CRV Ambreed secures $2.1 million R&D funding

Media release

For immediate release

12 March 2015

CRV Ambreed secures $2.1 million R&D funding

CRV Ambreed has successfully secured $2.1 million in Callaghan Innovation Research and Development funding, which will cover 20 per cent (20%) of the company’s total research development costs over the next three years.

CRV Ambreed managing director Angus Haslett said this was a fantastic result and the company was incredibly proud to have the commitment and backing of the New Zealand government.

“This is a huge step forward for CRV Ambreed and it truly cements our position here in New Zealand as an innovative leader in herd improvement,” said Mr Haslett.

Late last year, CRV Ambreed was one of 22 high tech New Zealand companies to receive Research and Development (R&D) Growth Grants, expected to be worth more than $32 million over three years.

R&D Growth Grants provide 20 per cent public co-funding for qualifying firms’ eligible R&D expenditure, with an expanded cap of $5 million a year - up from the previous scheme’s $2.4 million.

Growth Grants are determined on an objective basis by application to Callaghan Innovation. To qualify for a Growth Grant, a business needs to commit to spend at least $300,000, and at least 1.5 per cent of revenue per year on quality R&D occurring in New Zealand.

The Grants are for three years, but after two years, businesses can be granted a further two-year extension of funding.

The Callaghan Innovation R&D grants system was announced in Budget 2013, replacing and expanding an earlier programme. A total of $566 million is available over four years to encourage the development of a strong R&D ecosystem in the New Zealand economy, and support the development of industries such as ICT and high tech manufacturing.

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