LIFT Committee awards $1.25 Million to boost clean tech innovations in oil and gas industry

The North Dakota Department of Commerce Legacy Investment for Technology Loan Fund (LIFT) Committee announced today it awarded a total of $1,250,000 in funding in April.

"We anticipate the LIFT Committee will exhaust its available funds soon" said Shayden Akason, Head of Investments and Innovation at Commerce. "The LIFT fund was appropriated $10 million this biennium from the 2023 legislative assembly, and there remains approximately $1.52 million yet to be awarded."

April LIFT recipients:<_o3a_p>

• Blue Rock Solutions, dba Blue Comply - $250,000 awarded to this wireless Internet of Things Methane Sensing Apparatus used to monitor fugitive methane emissions from oil and gas storage tank thief hatches. <_o3a_p>
• Valence Natural Gas Solutions - $1,000,000 awarded to this company to complete a fully mobile and modular flare gas capture platform that allows oil and gas producers to use flared gas to fuel their operations which is cleaner than burning diesel fuel. <_o3a_p>

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Commerce works with the Bank of North Dakota to manage and administer the loan fund. LIFT loan terms include 0% interest for the first three years of the loan, and 2% interest for the next two years, and an interest rate equal to a standard Bank of North Dakota loan for all subsequent years.

The program is open to North Dakota companies working in advanced computing and data management, agriculture technology, autonomous and unmanned vehicles and technologies, energy, health care, value-added agriculture, value-added energy, and any area specifically identified by the LIFT committee as contributing to the diversification of the state's economy.

For grant program details, visit https://belegendary.link/LIFT.  <_o3a_p>