Colorado Cleantech Industry Association (CCIA) announced the passing of House Bill 13 – 1001, the Advanced Industries Acceleration Act by the General Assembly and awaits the Governor’s signature. The bill provides for annual allocations of several million per year for the next decade including over $12 million next year in grants supporting seven advanced industries driving the Colorado economy including energy and natural resources.
Through this act, the Colorado Office of Economic Development will provide grants for clean technology projects based on the existing funding stream within the Clean Technology Discovery Evaluation Grant Program starting in 2014. The goal of the act is to grow the most promising technology sectors in Colorado by providing grant opportunities to energy and natural resources; advanced manufacturing; aerospace; bioscience; electronics; engineering; and information technology.
The Advanced Industries Acceleration Act absorbed an existing clean technology grant program that is set to begin disbursing funds in spring 2014. Companies that qualify will now be eligible for proof-of-concept grants (capped at $150,000), early stage capital and retention grants (capped at $250,000), and infrastructure grants (capped at $500,000). All three types of grants have a required matching component. Additionally, if a grantee qualifies for a “preference,” there are no caps on grant amounts.