November 29, 2024

 

Alltech: Applications open for Bluegrass AgTech's second round of grants

 

 

Bluegrass AgTech Development Corp (BADC) — which Alltech is a part of — recently took another big step forward, inviting agtech businesses to apply for a second round of its Challenge Grants programme, Alltech said.

 

The grants are designed to encourage agtech and food-based businesses to locate in Kentucky, the United States.

 

The grant competition is open to any registered startup with a scalable business model currently located in Kentucky and/or startups that would like to join the Kentucky ecosystem to benefit farmers, entrepreneurs, and investors by expanding food and agricultural economic opportunities in the state.

 

Four partners make up Bluegrass AgTech Development Corp: Lexington-Fayette County Urban County Government, the Kentucky Department of Agriculture and its Kentucky Agricultural Development Fund, the University of Kentucky Martin-Gatton College of Agriculture, Food and Environment, and Alltech.

 

"As a proud Kentucky company, we see a bright future for the state's thriving agtech ecosystem, which is already a center of innovation and growth," said Dr. Mark Lyons, president and chief executive officer of Alltech. "The Challenge Grant programme further strengthens this landscape, creating valuable opportunities to drive the creation of technologies that will shape the future of agriculture."

 

Each applicant may apply for up to US$100,000 of grant funding. Those selected to receive a grant will also be offered resource support, such as mentorship, referrals to professional services, connections to local growers and research teams, and other business development assistance.

 

"This is an exciting time for Kentucky's AgTech community," said Bob Helton, executive director of the Bluegrass AgTech Development Corp. "The recipients of our Challenge Grants have the potential to make a significant impact across the state. We're already seeing impressive progress from the 2023-2024 Challenge Grant awardees, and we eagerly anticipate reviewing the upcoming applications for the next round."

 

Last August, Bluegrass AgTech awarded its first round of Challenge Grants to seven businesses, including five from Lexington. The seven grant recipients were awarded a combined total of US$625,000. The winning companies were: Hempwood, Iristrac, Sunflower Fuels, Parasight Systems, RedLead Biologics, Lepidext, and Spirited Biomaterials.

 

Applicants must be able to provide matching contributions on a dollar-for-dollar basis for their proposed project. Applications started on November 22. Deadline for completion is March 1, 2025.

 

- Alltech