For this blog post, I want to do a little cheerleading for Nikola Power and the State of Colorado — specifically, the great work from the Colorado Office of Economic Development and International Trade (OEDIT).
On May 18th 2018, Nikola Power won a grant for $100,000 from the Colorado State Office of Economic Development and International Trade. The Advanced Industries Grant is a competitive category and Nikola is proud to have won — this experience was a lesson in perseverance for a start-up, we applied in 2017 and were denied. At the time of our first application, we had yet to define our business model, raise our seed round, or complete the acquisition of our four patented algorithms. In 2018, with a seed round complete, the IP under control, software development in full swing, we re-applied and won!
Did you know Colorado ranks number 1 in multiple Economic Development Categories?
- State Job Market — Wallethub, 2017
- State Labor Supply — Forbes, 2016
- Overall State Economy — US News & World Report, 2017
20 Colorado companies were approved to receive Proof-of-Concept and Early Stage Capital Grants for a total of $4,750,437 million. Early Stage Capital and Retention Grants fund companies commercializing innovative technologies to create viable products that meet a market need and can be created or manufactured in Colorado and exported globally.
This grant program and the work Colorado does to support startups and innovation in the private sector is exactly the type of creative work a state government can do to drive economic growth and more specifically, target state dollars in industries that will have a tremendous payback for the people of Colorado in terms of high quality jobs, health, food supply, and the adoption of clean energy.
Nikola Power will be using this grant to further test our state of the art energy management tools, which will optimize battery storage systems — creating better customer savings and higher investor returns. This will drive bankability and scale, which leads to the massive adoption of energy storage — allowing our nation to make a responsible shift to a 100% renewable powered world.
Go Colorado! Go Nikola Power!
–J.W. Postal, Founder & CEO