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OFFICE OF GOVERNOR ANDY BESHEAR
COMMONWEALTH OF KENTUCKY
FOR IMMEDIATE RELEASE
Contact:
Crystal Staley
502-545-3714
Brandon Mattingly
502-782-2006
Gov. Beshear: Nearly $500,000 in Grants Awarded to 4 Kentucky Companies To Support Continued Tech Growth, High-Wage Jobs
SBIR-STTR program helps support technology development in the commonwealth
FRANKFORT, Ky. (Feb. 8, 2024) – Today, Gov. Andy Beshear announced that four innovative Kentucky companies will receive $449,819 in state matching grants to support high-paying jobs and further grow the state’s technology sector.
The $449,819 in grants are part of the commonwealth’s nationally recognized Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Matching Funds Program. The funds will match, in part, $1.9 million in federal grants the businesses will collectively receive.
“The SBIR-STTR Matching Funds Program allows the commonwealth to continue fostering innovation and growth for our startups and tech industry,” said Gov. Beshear. “These companies are tackling the issues of tomorrow, today, and finding unique ways to make the world we live in a better place. Kentucky is home to a great ecosystem of startup companies that are creating well-paying jobs, and I am excited to see everything that these companies achieve here in the commonwealth.”
Monique Quarterman, executive director of KY Innovation, the Kentucky Cabinet for Economic Development’s Office of Entrepreneurship and Innovation, is encouraged by the SBIR-STTR program and what it can bring to companies in the commonwealth.
“These matching funds awardees are wonderful examples of the kinds of cutting-edge technologies supported by the federal SBIR/STTR program,” said Quarterman. “SBIR/STTR is referred to as ‘America’s Seed Fund’ for good reason, providing vital capital for some of Kentucky’s most innovative, research-based technologies addressing some of the most important issues of our time. Kentucky’s matching funds allow more of those seedlings to take root and flourish in Kentucky. We congratulate the awardees, especially in what was an exceptionally competitive round.”
The four Kentucky-based businesses awarded matching funds are using technology to advance multiple fields, from Alzheimer’s disease care and biopesticides to motor technology.
BlackBox Energy Systems LLC (Owingsville):
BlackBox Energy Systems is developing NEMo (Nautical Electric Motor), a more efficient motor for an underwater training target. BlackBox’s patented motor technology is more efficient across a wider range of power levels than traditional motors. It’s also smaller, weighs less and uses up to 80% less copper to create the same level of power.
Covert Defenses LLC (Lexington):
Covert Defenses’ latest project, Covert Cognizance (C2), focuses on the resilient and unimpeded operation of energy systems in the face of cyberthreats. C2 ensures that cyberthreats compromising business networks do not have a physical impact on the process and is well-suited for critical infrastructure that continues to provide life-critical services to millions of Americans.
Lepidext Inc. (Lexington):
Lepidext is developing a revolutionary biopesticide for the reduction of the harmful pest corn earworm. The pesticide sterilizes the moth and causes a reduction in pest population. Lepidext’s latest project is to develop fast and inexpensive field-ready detection to assess the sterilizing pesticide in corn earworm moths.
Ralph VR Inc., dba VRTogether (Lexington):
VRTogether is developing a digital therapeutic virtual reality tool to delay the onset and halt the progression of Alzheimer’s disease and Alzheimer’s disease-related dementias by empowering older adults to maintain social engagement, cognition and physical activity in fun and engaging activities from the comfort of their own home.
Kentucky’s SBIR/STTR program provides critical nondilutive capital for promising early stage tech companies by matching all or part of federal SBIR/STTR awards received by Kentucky-based businesses or companies committed to relocating to the state.
“We are proud to be selected and grateful to the Kentucky Cabinet for Economic Development for this program,” said Dr. Elijah Jensen, CEO and co-founder of BlackBox Energy Systems LLC. “Innovation requires money, and having nondilutive funding, such as the Kentucky matching award, matters. These funds will allow us to hire the additional researchers and engineers we need to move this technology from the lab to production faster and to provide great opportunities to smart young engineers who need good job opportunities to stay in Eastern Kentucky.”
