RICHMOND, Va. (WAVY) – Governor Glenn Youngkin announced the new Virginia Offshore Wind Supplier Development Grant.
According to a press release, this program’s goal is to incentivize small manufacturers in the Commonwealth who enter into the production of goods to support the offshore wind industry.
The grant, which was approved by the General Assembly in 2022, will help assist manufacturers who are entering the supply chain by offsetting the cost of equipment needed to provide goods.
The grant will run for a three-year period and the awards will range from $20,000 to $250,000 per eligible company.
Below are the requirements to be eligible for the Virginia Offshore Wind Supply Chain Development Grant:
- Must make equipment investments of at least $40,000 at the awarded location within 36 months of the effective date of the grant
- Must have less than 250 full-time employees
- Must be registered as a vendor in the Virginia Offshore Wind Supply Chain Partnership Directory
- Must maintain employment levels, as verified by the VEC, at the awarded location through the life of the grant.
- Must have a legal presence within the Commonwealth for at least one year prior to submission of the application and be in good standing with the Virginia State Corporation Commission.
To learn more information about the grant, click here.