee; Cherry Lane, North Carolina; and the Shakopee Mdewakanton Sioux community in Minnesota.
The U.S. Department of Energy is investing $366 million to support clean energy development in rural and remote areas, officials announced Tuesday.
The money will support 17 projects across 20 states and 30 Native American tribal nations.
“President [Joe] Biden firmly believes that every community should benefit from the nation’s historic transition to a clean energy future, especially those in rural and remote areas,” Energy Secretary Jennifer Granholm said in a press release. “DOE is helping revitalize communities across America — ensuring thriving businesses, reliable access to clean energy, and exciting new economic opportunities, now and for generations to come.”
Twelve of the projects are fully on tribal land. One project, which is receiving $10 million, will use solar power to reduce costs for Taos Pueblo households by $700 per year.
Another initiative, led by Native Renewables Inc., will receive $8 million to install solar and battery energy storage systems to provide electricity for 300 homes in the Navajo and Hopi nations. In a 2022 report the Energy Department found that 21% of Navajo and 35% of Hopi tribal homes do not have electricity.
“Many tribal communities, tribal nations generally pay higher than average rates for electricity,” Wahleah Johns, head of the Energy Department’s Office of Indian Energy, told reporters Monday. “They face a high energy burden and energy poverty.”
One project to receive a large payout is the National Association of Community Health Centers, which was awarded more than $57 million. The organization will provide clean energy systems to 175 rural health centers across the Southeast in Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina and Tennessee.
The National Rural Electric Cooperative Association received $45.2 million to create rural electric cooperatives and deploy solar infrastructure in seven rural areas across the country: Anza, California; Arivaca, Arizona; Clinton and Cooke City, Montana; Decatur, Tennessee; Cherry Lane, North Carolina; and the Shakopee Mdewakanton Sioux community in Minnesota.
“Americans in every pocket of the country can reap the benefits of clean energy,” Granholm told reporters on Monday.
The money comes from the bipartisan infrastructure law. Tuesday’s announcement means federal officials will start negotiations with the project leaders before funding is issued.
“What’s special is how these projects showcase rural and remote communities’ innovative approaches to clean energy deployment,” Granholm said. “Every one of these projects is extremely unique and very specific.”
PADT Inc.
PADT, a globally recognized provider of numerical simulation, product development, and 3D printing products and services, announced its 30th year in business in March 2024. The company was started back in 1994 by four engineers who had a vision of taking advanced computer aided engineering capabilities that were only being used in aerospace and making them available to other industries. Now, the three original founders, Rey Chu, Eric Miller, and Ward Rand, are overseeing a 95-person company headquartered in the ASU Research Park in Tempe, Arizona, with employees across the country and customers around the world.
“We are grateful that the size and scope of PADT exceeds our original dreams. We had a lot of help along the way from our customers, employees, OEM partners, and vendors to reach this moment. Over this span, our core objective remains: Each and every day, earn our place and bring value to the broad Engineering and Manufacturing communities we serve,” commented Ward Rand, Principal and Co-Founder heading up the product sales and support division.
Rey Chu is the Principal and Co-founder of the Digital Manufacturing division. He and his team were pioneers in 3D Printing and are still leading the way in advanced manufacturing. “I am grateful for the chance to have been involved in the entrepreneurial journey of starting and nurturing PADT over this remarkable 30-year span. As we celebrate this milestone with great joy and pride, we are thankful for the trust our customers and partners have bestowed upon us and the unwavering dedication of the entire PADT team that has made it possible.”
“The part of this journey that I did not expect, and that has been the most rewarding, has been the people we have been able to work with — our customers, our partners, and especially our employees through the years. We have seen them grow their careers, businesses, and families. Being even a small part of their personal and professional success has been one of the great pleasures of the past thirty years,” said Eric Miller, Principal and Co-founder leading the engineering consulting division.
“Key to the success of the company are the revolutionary technologies of PADT’s partners – solutions that improve customer livelihood, and PADT is proud to carry and support those products. Our main partner on the software side, Ansys, Inc., is the gold standard in simulation, and Ansys truly enables engineers to predict the future of their designs. Similarly, on the hardware side, Stratasys, Inc. shapes the future of manufacturing by providing the most innovative and reliable 3D printing and additive manufacturing machines and materials. PADT is also honored to partner with Flownex, EOS, and Zeiss to provide their superb products to the communities.”, added Rand.
PADT would not be where it is today if it were not for its engineering and manufacturing services customers as well. Over the decades, the company has provided simulation, design, and 3D Printing to hundreds of firms in support of thousands of projects that helped bring new products to market. These customers quickly became part of the PADT journey, with some still counting on PADT since the early days of a handful of engineers, a smattering of workstations, and one Stereolithography machine.
