U.S. Department of Energy to give $95 million to tech startups
Several dozen tech startups throughout the U.S. will be getting a pretty penny from Uncle Sam, as the U.S. Department of Energy has announced a rollout of R&D grants in connection to its Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.
In all, the program will give $95 million in grants to 80 tech startups in 26 different states across the country.
According to the Department of Energy’s press release, officials said they picked the companies based off “technical feasibility” for the first phase of innovation. In the second phase, those receiving grants will be able to compete for awards worth up to $1 million over two years.
According to Forbes, the grants are of high importance to get businesses with worthy ideas off the ground.
“Many small businesses forget that the government – particularly its more technical branches – has hundreds of millions of dollars of funds available to help them grow their businesses, invest in technologies and create new technologies that the government may buy,” Forbes wrote. “The Department of Energy’s program is but one of many offered that could create opportunities for small companies.”
Grants come from some of the following offices: Office of Defense Nuclear Nonproliferation, Office of Electricity Delivery and Energy Reliability, Office of Energy Efficiency and Renewable Energy, Office of Fossil Energy, among several others.
According to the department’s announcement, small businesses continue to play a crucial role in the U.S. economy and these grants are a way for Congress to help spur on creation through small businesses like those of tech startups.
Individual award winners of both phases were announced here on the Department of Energy’s Office of Science website.