Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $500,000 CARES Act Recovery Assistance grant to Technology Entrepreneur Center, Inc. (T-REX), St. Louis, Missouri, to establish an Extended Reality and Simulation Lab that will address the pressing challenges of working, educating, and meeting remotely by leveraging innovations in Extended Reality (XR) technology. This EDA grant, to be matched with $163,840 in local investment, is expected to create 422 jobs and generate $5 million in private investment.
“The Economic Development Administration is committed to helping communities across the nation implement strategies to mitigate economic hardships brought on by the coronavirus pandemic,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “This EDA investment will align academic, government, and industry partners to develop new XR technologies, foster remote learning, and create opportunities for business events designed to spur economic growth in the industry.”
“We are excited that Technology Entrepreneur Center, Inc. has been awarded $500,000 to establish an Extended Reality and Simulation Lab in St. Louis,” said Governor Mike Parson. “With more than $5 million in additional private investment expected and the creation of more than 420 new jobs, we know that public-private partnerships work. We wish T-REX success and look forward to its continued investment in our state and the St. Louis region.”
“The great work being done by T-REX is why St. Louis remains one of our nation’s top spots for innovation and entrepreneurship,” said Senator Roy Blunt. “I’m glad this funding will create jobs and help T-REX launch a new lab that will utilize the latest technology to address challenges facing remote working, learning, and meeting.”
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.