New Mexico Advanced Energy Award Pilot Program Now Live

Written By Hickey Team

New Mexico’s NMAEA Pilot Program now accepting applications through Feb 5th, 2025

The New Mexico Advanced Energy Award (NMAEA) Pilot Program is a competitive state-funded grant that awards non-dilutive funds to proposals in advanced energy innovation and commercialization from New Mexico small businesses engaged in research and development. The funds seek to assist early-stage companies developing a unique product with strong growth potential.

The funding provided through the New Mexico Advanced Energy Award (NMAEA) Pilot Program is intended to further the development of innovation and commercialization of advanced energy products or services while assisting companies in continuing to do business in New Mexico. Through this award, the New Mexico Economic Development Department ultimately seeks to support the retention or expansion of economic-base businesses, the creation of jobs in economic-base businesses, the development of the tax base, and business development.

SNAPSHOT

  • New Mexico Economic Development Dept. Announces second round of Advanced Energy Award Pilot Program.

  • Incentives to support advanced energy innovation and commercialization from New Mexico small businesses engaged in research and development.

  • Incentives include grant benefit between $250,000 and $1,000,000.

  • Application Period Open: January 8, 2025 through February 6, 2025

EVALUATION CRITERIA

  • Applicants that may apply to participate in the NMAEA Pilot Program:

    • Must be headquartered in New Mexico

    • Must have a NM CRS Tax ID, a physical NM address, EIN number, and a valid NAICS code corresponding to a science/technology business. The business’s staff must be physically present in the state and occupy a physical space – businesses with a virtual headquarters in New Mexico or with more than 40% of their staff outside the state will not be considered.

    • For-profit technology business (a technology business creates a technology-based device, software, etc.) with a focus on advanced energy.

    • Provide a Letter of Good Standing via the New Mexico Taxation and Revenue Taxpayer Access Point (TAP).

    • Must agree to all reporting and claw-back requirements.

    • Active NMAEA Pilot Program awardees are not eligible to apply for this round of funding and must wait one full grant cycle to reapply.

POTENTIAL VALUE

  • The NMAEA Pilot Program is a competitive grant opportunity. Selected proposals will be awarded between $250,000 and $1,000,000 in funds. Funding will be awarded on a cost reimbursement basis.

CONNECT WITH THE HICKEY’S INCENTIVES TEAM

The Hickey & Associates incentives team has advised companies navigating clients in the Land of Enchantment for decades. Contact us for more specifics, including eligibility criteria, application details, and funding requirements. If you’d like our support throughout the application process, we are here to help!

Hickey Team

Hickey & Associates makes learning about commercial site selection easy. We share information in writing and through videos and images, covering topics like grants and incentives advisory, location strategy, and supply chain logistics. Our team helps you find the best places for your business, get financial benefits, and make your supply chain work better. We are here to make complicated things simple and beneficial for your business's growth.

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