TALLAHASSEE, Fla. /Florida Newswire/ — Florida Governor Rick Scott today announced that Bing Energy Inc. (BEI) of Chino, California has selected Florida as the new site of the company’s world headquarters. BEI, in collaboration with Florida State University (FSU) Dr. Jim P. Zheng, is planning to turn revolutionary nanotechnology pioneered at FSU into a better, faster, more economical and commercially viable fuel cell. The move is expected to create at least 244 jobs paying an average wage of $41,655 in Florida.

“I am proud to welcome Bing Energy and thank them for recognizing that Florida is the best state in the nation. As Governor I am continuing to make it the best place to do business. This is only the beginning,” said Gov. Scott. “Just as Bing Energy was convinced to bring jobs here, I am talking to companies across the nation. I am letting them know that our reduction in the business tax burden, commitment to job creation, and Florida’s world-class workforce mean we are open for business.”

Bing Energy Inc. is moving its global headquarters to Tallahassee to work in partnership with Dr. Jim P. Zheng, who has pioneered a fuel cell that incorporates a thin membrane composed of carbon nanotubes, reducing the need for expensive platinum components that, until now, have made fuel cells too expensive to be widely marketed. Dr. Zheng’s technology is based on pioneering research and development of buckypaper conducted at FSU’s High-Performance Materials Institute. The institute’s director, Dr. Ben Wang, is the assistant vice president for research at Florida State University.

Bing Energy’s innovation promises to produce a fuel cell that is more efficient, more durable and significantly less expensive – benefits that could transform the transportation and power generation sectors.

Joining Governor Scott in celebrating Bing Energy’s move to Florida were Bing Energy Inc. CFO Dean Minardi, FSU President Eric J. Barron, Mayor John Marks, and representatives from the Economic Development Council of Tallahassee/Leon County Inc.

“We all know the world’s existing energy use pattern is unsustainable,” said Minardi. “A commercially viable fuel cell will transform the way we drive, reducing our dependence on fossil fuels. It will transform the way we deliver energy to neighborhoods, ensuring reliability and eliminating the risk of brownouts.”

Bing Energy Inc.’s move to Florida is tied to a $1.9 million award they received from the Governor’s Office of Tourism, Trade and Economic Development. The award is a Qualified Target Industry Tax Refund in support of job creation. The local Tallahassee and Leon County governments are also supporting Bing Energy Inc. by each providing a 10 percent match on the QTI Award.

Governor Scott has made creating jobs his top priority. As governor, he plans to create 700,000 jobs in the next seven years by implementing accountability budgeting, reducing government spending, enacting regulatory reform, focusing on job growth and retention, investing in world class state universities, reducing property taxes and phasing out the business income tax.

About Bing Energy Inc:

Bing Energy Inc., a manufacturer of state-of-the-art components for polymer electrolyte membrane fuel cells, will begin production in March of 2011 and serve the domestic and international energy markets.