Commerce RI approves incentive increase, grant and Innovation Vouchers

COMMERCE RI approved an increase in Rebuild Rhode Island credits by $450,000 to $2.6 million to Pawtucket Development Group for its project developing residential units at Lippitt Mill in West Warwick, pictured above. / PBN PHOTO/MARY MACDONALD
COMMERCE RI approved an increase in Rebuild Rhode Island credits by $450,000 to $2.6 million to Pawtucket Development Group for its project developing residential units at Lippitt Mill in West Warwick, pictured above. / PBN PHOTO/MARY MACDONALD

PROVIDENCE – The R.I. Commerce Corp. board of directors on Monday approved a $450,000 increase in Rebuild Rhode Island credits to Pawtucket Development Group LLC for its project developing residential units in West Warwick at 825 Main St. – commonly known as Lippitt Mill.

The increase was related to a material cost increase and an unexpected increase in project cost. The project had previously been approved for up to $2.1 million in credits for the project, bringing the new Rebuild total up to a maximum of $2.6 million.

The board also approved a $195,000 Innovation Network Matching Grant to New England Medical Innovation Center to expand the nonprofit organization to work with seven to 10 technically viable but currently uninvestable “medtech” companies.

New England Medical Innovation Center will support businesses with a fundable business model, including regulatory strategy, product development, internet protocol positioning, go-to-market strategy, organizational management, funding strategy and preparation of investor-pitching documentation. The organization also will help organize and host the Rhode Island Business Competition, according to Commerce RI.

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The board also approved three Innovation Vouchers:

  • Clark Industrial Engineering was approved for a $50,000 Manufacturing Innovation Voucher to provide leadership and testing resources to adapt the company’s Shutter Valve technology to perform in extreme temperatures.
  • EchoWear LLC was approved for a $50,000 voucher to partner with Anna Gitelson-Kahn at the Rhode Island School of Design to access machines at RISD for knitting conductive threads. The company is developing a smart glove to aid an aging patient population to perform home-screening assessments.
  • Farsounder Inc. was approved for a $49,854 Manufacturing Innovation Voucher to support a new sonar product for small vessels. The project would include a full-scale field test and updates to software. The funds will allow the company to accelerate testing for European standards, Commerce said.

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