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A bureau within the U.S. Department of Commerce


Press Release

U.S. Economic Development Administration Grants to Grow Higher-Skill, Living-Wage Job Opportunities in New Orleans, Louisiana

Alternative Energy Innovation will Help Region Rebound Economically from 2008 Hurricanes

New Orleans, La. - U.S. Assistant Secretary of Commerce for Economic Development John R. Fernandez today announced a $3 million U.S. Economic Development Administration (EDA) grant to Tulane University to establish the RiverSphere Center of Excellence for Sustainable Energy Systems business incubator. The facility will promote development, testing, demonstration and commercialization of renewable "green" energy resources including hydrokinetic power from the Mississippi River.

"The Obama Administration is committed to creating jobs, encouraging innovation and improving our nation's economic competitiveness," Fernandez said. "This EDA grant will work to ensure the long-term resiliency of the greater New Orleans area by supporting Tulane University's efforts to grow and commercialize critical alternative energy innovations."

About the U.S. Economic Development Administration (www.eda.gov): This year, the U.S. Economic Development Administration (EDA) marks 45 years of public service, with a mission of leading the federal economic development agenda by promoting competitiveness and preparing American regions for growth and success in the worldwide economy. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster job creation, collaboration and innovation.