|Program||# of Grants||EDA Funds|
During FY 2012, EDA awarded two grants totaling $1.7 million in the Commonwealth of Puerto Rico. The University of Puerto Rico through EDA’s University Center Program is providing technical assistance and access to the applied research community and other development leaders across the Commonwealth to increase productivity, spur innovation and entrepreneurship, and increase long-term regional competitiveness and economic diversification.
Investment Spotlight: EDA Investment Accelerates Clean Energy Technologies
The Caribbean region is in great need of attracting investment that can create sustainable employment and economic growth. Very limited accessibility to local raw materials, coupled with a high dependence on oil for energy production and transportation, increases the cost of living and operating businesses which deters many domestic and foreign investors to come to the territories.
In FY 2012, EDA invested $1.6 Million in the Puerto Rico Energy Center at the University of Turabo to fund construction of the Puerto Rico Accelerator for Clean Technologies (ACTech). From its new facility, ACTech will provide tools for entrepreneurs to transform an idea into a marketable product focused on the clean technology sector. ACTech will utilize the expertise of university faculty members and researchers to select projects ready for acceleration. Additionally, clean technology advances will be exported to the other Caribbean islands, such as the Dominican Republic and Haiti. Exporting products, services, and best practices developed at ACTech to other parts of the Caribbean could potentially spur other similar accelerators on other islands.