18 Aug IN THE NEWS: Economic Development Organization 401 Tech Bridge Completes $6 Million Funding Round – Includes The Addition of Advanced Materials and Technology Center in Portsmouth 🗓
PORTSMOUTH, RI — August 18, 2020 — 401 Tech Bridge, an economic development organization that connects manufacturers, small businesses, research and development entities, trade organizations and state and defense agencies to collaborate in the development of new advanced materials and technologies, today announced the completion of a $6 million funding round. A recently secured $2.3 million implementation grant from the U.S. Economic Development Administration (EDA) rounds out the capital raise to support the launch of 401 Tech Bridge, which includes the addition of a new 17,000-square-foot Advanced Materials and Technology Center in Portsmouth, RI.
The EDA grant will cover construction costs for the new Advanced Materials and Technology Center, expected to open in the first half of 2021. Additional funding to create the 401 Tech Bridge organization was provided by the National Institute of Standards and Technology’s Manufacturing Extension Partnership (NIST MEP); the Office of Naval Research; the Rhode Island Innovation Campus; the Rhode Island Commerce Corporation; The Rhode Island Foundation; and the van Beuren Charitable Foundation.
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