COLUMBIA -- Progress Energy has directed $650,000 to the SC Launch Industry Partnership Fund, which helps fuel the knowledge economy through strategic investments in technology startups within the state.

The Progress Energy allocation is the largest received by the fund. The South Carolina Legislature created a program that allows taxpayers to designate a portion of their state income tax to the S.C. Industry Partnership fund. The maximum total allocation allowed by the 2006 legislative act for 2007 is $4 million.

“Progress Energy is proud to again support the S.C. Industry Partnership Fund,” said Emerson Gower, Progress Energy Southern Region Vice President. “We are committed to promoting economic development in South Carolina and to supporting the future of our state’s knowledge economy. We applaud the leadership of Senator Hugh Leatherman and Speaker of the House Bobby Harrell for introducing and advancing the legislation to create the Industry Partners Act. This initiative provides opportunities for entrepreneurial development throughout the Pee Dee and in all of South Carolina.”

SC Launch utilizes the funds to accelerate entrepreneurial growth of technology startups that are creating high-paying jobs and building equity in the future for all of South Carolina. SC Launch supplies high-potential entrepreneurs and researchers with key tools for success by supporting their companies with a mix of mentoring and seed money of up to $200,000. In addition, SC Launch provides matching grants of up to $100,000 for companies awarded SBIR/STTR Phase I awards.

SC Launch has provided 34 companies with seed funding in the form of grants, loans or equity investments and provided counsel and support to more than 60 startups. The average salary of jobs created to date by these startups is $77,000. Additionally, SC Launch-supported companies have to date secured more than $30 million in follow-on venture capital and private equity financing.

Progress Energy, headquartered in Raleigh, N.C., is a Fortune 250 energy company with more than 21,000 megawatts of generation capacity and $10 billion in annual revenues. The company includes two major utilities that serve more than 3.1 million customers in the Carolinas and Florida.