The company will be celebrating with the community in October as part of their annual Nerdtoberfest open house in Tempe, Arizona, and will have a smaller celebration at their new offices in the Denver, Colorado, area in the fall. Those interested in attending should subscribe to PADT’s monthly newsletter or follow the company on LinkedIn or at padtinc.com/padt30 to stay informed.
If you are interested in experiencing the industry-leading products, outstanding technical expertise, and award-winning customer service offered by PADT, contact us to talk about how you can be part of the next thirty years of making innovation work.
About PADT, Inc
Phoenix Analysis and Design Technologies, Inc. (PADT) is an engineering product and services company that focuses on helping customers who develop physical products by providing Numerical Simulation, Product Development, and 3D Printing solutions. The company is an Ansys Elite Channel Partner and a Stratasys Platinum Partner. They are also a channel partner for Flownex, EOS, and ZEISS #handsonmetrology. PADT’s worldwide reputation for technical excellence and experienced staff is based on its proven record of building long-term win-win partnerships with vendors and customers. Since its establishment in 1994, companies have relied on PADT because “We Make Innovation Work.” With over 90 employees, PADT services customers from its headquarters at the Arizona State University Research Park in Tempe, Arizona, and from offices in Torrance, California, Lakewood, Colorado, and Albuquerque, New Mexico, as well as through staff members located around the country. More information on PADT can be found at www.PADTINC.com.
Phoenix Business Journal
The city of Phoenix has approved new water regulations for major water users, but it’s expected to have minimal impact on existing projects.
Phoenix City Council in March moved forward with new rules for facilities that will use more than 250,000 gallons per day with additional requirements for those expected to use more than 500,000 gallons per day.
“Passing our new large water user ordinance is another important milestone in our longstanding commitment to a comprehensive approach to protect our water resources,” said Mayor Kate Gallego in a statement. “This new policy will ensure we are balancing our economic development priorities with the critical need to secure our water supply for generations to come.
All major water users will have to provide a water conservation plan for approval while companies over the 500,000 gallon amount will also have to use recycled or conserved water for 30% of their water demand.
This benchmark was determined by the city based on conversations it had with the Taiwan Semiconductor Manufacturing Co., which is building a $40 billion chip manufacturing plant in the Valley, Phoenix staff said during the transportation subcommittee meeting in February.
The 30% can be lowered depending on the economic benefits the city receives in return and if the water received will support a “key industry” for the city’s growth, for example.
If the water users violate the new regulations by using more than what’s allowed, they could be fined 200% to 2,000% of the charges for water used depending on how many violations occur or whether it continues for more than a year.
Before the council’s vote, there were no additional requirements in place for large water users other than complying with city codes and ordinances, according to a city spokesperson.
The new regulations, however, will only impact a small group and not apply to existing users unless they plan to expand their water use to 250,000 gallons or more per day.
The city of Phoenix said that it has about 20 existing large water users, including resorts, hospitals, bottling plants and government entities, KJZZ reported. On average an Arizona household uses about 108,617 gallons in a year. A user that consumes 250,000 gallons a day uses the equivalent of about 840 households per year.
Last summer, the city of Scottsdale adopted a set of nine water-management principles, including one that says Scottsdale will develop policies requiring any general plan amendment or rezoning request for a water use above 100,000 gallons per day to report specific information.
inBusiness PHX
Following ASU’s groundbreaking announcement of the first university collaboration with OpenAI, the W. P. Carey School of Business is officially launching a new degree program — the Master of Science in Artificial Intelligence in Business (MS-AIB). Backed by faculty from the Department of Information Systems, it is the first AI graduate degree program from a business school in the United States.
“There is no doubt that AI is quickly becoming a vital business skill. We are excited to meet the needs of students and employers through our new graduate degree program within our top-ranked information systems departments,” said Ohad Kadan, Charles J. Robel Dean and W.P. Carey Distinguished Chair in Business.
The new W.P. Carey MS-AIB program incorporates an applied curriculum and career coaching to prepare graduates for success in emerging roles across industries. Taught by world-renowned faculty, the MS-AIB degree develops technical AI and professional skills needed to thrive in the constantly evolving landscape of technology and business.
New master’s degree allows students to lead what’s next
The goal of the program is to equip leaders with a business-aligned framework and strategies for implementing AI – delivering both technical skills and business skills to design, deploy, and apply AI mindfully in diverse business contexts. The program begins in the fall of 2024 on ASU’s Tempe campus.
