The New Mexico Economic Development Department announced Tuesday that five companies, identified by the agency as having high growth potential, were awarded Science & Technology Business Start Up Grants at $25,000 each.
Science & Technology Business Start Up Grants are available to New Mexico-based for profit science and technology companies with fewer than 50 employees, according to a news release from EDD.
Eligible businesses must work in one of the following fields: aerospace, biosciences, cybersecurity, intelligent manufacturing, and sustainable and green energy.
Companies must provide a unique product or service, have a clear and compelling business proposition, demonstrate a scalable product and business model and have the potential to provide economic benefit to the state greater than the award amount, according to the release.
The five companies that received funding are:
– Avisa Diagnostics USA, a Santa Fe-based company that treats lung infections with rapid diagnostics to guide better clinical outcomes. A portion of the funding will go toward design taking place at Santa Fe Community College.
– EVUS, a sustainable energy company based in Las Cruces. The company’s technology supports the hot water-based heating market, and other industrial water treatment processes, according to the release.
– iBeam Materials, an intelligent manufacturing company based in Santa Fe. The grant will help the company fundraise towards expansion and achieving their next milestones
– Osazda Energy, a sustainable energy company based in Albuquerque. The company, which makes an additive designed to help preserve solar panels, plans to use the funds to validate the technology through third-party accelerated testing, which is required before the technology can enter the market.
– Pajarito Powder, a sustainable energy company based in Albuquerque. The company, which manufactures advanced catalysts for PEM and alkaline fuel cells and electrolyzers, will use the funding to expand staffing, purchase marketing materials and lab supplies, according to the release.