(The Center Square) – Iowa will invest another $2 million in American Rescue Plan Act funding into manufacturing, Gov. Kim Reynolds and the Iowa Economic Development Authority announced Wednesday.
The Manufacturing 4.0 Technology Investment Program helps small- to mid-size Iowa manufacturers invest in adopting and integrating smart technologies to be more productive, efficient and competitive.
“The Manufacturing 4.0 grant program is doing exactly what we intended – helping businesses grow and compete amid a rapidly changing landscape,” Reynolds said. “Manufacturers are using these grants to increase productivity, train workers, improve safety, and cut costs. We now have the opportunity to help more manufacturers invest in technology to support their workforce, promote competition, and ensure future growth.”
Iowa’s initiative launched a strategic plan in January 2021 to help manufacturers remain competitive through the fourth industrial revolution, or Industry 4.0.
IEDA granted more than $7 million through 202 awards with project investments of more than $31 million through the program, which has two opportunities: manufacturing innovation equipment grants of up to $50,000 for the purchase of machinery and specialized equipment to improve operations and the manufacturing industrial Internet of Things infrastructure grant awards of up to $25,000 for specialized hardware or software in Industry 4.0 technology groups.
Companies can apply for $75,000 combined between the two grants. They must match the grant and complete an Industry 4.0 assessment from Iowa State University’s Center for Industrial Research and Service.
Companies must have been operating for at least three years, the program’s website said.
Applications open March 1.
