In August, the U.S. Economic Development Administration (EDA) presented its largest grant award of $6.4 million to ACET to fund a major addition to its existing building, which is a 40,000-sf laboratory. According to EDA, ACET's new facility, which is expected to open in 2004, will be the largest of its kind west of the Mississippi.
This week, the Oakland Redevelopment Agency will consider approving up to $1.6 million in matching funds to locate the new ACET facility in Oakland's Coliseum redevelopment area.
Since it was formed in May 1998 as a project of California State University, Hayward, ACET has helped seven companies create nearly 1,000 jobs and generate close to $150 million in venture capital. The company predicts that once the new facility is completed, the organization will help create 6,000 jobs to the Bay Area and attract nearly $1 billion in investments.
According to ACET representatives, the company is looking at several locations and considers the Oakland Coliseum area to be high on their list. The 40,000-sf property, which will be three times larger than ACET's current site on the old Alameda Naval Air Station, is expected to take about 18 months to build.
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