Kentucky Manufacturing Extension Partnership secures $8 million in state funding
The funds will provide up to $200,000 for companies to make investments in capital equipment and next-generation technologies.
The University of Louisville’s (UofL) Kentucky Manufacturing Extension Partnership (KY-MEP) has secured $8 million to help the state’s small and medium-sized manufacturers generate business results and thrive in today’s technology-driven economy.
With the funding, which comes via a state appropriation, KY-MEP has launched the Catalyst Equipment Match (CEM) program. The program provides an up to 50 percent match for manufacturers (up to $200,000) for investments in capital equipment and next-generation technologies — for example, automation, robotics, and additive manufacturing.
“These investments are critical to powering Kentucky’s manufacturing economy and making it future-proof,” said UofL President Kim Schatzel. “As someone with a background in manufacturing, I’m proud that we can offer these supports and drive these firms and Kentucky’s economy forward.”
Kentucky is home to more than 4,000 manufacturing firms in areas ranging from food and beverage to automotive, with a total workforce of more than 250,000. The goal of this new program is to help those companies improve production, expand, enhance customer service and, overall, gain competitive advantage that sets Kentucky firms apart.
Through the CEM program, companies can apply for funding to update or replace equipment, including those with smart and connected technology such as automation, artificial intelligence and the Internet of Things. It’s part of an overall drive in business and manufacturing known as Industry 4.0 or Enterprise 4.0., which has the potential to radically transform a number of industries, and the benefits will go to companies that plan ahead.
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