An Albuquerque company that developed a product to strengthen solar panels and increase their life expectancy is one of five firms with "high-growth potential" to receive $25,000 startup grants, according to the New Mexico Economic Development Department.
Osazda Energy, which told Business First in April that it intends to double its staff to 20 people in the next three to four years, plans to use the grant money to further validate its technology, according to an economic development department news release.
The other recipients of $25,000 startup grants include:
Avisa Diagnostics USA Inc: Based in Santa Fe, this biosciences firm uses technology to identify pulmonary infections with results in less than 10 minutes, allowing for quicker and more precise treatments for patients. A portion of the grant money will go toward the design of a device for administering its breath test.
EVUS Inc.: This Las Cruces company supports the hot water-based heating market, and other industrial water treatment and water-based cooling processes.
iBeam Materials Inc.: Santa Fe's 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. The grant will help iBeam raise more money for expansion.
Pajarito Powder: Based in Albuquerque, Pajarito Powder manufactures advanced catalysts for fuel cells with a focus on increased durability and stability over the fuel cell's life. The money will help the company add staffing, increase its marketing and add supplies.
The New Mexico Economic Development Department's Office of Science and Technology and the Technology Research Collaborative board reviewed 56 applications to arrive at the five grant recipients, according to the news release. The grants are available to New Mexico-based, for-profit science and technology companies with fewer than 50 employees.
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.
Eligible businesses must work in one of the following fields: aerospace, biosciences, cybersecurity, intelligent manufacturing, and sustainable and green energy.
"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," Economic Development Department’s cabinet secretary Alicia J. Keyes said. "This is how we grow and diversify the economy."
