This story was made possible through support from TEDCO, the Maryland Technology Development Corporation, which enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at tedcomd.com.
Maryland is channeling grant funding to drive manufacturing growth, expand global marketing and address the digital divide.
The Office of Statewide Broadband (OSB) completed its proposal for the Broadband Equity, Access and Deployment (BEAD) program to expand internet access across the state, though funding levels remain uncertain pending federal approval.
Plus, other government funding is revamping manufacturing in Maryland and propelling companies onto the global stage. Keep reading to get all the details on this month’s money moves.
Maryland finalizes $78M BEAD proposal
The OSB submitted its final proposal for the BEAD program to the National Telecommunications and Information Administration (NTIA) in September. It plans to spend $78 million of its original $268 million allocation.
In June, the NTIA updated its eligibility criteria for BEAD funding, requiring states to revise their proposals. As a result, many of the proposed projects included in Maryland’s initial $268 million allocation no longer qualified, according to an OSB spokesperson.
It’s still unclear what will happen to the remaining funds. The program originally allowed states to use leftover BEAD money for broadband access initiatives such as digital skills training and workforce development, but those projects are now under review.
“The OSB is still in negotiations with NTIA on the State of Maryland’s revised BEAD funding allocations,” an OSB spokesperson wrote in an email. “The first submission of our final proposal included $78 million for infrastructure costs, however, that figure is not final.”
The proposal includes four companies selected for funding: Comcast, Verizon, Talkie Communications and Amazon Kuiper. Comcast is slated to receive the largest share, about $50.2 million.
The NTIA plans to review and approve proposals by the end of the year.
$500k for reaching global markets
The Maryland Department of Commerce awarded nearly $500,000 in grants over the past year to support international business development.
Through its ExportMD program, the department helps local companies market their products abroad by covering expenses such as trade show fees and travel costs. In total, 99 small businesses across 15 jurisdictions received grants, which provide up to $5,000 in reimbursement funds.
Wayne Grube, CEO of medical device company BC3 Technologies, has received the grant several years in a row, using it to exhibit at MEDICA, a leading medical technology trade fair in Düsseldorf, Germany.
“I had never worked a trade show or exhibited our product,” Grube told Technical.ly. “It helped me put together the first iteration of our pitch about what we do and how we work.”
New program supports efficient manufacturing projects
More than a dozen local businesses secured a combined $180,000 to advance “smart” manufacturing projects that boost energy efficiency and cut emissions.
Mina Izadjoo, CEO of Rockville-based Integrated Pharma Services, received $15,000 to purchase a freeze dryer for developing a bacteria-based product that requires refrigeration.
“With that piece of equipment, we are able to freeze-dry our product and extend the shelf life for years,” Izadjoo said. “It’s going to save us a tremendous amount of resources and the byproducts and the waste from our manufacturing is going to be minimal.”
The Maryland Manufacturing Assets Deployed for Energy program, run by the Maryland Department of Commerce, draws its funding from a $1.3 million grant previously awarded by the US Department of Energy. Applications for the second round of funding open in November. Eligible projects must take place at a Maryland manufacturing facility and incorporate advanced manufacturing technologies.
More money moves
- The National Science Foundation awarded Bowie State University nearly $1 million to establish a computing hub where students can study artificial intelligence and connect with industry experts.
- Johns Hopkins University unveiled a 150,000-square-foot, $250 million student center featuring a performance venue, recording studios, food hall and esports lounge, per the Baltimore Business Journal.
- The University of Maryland Medical System plans to build a new outpatient care facility in Towson with an estimated cost of $110 million.
- Constellation Energy Group reached a $340 million settlement with the State of Maryland and environmental groups to continue operating the Conowingo Dam in Cecil County.
- Venture capital investment in Baltimore ticked up last quarter, with companies raising $95.7 million across 10 deals. Statewide, Maryland saw its strongest quarter in more than a decade, fueled by a $779 million mega-deal from nuclear energy company X-energy.
TEDCO invests in several startups
The State of Maryland-founded investment vehicle put money into several businesses, including:
- Baltimore-based biotech company JuneBrain landed $250,000 through the Pre-Seed Builder Fund.
- Voyagier, an AI-powered travel booking platform, received a $250,000 GAP Fund investment.
- Medical device company CoolTech nabbed $500,000 from the Venture Funds for its migraine treatment technology.
