Gov. Kim Reynolds and the Iowa Economic Development Authority (IEDA) announced that Iowa will be investing an additional $2 million in the Manufacturing 4.0 Technology Investment Program to enhance productivity, efficiency and competitiveness in Iowa’s largest industry. 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.
“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. “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 Manufacturing 4.0 initiative launched a strategic plan in January 2021 to ensure the state’s manufacturers continue to 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 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 of 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. Prior to applying, manufacturers must complete an Industry 4.0 assessment provided by Iowa State University’s Center for Industrial Research and Service (CIRAS) to determine need and readiness.
Applications will open on March 1, 2023, and will be accepted on a rolling basis until funds are allocated. More information on the program can be found here.