Renewlogy Awarded its second Utah TCIP Grant
Written by Renewlogy
Salt Lake City, UT (Jan. 19, 2017) –
Renewlogy and the Governor’s Office of Economic Development (GOED) announced that the company will receive it's second economic grant as a part of GOED’s Technology Commercialization and Innovation Program (TCIP).
TCIP helps small businesses secure non-dilutive funding at critical stages of technology development. This year’s grant solicitation was the most competitive in the history of the program, with 183 applicants requesting funds in excess of $18 million out of $1.8 million available. Renewlogy was one of 20 companies selected.
Applicants are vetted through volunteer review panels made up of local industry experts. The volunteer review panels recommend awards based on technical merit, team experience, level of matching funds and potential for job creation in the state. Companies receive funding upon meeting required performance metrics, such as the completion of technical or business milestones.
TCIP has been instrumental in the successes of local companies such as Myriad Genetics, BioFire and ENVE Composites.