The technology industry in Massachusetts could be getting hundreds of millions in funding through Gov. Maura Healey's new Mass Leads Act.
Her proposed economic development bill, filed Friday, has capital earmarked to bolster Massachusetts’ position in the climatetech and AI spheres.
The legislation lays out nearly $2.8 billion for capital authorizations through bond authorizations. Overall, the bill is a $3.55 billion economic legislation initiative.
The money is intended to support new initiatives across AI, advanced manufacturing, climatetech, and business development.
Here’s the tech and AI initiatives that could receive funding:
- $100 million for the Applied AI Hub in grants funding informed by the AI task force
- $99 million for grants for advanced manufacturing through the Mass Tech Collaborative
- $95 million for the R&D Matching Grant Fund to bolster collaborations between universities, research institutions, and businesses
- $75 million to establish a new program with the Massachusetts TechHub, modeled on the U.S. Economic Development Administration’s Regional Technology and Innovation Program
- $25 million in capital grants for the Robotics Investment Program for research and training
- $25 million for Small Business Technology Grants via MassVentures, intended to help early-stage companies develop and commercialize new technologies
- $25 million for the Business Builds Capital Program to create a new grant program for business improvements
In the clean energy sphere, $200 million is earmarked for a Clean Energy investment fund, and $200 million for a Wind Industry Investment Trust Fund. The bill also supports tax breaks for climatetech companies. The Massachusetts Clean Energy Center will be administrator of the program.
“This is a transformative opportunity to solidify Massachusetts as a global leader in climatetech. This legislation addresses our greatest threat, the climate crisis, and drives economic growth. We can make Massachusetts the best place to start, staff, and scale companies that solve environmental challenges. Our state now has the opportunity to strengthen our economy, build a broad and diverse climate workforce, and accelerate our transition to a clean energy future,” said executive director of Environmental League of Massachusetts Action Fund Casey Bowers in a statement.
The omnibus bill is part of the administration’s 10-year economic development plan to support key industries for the state’s economy, keep and attract talent, and grow the economy.
Yesterday, Healey unveiled plans to put $1 billion towards efforts to create a clean energy hub, as well as $1 billion to reauthorize the Life Sciences Initiative with a new 10-year strategy.
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