Third Wave Systems, Inc., which makes manufacturing software, will use the money to develop technology designed to boost efficiency in factories.
The U.S. Department of Energy on Tuesday awarded Eden Prairie-based Third Wave Systems, Inc., a $4.07 million grant to help the company develop technology designed to boost energy efficiency.
The grant is part of a $54 million initiative aimed at funding projects that will help manufacturers increase the efficiency of their operations, reduce costs, and reduce the energy needed to power their facilities.
Third Wave is one of 13 companies from across the country that received grants through the initiative. The companies were selected from a pool of more than 250 applicants based on a “highly-competitive” bidding process, Third Wave said in a news release.
Third Wave makes manufacturing software for aerospace and automotive companies. The company will use the grant to develop technology intended to help manufacturers better predict costs during the design process.
“We cannot afford to continue making machining decisions based on trial-and-error methods that require extensive time and resources,” Kerry Marusich, president of Third Wave Systems, said in a statement. “I am confident this program will adeptly further the sustainable manufacturing efforts that are so key to the future of the American manufacturer.”
Third Wave will work on the project in collaboration with researchers at Purdue University, the Georgia Institute of Technology, the University of California Santa Barbara, and The Pennsylvania State University.
“By investing in breakthrough technologies that can drastically reduce the amount of energy consumed during manufacturing, the energy department is supporting President Obama’s blueprint for an economy built on American manufacturing, American energy, and skills for American workers,” U.S. Energy Secretary Steven Chu said in statement. “The projects . . . will improve the competitive position of U.S. industry and help manufacturers produce more while saving energy, saving money, and protecting our air and water.”