The Iowa Economic Development Authority (IEDA) announced last week that Iowa will invest an additional $2 million in the Manufacturing 4.0 Technology Investment Program.
The program helps small- to mid-size Iowa manufacturers invest in the adoption and integration of smart technologies with grant funding made available through the federal American Rescue Plan Act.
Iowa’s Manufacturing 4.0 initiative launched a strategic plan in 2021 to ensure the state’s manufacturers remain globally competitive through the fourth industrial revolution – Industry 4.0 – and its emphasis on automation and smart technology. As a result, the Manufacturing 4.0 Technology Investment Grant program was created. In the first cycle, IEDA granted over $7 million through 202 awards with project investments totaling over $31 million.
“The Manufacturing 4.0 grant program is doing exactly what we intended – helping businesses grow and compete amid a rapidly changing landscape,” said Gov. Reynolds in a news release. “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.”
The program offers two grant opportunities to prioritize both the equipment and connectivity with the advanced technology for manufacturers with 3-150 employees.
- The manufacturing innovation equipment grant awards up to $50,000 for the purchase of machinery and specialized equipment to improve operations.
- The manufacturing industrial internet of things (IIoT) infrastructure investment grant awards up to $25,000 for the purchase of specialized hardware or software in Industry 4.0 technology groups.
Companies can apply for a combined amount of $75,000 between the two grants over the lifetime of the business and a 1:1 match is required. Applications will open on March 1, 2023.