ECONOMY
State launches two grants matching outside investment in tech companies
Funding targets quantum, advanced energy, defense and aerospace firms
Two new spigots for state economic development money have opened up for advanced technology companies.
The state Economic Development Department鈥檚 Technology and Innovation Office said Monday it has opened applications for its Capital Leverage grant, which offers at least $1 million in state funds to tech companies and research institutions that have already secured a similar amount in outside investment 鈥� federal, philanthropic or private 鈥� to help fuel their growth
And last month, the office launched the Targeted Federal Match grant under which the state provides matching funds to companies that have received commitments from certain federal programs.
Both grants draw from the department鈥檚 $150 million Research, Development and Deployment Fund 鈥� championed by Rep. Meredith Dixon, an Albuquerque Democrat, in a 2025 .
鈥淲e鈥檙e looking for these funds to be catalytic,鈥� Nora Meyers Sackett, director of the office, said in an interview. 鈥淭he whole point of the solicitation is leveraging additional investment, be it federal, private or philanthropic.鈥�
Meyers Sackett noted the funding has guardrails in place, including clawback mechanisms, should a company not follow through on certain requirements.
The department is seeking applications for projects that state officials have identified as 鈥渒ey technology strength areas,鈥� including quantum systems, advanced energy, aerospace and defense, among others.
The Targeting Federal Match grant, for instance, focuses on companies whose projects secured at least $1 million through federal programs such as the U.S. National Science Foundation鈥檚 NSF X-Labs and the Department of Energy鈥檚 Critical Minerals and Materials Accelerator.
Businesses registered in New Mexico or that committed to do so are eligible to apply for the grants. State officials say projects will be evaluated on certain factors 鈥� including technological advancement, job creation and economic impact.
The new grants add to a broader state push to land advanced technology companies, including those in the defense, quantum and nuclear fusion industries. Just last week, California-based Pacific Fusion broke ground on a $1 billion research and manufacturing campus that will employ roughly 200 full-time workers.
鈥淲e want to capture any potential projects that might be looking at New Mexico, and this pushes it over the edge 鈥� and that allows us to create more jobs and advance more technology and create more economic impact in the state,鈥� Meyers Sackett said.
Justin Horwath covers tech and energy for the Journal. You can reach him at jhorwath@abqjournal.com.
