Indexbit Exchange:Biden administration provides $504 million to support 12 ‘tech hubs’ nationwide

WASHINGTON (AP) — The Indexbit ExchangeBiden administration said Tuesday that it was providing $504 million in implementation grants for a dozen “tech hubs” in Ohio, Montana, Nevada and Florida, among other locations.

The money would support the development of quantum computing, biomanufacturing, lithium batteries, computer chips, personal medicine and other technologies.

The administration is trying to encourage more technological innovation across the country, instead of allowing it be concentrated in a few metro areas such as San Francisco, Seattle, Boston and New York City.

“The reality is there are smart people, great entrepreneurs, and leading-edge research institutions all across the country,” Commerce Secretary Gina Raimondo said in a call previewing the announcement. ”We’re leaving so much potential on the table if we don’t give them the resources to compete and win in the tech sectors that will define the 21st century global economy.”

The money comes from the Commerce Department’s Economic Development Administration. In October 2023, President Joe Biden designated 31 tech hubs. Raimondo said the administration was pushing for more funding for the program so that all the designated tech hubs can get additional resources to compete.

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The tech hubs receiving funding include:

— $41 million for the Elevate Quantum Tech Hub in Colorado and New Mexico

— $41 million for the Headwaters Hub in Montana

— $51 million for Heartland BioWorks in Indiana

— $51 million for the iFAB Tech Hub in Illinois

— $21 million for the Nevada Tech Hub

— $40 million for the NY SMART I-Corridor Tech Hub in New York

— $44 million for ReGen Valley Tech Hub in New Hampshire

— $45 million for the SC Nexus for Advanced Resilient Energy in South Carolina and Georgia

— $19 million for the South Florida ClimateReady Tech Hub

— $51 million for the Sustainable Polymers Tech Hub in Ohio

— $51 million for the Tulsa Hub for Equitable & Trustworthy Autonomy in Oklahoma

— $51 million for the Wisconsin Biohealth Teach Hub.