By Scout Nelson
The North Dakota Department of Commerce Legacy Investment for Technology Loan Fund (LIFT) Committee has announced the allocation of $1.25 million in funding this April to innovative technology projects within the state. Shayden Akason, Head of Investments and Innovation at Commerce, revealed that the LIFT fund, initially appropriated $10 million this biennium by the 2023 legislative assembly, has around $1.52 million remaining for future awards.
April’s funding recipients include Blue Rock Solutions, operating under the name Blue Comply, which received $250,000. This funding will support their development of a wireless Internet of Things (IoT) Methane Sensing Apparatus, designed to monitor fugitive methane emissions from oil and gas storage facilities.
Valence Natural Gas Solutions was awarded $1,000,000 to complete their mobile and modular flare gas capture platform, allowing oil and gas producers to utilize flared gas as a cleaner alternative to diesel fuel in their operations.
The LIFT program, managed in collaboration with the Bank of North Dakota, offers favorable loan terms to foster technological innovation. Beneficiaries enjoy a 0% interest rate for the first three years, followed by a 2% rate for the next two years, with subsequent years mirroring the standard Bank of North Dakota loan rates.
Eligible for the LIFT program are North Dakota companies engaged in sectors like advanced computing, data management, agricultural technology, autonomous vehicles, energy, healthcare, and other areas deemed critical by the LIFT committee for diversifying the state’s economy. This strategic funding initiative aims to drive technological advancements while promoting sustainable and efficient practices across various industries.
Photo Credit -pexels-karolina-grabowska
Categories: North Dakota, Energy, General