President Barack Obama on Wednesday announced the creation of the Next Generation Power Electronics Institute at North Carolina State University's Centennial Campus in Raleigh.
The U.S Department of Energy is dedicating $70 million to the institute, which will work to develop the next generation of energy-saving electronic chips and devices, over the next five years.
NCSU will lead a $140-million consortium of six universities and 18 businesses in the effort.
The $140 million figure comes from an additional $70 million in nonfederal money being provided by the state of North Carolina, as well as the businesses and universities in the consortium. This effort is part of Obama's effort to fulfill a promise made last year to set up high-tech manufacturing hubs around the country. With NCSU being only the first of three such hubs announced, the coming weeks should reveal more information as to what other universities and regions are involved in the effort.