Posted on July 17, 2023
Virginia created a new incentive to support the growth of the offshore wind supplier industry in the commonwealth.
Gov. Glenn Youngkin announced the formation of the Virginia Offshore Wind Supplier Development Grant Tuesday. Offered through the Virginia Economic Development Partnership, the program aims to encourage smaller existing manufacturers to join the production of goods in support of the state’s offshore wind industry and beyond.
The $2.5 million program covers a three-year time frame for reimbursement of eligible purchases made between July 1 this year and June 30, 2026. Grant awards will range from $20,000 to $250,000 per eligible company.
- Employ fewer than 250 full-time employees and maintain employment levels.
- Make equipment investments of $40,000 or more within a 36-month time frame.
- Be a registered vendor in the Virginia Offshore Wind Supply Chain Partnership Directory.
- Have a business in place within Virginia at least one year prior to applying.
- Maintain good standing with the Virginia State Corporation Commission.
Youngkin said in a news release that Virginia, centrally located on the East Coast with a high concentration of skilled maritime talent, a high-performing port and competitive business structure, has emerged as a leader in the country’s offshore wind supply chain.
“This new grant will strengthen the industry ecosystem in the commonwealth while driving economic development and job growth and is a strategic investment that supports our plan to guarantee abundant, clean energy for Virginia’s future,” he said.
