Yes, TECHNOLOGY is a Scrabble word!

Letter values in Scrabble US: T 1, E 1, C 3, H 4, N 1, O 1, L 1, O 1, G 2, Y 4.

Is it a valid word?

TECHNOLOGY is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

the practical application of science to commerce or industry
the discipline dealing with the art or science of applying scientific knowledge to practical problems

Also: engineering science, applied science.