WASHINGTON, D.C. - Today, U.S. Senator Martin Heinrich (D-N.M.) welcomed the announcement that the U.S. Department of Commerce's Economic Development Administration will award Innovate ABQ with a $1 million grant to establish a bioscience business incubator. Innovate ABQ is a collaborative initiative that brings together the research powers of the University of New Mexico and New Mexico's government, education, and business communities.
"I've been proud to support Innovate ABQ from the start," said Heinrich. "We have enormous potential to create jobs and major new industries in spaces like bioscience, clean energy, and computing. These emerging science fields are America's future, and areas where New Mexico can shine. The physical space provided by the Innovate ABQ campus will bring together the incredible talent, resources, and homegrown New Mexican ingenuity already present at the University of New Mexico, our national labs, and private industry. This investment is a critical step forward for the next generation of New Mexico innovators and entrepreneurs."
The funding will pay for the renovation of an existing building on the Innovate ABQ campus, a new high-tech business district in downtown Albuquerque, to house labs and office space. The project is expected to create an estimated 155 jobs and attract $2.5 million of private investment. Senator Heinrich sent a letter in January along with the rest of the New Mexico congressional delegation supporting the funding. A copy of the letter of support is available here.
Last month, Senator Heinrich participated in the grand opening of the Lobo Rainforest Building, the first building of the Innovate ABQ campus. Senator Heinrich helped secure an earlier $1.5 million federal grant to develop the Innovate ABQ campus.
Heinrich has long championed technology transfer and collaboration between New Mexico's national labs, universities, and the private sector. He recently introduced bipartisan legislation in the Senate Energy and Natural Resources Committee to facilitate successful commercialization of laboratory-developed energy technologies and boost regional, technology-driven economic impact.