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Monday, February 26, 2024
HomeFinance NewsNevada's Interim Finance Committee approves $7.5 million for Tech Hub.

Nevada’s Interim Finance Committee approves $7.5 million for Tech Hub.

The Interim Finance Committee of the Nevada State Legislature recently approved a state match of $7.5 million to fund the state’s Regional Technology and Innovation Hubs program, in partnership with the U.S. Economic Development Administration. The program aims to promote economic development and national security and create new jobs through state investments. Governor Joe Lombardo also announced his pride in the state’s funding for the initiative, stating that it will enable critical innovation and research.

In October 2023, the University of Nevada, Reno and the state of Nevada were selected as one of the inaugural 31 Regional Technology and Innovation Hubs by the U.S. Department of Commerce’s Economic Development Administration, out of a pool of 489 applicants. The Tech Hubs Program, established as part of the CHIPS and Science Act of 2022, seeks to transform regions into globally competitive innovation centers over approximately 10 years, creating jobs for American workers at all skill levels. The University of Nevada, Reno is leading a network of 60-plus public-private partnerships to drive innovation, together with core consortium members such as the Governor’s Office of Economic Development, the Nevada Battery Coalition, and the Nevada Mining Association.

The state match funding will support research, innovation, and economic stability and vitality throughout Nevada. It will also allow the University and consortium partners to implement programs designed to supercharge technology and its commercialization, such as clean energy initiatives focusing on lithium batteries and EV materials. The University’s President Brian Sandoval emphasized the significance of the state match approval, highlighting its role in supporting business creation, attraction, retention, expansion strategies, and workforce development activities aimed at advancing Nevada’s position as a leader in lithium battery technology and electric vehicle materials.

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