PROVIDENCE- The R.I. Commerce Corp. board of directors on Monday awarded two Innovation Vouchers totaling $150,000.
Westerly-based manufacturer U.S. Extruders Inc., and Audiance Inc., a maker of implantable medical devices and recharcheable batteries with a corporate address in East Greenwich, were each awarded 75,000.
The votes were unanimous. Board member Dave Chenevert, who also serves as executive director of the R.I. Manufacturers Association, recused himself from the vote on the voucher to US Extruders Inc., according to commerce spokesperson Matt Touchette.
The voucher program, launched in 2016, awards between $50,000 to 75,000 to companies with 500 employees or less, which can be used for research and development.
An applicant is eligible to be awarded no more than two vouchers within a 12-month period. In 2022, U.S. Extruders Inc. was awarded $43,655.
The Innovation Vouchers venture is one of two Innovation Initiative programs. R.I. Commerce has awarded more than 150 vouchers since 2016 totaling more than $6 million.
In 2023, commerce awarded 19 Innovation Vouchers totaling more than $1 million. The General Assembly approved a request for fiscal 2024 to increase funds for Innovation Initiatives from $1 million to $2 million and increase the maximum award from $50,000 to $75,000.
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com