Economic Development Dept. Awards $125,000 Start Up Grants To 5 New Mexico Science & Technology Companies

EDD News: 

SANTA FE — Economic Development Department’s (EDD) Cabinet Secretary Alicia J. Keyes announced that five New Mexico, high-growth potential companies 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. Eligible businesses must work in one of the following fields: aerospace, biosciences, cybersecurity, intelligent manufacturing, and sustainable and green energy.

The grant specifically targets high-growth potential companies that provide a unique product or service, have a clear and compelling business proposition, demonstrate a scalable product and business model, have the potential to create jobs in New Mexico and/or garner private investment, and can provide economic benefit to the state greater than the award amount.

“New Mexico is the place for innovative technology business ideas and the Start-Up Grants are another way the state is supporting these early-stage entrepreneurs as they strive to bring their ideas to market and hire employees,” Secretary Keyes said. “This is how we grow and diversify the economy.”

The Office of Science and Technology, under the direction of Director Myrriah Tomar, PhD, and the Technology Research Collaborative board review all of the applications and choose the annual awardees. This round saw 56 applications, making it a highly competitive process.

“This was a rigorous review process with outside technical experts looking at businesses that have the best chance of success,” Tomar said. “We look forward to assisting these companies as they grow and make an impact on New Mexico’s economy.”

Avisa Diagnostics USA, Inc (Biosciences) – Santa Fe

Avisa offers an innovative approach to treating lung infections with rapid diagnostics to guide better clinical outcomes. The Avisa BreathTest produces a biomarker that identifies pulmonary infections with results in less than 10 minutes, allowing for quicker and more precise treatments for patients. A portion of the funds will go toward the design of a device for administering the Avisa BreathTest, taking place at Santa Fe Community College.

EVUS Inc. (Sustainable & Green Energy) – Las Cruces

EVUS technology combines Electromagnetic Induction (EMF) with an extended-length Magnetohydrodynamic (MHD) cell in a compact size device, with a global market of more than $20 billion per year. EVUS technology supports the hot water-based heating market, and other industrial water treatment and water-based cooling processes, with devices that are effective, clean, energy efficient, and easy to install and maintain. EVUS also provides cost-effective solutions that reduce carbon footprint, energy consumption, and harmful discharges.

iBeam Materials, Inc. (Intelligent Manufacturing) – Santa Fe

iBeam Materials has developed technology that enables microLED displays that are super-bright, paper-thin, flexible, and power-efficient using a low-cost, scalable approach. iBeam was one of a few companies selected for strategic investments by Samsung Ventures in the microLED space. The grant will help iBeam fundraise towards expansion and achieving their next milestones.

Osazda Energy (Sustainable & Green Energy) – Albuquerque

Solar panels operate outdoors for decades and consequently degrade due to environmental stressors. Osazda Energy provides an additive for silver pastes, a necessary component of solar cells, to minimize losses from cracking, harvesting more solar energy. Osazda Energy can deliver this additive product at a cost-effective price. The company plans to use the funds to validate the technology through third-party accelerated testing, which is required before the technology can enter the market. Read this recent article about Osazda Energy.

Pajarito Powder (Green and Sustainable Energy) – Albuquerque

Pajarito Powder is a manufacturer of advanced catalysts for PEM and alkaline fuel cells and electrolyzers. Their materials feature greater durability and stability over the lifetime of the fuel cell stack. The performance improvements will be useful to the automotive industry, where new materials must prove scalable in terms of cost and performance. Grant monies will be used to expand staffing, purchase marketing materials and lab supplies, and more.

About the Office of Science and Technology

The Office of Science and Technology was created to connect New Mexico’s innovation infrastructure to the commercial market. They strive to lead and execute programs that encourage and enable the start-up, growth, and relocation of technology-based industries in and to New Mexico, by focusing on growing and diversifying existing technology companies, rapidly commercializing technologies, and promoting research and development in emerging technologies.

About the Technology Resource Collaborative

Formalized in 2003, the goal of the collaborative is to promote the commercialization of technologies born in New Mexico, thereby increasing high-paying jobs, and diversifying the economy.