Nevada
State Resources
According to the Bureau of Land Management (BLM), 67% of Nevada or 48 million acres is held in trust by the Federal government on behalf of all citizens. Much of Nevada is covered by the Mojave and Great Basin deserts, with dramatic scenery, unique ecosystems, and thousands of wild horses and burros, managed by the BLM. Nevada is rich in titanium and with funds provided by the Economic Development Administration (EDA) is developing the Nevada Lithium Batteries and Other EV Material Loop sometimes simply referred to as the Nevada Tech Hub or the Lithium Loop.
The Governor’s Office of Economic Development (GOED) is the primary agency focused on attracting, retaining, and expanding businesses within the state of Nevada. A range of GOED offices and programs support new and small business development. GOED oversees a suite of programs dedicated to fostering high technology companies. Examples are the Battle Born Venture, and other accelerators and hubs such as the Nevada Tech Hub-Recharge Nevada.
State Small Business Credit Initiative (SSBCI) / Battle Born Venture
Battle Born Venture is funded through the SSBCI, and its mandate is determined by the US Treasury approved state SSBCI application. It was created in 2013 to help C-Corp or S-Corp with fundraising. Battle Born Venture rarely takes the lead in investment, but co-invests with professional investors such as venture capital firms, corporate venture capital arms, and incorporated angel funds. Battle Born Venture participates in deals from $200,000 to $20 million in total size. The fund invests up to $1 million in any given company over time, no more than $500k in the first round and utilizes equity and equity-like deal structures, such as convertible and SAFE notes. More details regarding eligibility are available on the second page of this brochure.
Nevada Tech Hub and Recharge Nevada
An interesting initiative that focuses on sustainable energy and circular economy solutions is the Nevada Tech Hub Recharge Nevada initiative. This program is supported by the federal Economic Development Administration (EDA) and is one of the 31 Tech Hubs in the U.S., funded to lay the groundwork for global leadership. As the term “Recharge” implies, the Nevada Tech Hub is focused on EV Battery Manufacturing. According to the website, the Nevada Lithium Loop is “a system where every step in making and recycling lithium batteries – from mining and processing the raw materials to building the batteries and recycling them at the end of their life – happens right here in Nevada.” This initiative works closely with Manufacture Nevada, which is the official representative of the Manufacturing Extension Program in Nevada.
