President Obama announces new manufacturing innovation hub in Knoxville, Tenn.

President Obama has announced the latest in a series of partnerships aimed at boosting advanced manufacturing, fostering U.S. innovation, and attracting well-paying jobs that will strengthen the middle class.

A Knoxville-area-based consortium of 122 companies, nonprofits, universities, and research laboratories is partnering with the Department of Energy to invest more than $250 million to launch a Manufacturing Innovation Institute for advanced composites. The investment includes $70 million in federal funds and more than $180 million in nonfederal.

The president also applauded the recent passage of bipartisan legislation in Congress that takes a significant step toward creating a National Network for Manufacturing Innovation (NNMI) consistent with his vision to strengthen the resurgence of American manufacturing and help to create new 21st century job opportunities for U.S. workers in high-demand sectors.

This new Manufacturing Innovation Institute is the fifth institute to be awarded one of the eight institute competitions launched. Each manufacturing institute serves as a regional hub, bridging the gap between applied research and product development by bringing together companies, universities and other academic and training institutions, and federal agencies to co-invest in key emerging technology areas that can encourage investment and production in the U.S. Each institute is launched with a five-year commitment of federal resources matched by that much or more invested from the private sector, with the intent that the institutes will become self-sustaining once mature.