To date, Kentucky SBIR/STTR-awarded companies have leveraged the state’s matching program to receive $4.57 in federal or private capital for every $1 in state funds. These businesses also have created more than 737 well-paying jobs, 89% of which have annual salaries over $50,000. Match recipients have 235 patents and generated more than $57.60 million in sales and licensing revenue. Kentucky has made 324 match awards to 151 unique companies since the program’s inception, leveraging $157.4 million in federal funding coming into the state.
More information on Kentucky’s SBIR/STTR Matching Funds Program and awarded companies awarded is available at kyinnovation.com/sbir.
The SBIR/STTR-awarded companies builds on builds on the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $30 billion in announced investments, creating more than 51,800 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.
Site Selection magazine placed Kentucky first in the South Central region and top 5 nationally in its 2023 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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Gov. Beshear Provides Team Kentucky Update
FRANKFORT, Ky. (Feb. 8, 2024) – Today, Gov. Andy Beshear and First Lady Britainy Beshear provided an update on economic development; opportunities to donate blood; the annual Shop & Share event; high-ground communities; funding to improve highway safety; the Affordable Connectivity Program; Recovery Ready Communities; funding to expand treatment and recovery services for mothers; and the deadline to apply for funding from the Clean School Bus Program.
Economic Development
The Governor recapped multiple new economic development announcements, including Toyota’s plans to increase investment to $1.3 billion at the flagship Toyota Motor Manufacturing, Kentucky plant in Georgetown, reinforcing the company’s commitment to high-quality vehicles and long-term job stability.
The Governor highlighted the continued momentum of the state’s manufacturing sector as Belmark Inc. – a manufacturer of printed pressure sensitive labels, flexible packaging and folding cartons – will locate a new operation in Allen County with a nearly $99 million investment creating 159 well-paying Kentucky jobs.
Gov. Beshear announced that Physician Care Coordination Consultants (PC3 Health), a health care startup, is growing its Jefferson County operations with a $2.5 million investment to relocate within the county and create 21 new full-time jobs at an average hourly wage of over $108 per hour, including benefits.
The Governor announced nearly $2 million was approved to support site development in Campbell County, the first location to receive approval in the second round of the Kentucky Product Development Initiative.
Gov. Beshear joined local officials and leaders from Tyson Foods for the grand opening of the company’s new, state-of-the-art food production facility at Bowling Green’s Kentucky Transpark. The $355 million plant will create nearly 450 full-time jobs and is among the largest investment, job-creation projects announced in Warren County.
The Governor joined local officials and leaders from Bakery Express Midwest, a commercial bakery manufacturing company, to break ground on its new Boone County location, which includes a more than $20 million investment creating over 175 full-time jobs in the region.
Gov. Beshear joined local officials and leadership from North American Stainless and its parent company, Spain-based Acerinox, to celebrate the one-year mark since the company announced a $244 million expansion at its Carroll County facility, a project creating 70 full-time jobs.
The Governor highlighted the continued momentum of the commonwealth’s site development and speed-to-market initiatives with the announcement of a new Build-Ready site in Jackson County, the program’s first designated brownfield site.
Gov. Beshear announced further investment in Team Kentucky’s site and building development efforts with Knox County receiving approval for a $250,000 grant to conduct due diligence as community leaders explore options to establish a new industrial park.
The Governor announced that four innovative Kentucky companies will receive $449,819 in state matching grants to support high-paying jobs and further grow the state’s technology sector.
Team Kentucky Saves Lives Blood Drive
Today, Mrs. Beshear also announced that she and the Governor will host a blood drive on the State Capitol campus Monday, Feb. 12, to help address the national emergency blood shortage and save lives. For more information and to sign up, visit governor.ky.gov/GiveBlood.
“Unfortunately, the number of U.S. blood donors has reached a 20-year low. We have to make sure our hospitals are ready with the supplies they need to treat anyone who needs a blood donation,” the First Lady said. “That’s why Andy and I are inviting all state employees, as well as the Frankfort community, to join us this Monday, Feb. 12, to donate blood and help save lives.
