US Government Awards $504 Million In Funding To 12 Tech Hubs

As the world finds the need for advanced and more powerful microprocessors and semiconductors growing rapidly, businesses are striving to ensure they can deliver these requirements on a large scale, while keeping cost-effectiveness in mind.

Governments too, are looking in the same direction, to remain globally competitive.

The United States government’s CHIPS and Science Act, which included awarding grants and concessions to companies employed in the semiconductor industry and fostering local economic growth, witnessed tech companies such as Intel, Samsung, TMSC and others gain benefits.

However, some technology industries have taken a hit in receiving less interest and dwindling financial support.

This is what the US government’s Tech Hubs Program was looking to overcome, by injecting funds into overlooked regions, to boost innovation, job creation and economic growth in such areas.

Now, the US government announced its next round of funding to Tech Hubs to boost innovation in a range of tech industries.

So, what did the US government reveal? Let’s explore!

What Did The US Government Announce For Tech Hubs?

Through a press release published on the US Department of Commerce website and on its Economic Development Administration’s (EDA) website, the Biden-Harris Administration announced another funding round of around $504 million in implementation grants to 12 Tech Hubs.
The aim of this investment is to boost the production of critical technologies, create jobs, strengthen the country’s economy, improve national security, facilitate innovation and grow future-focused industries across the US.
The move comes as part of the Tech Hubs Program, which is a flagship initiative of the Administration to “invest in and grow the economies in communities across the country, advancing America’s global leadership in critical technologies, and strengthening our national and economic security.”
In October 2023, the Administration revealed a selection of 31 designated Tech Hubs.
While the EDA has selected 12 Hubs to be the beneficiaries of the $504 million funding, the award amounts are due to be finalized in the coming months.
The technology areas covered through the new funding include quantum technology, smart photonic sensor systems, biomanufacturing, microchips, clean and renewable energy, sustainable infrastructure and materials, electric vehicles, lithium batteries, secure autonomous systems, personalized medicine and more.

Which Tech Hubs Were Awarded Implementation Grants?

As per the release, the following Tech Hubs were awarded the next funding round of $504 million:
Elevate Quantum Tech Hub in Colorado and New Mexico, which focuses on quantum information technology, was awarded around $41 million.
Headwaters Hub in Montana, which focuses on smart photonic sensor systems, was awarded around $41 million.
Heartland BioWorks in Indiana, which focuses on biomanufacturing was awarded around $51 million.
iFAB Tech Hub in Illinois, which focuses on precision fermentation and biomanufacturing was awarded around $51 million.
Nevada Tech Hub in Nevada, which focuses on lithium batteries and electric vehicle materials was awarded around $21 million.
NY SMART I-Corridor Tech Hub in New York, which focuses on semiconductor manufacturing was awarded around $40 million.
ReGen Valley Tech Hub in New Hampshire, which focuses on biofabrication, was awarded around $44 million.
SC Nexus for Advanced Resilient Energy in South Carolina and Georgia, which focuses on clean energy supply chain was awarded around $45 million.
South Florida ClimateReady Tech Hub in Florida, which focuses on sustainable and climate-resilient infrastructure was awarded around $19 million.
Sustainable Polymers Tech Hub in Ohio, which focuses on sustainable polymers was awarded around $51 million.
Tulsa Hub for Equitable & Trustworthy Autonomy in Oklahoma, which focuses on secure autonomous systems was awarded around $51 million.
Wisconsin Biohealth Tech Hub in Wisconsin, which focuses on personalized medicine was awarded around $49 million.

Source

What Did US Government Officials Say?

Vice President Kamala Harris, said, “Every American deserves the opportunity to thrive, no matter where they live.”
[Contd.] “Today’s announcement that the Department of Commerce is investing $504 million in Regional Technology and Innovation Hubs across the country will ensure that the benefits of the industries of the future – from artificial intelligence and clean energy, to biotechnology and more – are shared with communities that have been overlooked for far too long, including rural, Tribal, industrial, and disadvantaged communities.”
[Contd.] “These Tech Hubs will give regions across our nation the resources and opportunities necessary to lead in the economy of tomorrow while creating good-paying jobs for American workers.”
US Secretary of Commerce Gina Raimondo, said, “Through the Tech Hubs program, we are maintaining our competitive edge by advancing America’s leadership in commercializing critical emerging tech sectors. And we’re leveraging the diverse talent and resources that currently exist across the country to achieve this goal.”
[Contd.] “Thanks to President Biden’s commitment to his investing in America agenda, these 12 Tech Hubs will play a critical role in accelerating America’s leadership in the industries of the future, all while creating high quality, family-sustaining 21st century jobs in people’s backyards.”

Do you think this move will help boost the country’s economy, job market, innovation and other aspects it aims to cover? Do you think other countries should make similar moves?

Let us know in the comments below!

First published on Wed, Jul 3, 2024

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