The Indiana Economic Development Corporation (IEDC), in partnership with Conexus Indiana, announced the fourth round of awards totaling more than $2.8 million to 34 Indiana businesses in Manufacturing Readiness Grants to support a projected $17.4 million in technology-based capital investment in Indiana.
"Hoosier manufacturers are preparing now for the industries of tomorrow," said Governor Eric J. Holcomb. "Through the Manufacturing Readiness Grants program, these forward-thinking companies are modernizing their operations to set themselves up for a successful future, creating high-skill, high-wage jobs for Hoosiers in all parts of the state and propelling the long-term growth of Indiana’s strong manufacturing sector."
The Manufacturing Readiness Grants program was launched in 2020 to stimulate private sector investments to modernize Indiana’s manufacturing sector. Based on the program’s success, the Indiana General Assembly appropriated $20 million in additional funding to the two-year state budget that runs through June 30, 2023, to help position Hoosier operations for future growth and prosperity. Availability of the new funding on July 1, 2021, has enabled a total of 122 awards to date totaling nearly $9.7 million in grants to Hoosier companies in 50 counties, supporting technology-based capital investment projected to be more than $68.6 million.
The 34 grant recipients in this round include companies from 22 Indiana counties and cover a wide range of specialties, including aerospace and defense, automotive, custom electronics and medical devices.
"We continue to be impressed with the applications that demonstrate more and more Indiana manufacturers are embracing and implementing smart technologies to succeed in an increasingly tech-focused environment,” said Mitch Landess, vice president of innovation and digital transformation at Conexus Indiana. "As a partner with the IEDC on these grants, Conexus Indiana and its panel of Smart Manufacturing Fellows review all applications, and we are excited to see technologies such as digital twin, additive manufacturing, collaborative robotics, and IIoT being implemented and impacting both job and business growth."
Grants must be matched by the applicant on a minimum 1:1 basis. Grants undergo a rigorous peer review and recommendation process by a statewide committee of manufacturing professionals representing industry, academia, private equity and more.