Shop & Share
As part of her longstanding commitment to support survivors of intimate partner violence, the First Lady invited Kentuckians to participate in the annual Shop & Share event this Saturday, Feb. 10, from 9 a.m. to 5 p.m. at select Kroger, Food City, regional grocery and Starbucks locations. Kentuckians can shop from a list of items to benefit the commonwealth’s 15 state-designated regional domestic violence shelter programs. To learn more, see the full release. To view a full list of stores participating in Shop & Share, click here.
High-Ground Communities
The Governor announced his administration has closed on the high-ground property called Skyview in Perry County. This land was donated by the Ison family, and it will be the site of 100 new homes for flood survivors. Construction crews are mobilizing to start working on the site.
The Skyview community will be in a great location for families. It covers nearly 50 acres and is located just five miles from downtown Hazard. It is close to schools, shopping centers and the Hazard ARH Regional Medical Center.
“My commitment is the same today as it was on the morning after the floods: We will be with these families until every home and every life is rebuilt,” Gov. Beshear said. “Today, we’re celebrating another major step as we help these folks recover.”
The Governor said Team Kentucky is also making great progress on six other high-ground sites.
Funding To Improve Highway Safety
Gov. Beshear announced a design build team has been selected for a $9.5 million project to monitor and bolster safety on Kentucky corridors prone to wrong-way crashes. The team is collaborating with state transportation officials to create a pilot project this summer to test new technologies along select ramps in Fayette County before deploying to other locations starting this fall.
Governor Urges Congress To Extend Affordable Connectivity Program
Yesterday, Gov. Beshear wrote a letter to the commonwealth’s congressional delegation urging them to pass legislation that extends the Affordable Connectivity Program, which one in four Kentucky households currently rely on for high-speed internet access. Without action from Congress, the program will close this spring and just yesterday the federal government stopped taking new applications. If nothing is done, Kentuckians will lose $13 million dollars in savings every month.
Gov. Beshear said, “If you’ve benefitted from this program, or know friends and neighbors who have, I encourage you to call your federal representatives and ask them to take action.”
Recovery Ready Communities
Yesterday, while participating in Recovery Advocacy Day at the State Capitol, Gov. Beshear and Lt. Gov. Jacqueline Coleman announced that Hardin, McCracken and Scott counties have been designated as Recovery Ready Communities for their commitment to providing residents with access to addiction treatment and recovery support and removing barriers to the workforce. These three counties bring the total number of Recovery Ready Communities to 10 since the Governor announced the first certification in May of last year.
Funding To Expand Treatment and Recovery Services for Mothers
The Governor awarded $5,991,800 in grant funding to expand treatment and recovery services including those for pregnant and parenting women with addiction. The funding will also be used to help address Neonatal Abstinence Syndrome.
Clean School Bus Program Deadline
Gov. Beshear said the deadline to apply for Round 2 of the federal Clean School Bus Program has been extended to Feb. 14. The Environmental Protection Agency anticipates awarding at least $500 million in this round. For more information, click here. In less than two years, Kentucky school districts have been awarded nearly $34 million to purchase 85 new clean school buses.
“Not only does this funding expand our commonwealth’s role at the forefront of the electric vehicle revolution, it is also the next step in ensuring a safe, reliable ride to school for our kids,” said Gov. Beshear. “As Governor, and especially as a dad, this is a top priority.”
Team Kentucky All-Stars
To celebrate National School Counseling Week, the Governor named Kentucky school counselors as this week’s Team Kentucky All-Stars.
“Every day, our school counselors help students find success both in and out of the classroom. As Governor and a dad, I am grateful for the guidance they offer Kentucky’s children. That’s why I will continue to fight to ensure their hard work is recognized,” said Gov. Beshear. “This week, and every week, be sure to thank your school counselors for their hard work.”
Gov. Beshear also named those working to end domestic violence at ZeroV, as well as those who will volunteer and participate in the 15th annual Shop & Share event as Team Kentucky All-Stars.
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