“Students will learn to understand and plan for the implications and possibilities enabled by artificial intelligence, in addition to the importance of governance, ethics, and principled innovations,” explained Pei-yu Chen, chair of the Department of Information Systems and Red Avenue Foundation Professor. Chen is also the co-director of the Center for AI and Data Analytics for Business and Society.
W.P. Carey additionally has a continuing education Certificate in Artificial Intelligence in Business, allowing learners to train in the mechanics of this cutting-edge technology, design intelligent systems, learn how to harness these systems mindfully for value creation, and how to embed them into business to transform organizational strategy and revolutionize business processes and operations. Credit completed in the certificate program can later be transferred towards several W.P. Carey master’s degrees.
University of Arizona Tech Parks
The University of Arizona Center for Innovation (UACI) is pleased to announce the winning startup team for the UACI Sponsored Launch Fueled by Spencer Fane LLP competition. The startup, TheraCea, will continue to receive support in the UACI incubation program including resources, facilities, services and expert guidance to grow its business.
TheraCea was selected from the pool of applicants for its drive in pursuing an innovative solution that addresses a real-world challenge. TheraCea is unleashing the power of precision medicine by developing clinical diagnostic tools for faster and more accurate detection of cancer and neurological disorders, as well as for best-in-class therapy matching and rapid assessment of therapy efficacy.
The selection was based on TheraCea’s dedication to commercializing its innovation and pursuing a scalable business model. TheraCea has partnered with the National Science Foundation and the National Institutes of Health to move its technology from the chemistry bench to clinics. With more business support, the team has an even greater ability to make a difference both locally and globally.
In alignment with its mission to grow scalable startup ventures that fuel the Arizona economy, UACI has teamed up with legal firm Spencer Fane LLP to support science and technology startup companies. Competition judges include Raj Gangadean, a partner in the Spencer Fane business transactions group; Allen Freed, founder & principal, AJ Freed Foods LLC; and Lydia Kennedy, Advanced Manufacturing Incubator manager, Pima Community College. The judges selected TheraCea to receive one year of sponsored admission at UACI which includes a structured incubation program, customized business mentoring and the ability to work alongside other startups in a fast-paced environment. UACI provides the people, programming and place needed to successfully launch and scale a business. The incubation program also provides its clients with office and laboratory space and assistance through a 28-point roadmap that helps them with everything from refining their business models to obtaining funding. In addition to a one-year sponsored entry into UACI, the winning startup will receive legal services from Spencer Fane. The total package value is $16,800 and is funded by Spencer Fane.
Because of the synergy within the incubator network, TheraCea co-founder, Iman Daryaei, PhD, has grown the team by recruiting fellow startup founder; Scott Zentack, MBA. The two business founders met when working alongside each other in the bioscience-focused lab located in UACI at Oro Valley. The liked-minded and exceptional talent of Mr. Zentack coupled with a shared passion for medical imaging and diagnosis make him an invaluable addition at a perfect time when his business objectives had run their course.
“As a firm, we are honored to support and work with TheraCea as the winning startup through the University of Arizona Center for Innovation. We are both leaders in our respective industries and strive to provide best-in-class services to our clients, whether that is clinical diagnostic tools or legal consultancy. It’s a great match in terms of dedication and client service” Raj Gangadean, partner, Spencer Fane shared. “We are excited to partner with a team that is focused on providing answers to patients and their oncologists or neurologists through faster and more accurate detection of cancer and neurological disorders.”
About University of Arizona Center for Innovation
The University of Arizona Center for Innovation (UACI) is a startup incubator network with outposts across the Southern Arizona region. For two decades, the program has directly served over 300 companies, impacting thousands of entrepreneurs who have attracted $105.8M in external capital. This is done by providing access to people, programming, and places that help entrepreneurs take their companies from idea to market. With the mission to fuel the Arizona economy, UACI works to help scale science and tech-based startups under the scope of Tech Parks Arizona creating university-based economic impact.
About Spencer Fane
Spencer Fane is a full-service business law firm focused on providing results that move clients and their businesses forward. With direct access to firm leadership and a different approach to client
engagement, its attorneys instill confidence and certainty that the clients’ interests are the firm’s priority. The firm has offices in Phoenix, Arizona; San Jose (Silicon Valley) and Santa Monica (Los Angeles), California; Denver, Colorado; Tampa, Florida; Overland Park, Kansas; Minneapolis, Minnesota; Cape Girardeau, Jefferson City, Kansas City, St. Louis, and Springfield, Missouri; Omaha, Nebraska; Las Vegas, Nevada; Oklahoma City, Oklahoma; Greenville, South Carolina; Dakota Dunes, South Dakota; Hendersonville and Nashville, Tennessee; and Austin, Dallas, Houston, and Plano, Texas. For more information, visit spencerfane.com or follow @spencerfane.