ITHACA, NY (607NewsNow) – New York State is lending support to an Ithaca-based biotech startup.

On April 16, REEgen was awarded $200,000 to advance commercial deployment of its BioREEcover technology, which recovers rare earth elements from industrial waste.

The money comes from the Innovation Matching Grants program through Empire State Development’s (ESD) Division of Science, Technology and Innovation (NYSTAR).

“Support from the NYSTAR Innovation Matching Grants program comes at a pivotal moment for REEgen,” said REEgen CEO and Co-Founder, Dr. Alexa Schmitz. “These funds will help us lock in key commercial partnerships by launching our first on-site BioREEcover unit.”

The NYSTAR Innovation Matching Grants Program supports early-stage tech development, accelerating the path from research to market.

“Under Governor Hochul’s leadership, New York continues to make strategic investments that nurture and grow the innovation economy all throughout the state,” said ESD President, CEO, and Commissioner Hope Knight. “By leveraging state funding with federal research grants, we are helping New York’s small businesses move from concept to commercialization quicker, creating companies, jobs, and new industries.”

The award follows REEgen’s $150,000 grand prize win from FuzeHub’s Commercialization Competition last fall at the State’s annual Innovation Summit in Rochester.

Learn more about REEgen here.