Here is today's summary of economic development news, a free service of the Economic Development Partnership of Alabama, representing Alabama's private sector investment in economic development.  If you enjoy NewsFlash, thank an EDPA Partner.


In this issue:


Alabama to get $2.3B in BP oil spill settlement

BP and the state of Alabama have reached a multibillion-dollar agreement to settle the state's lawsuit against the oil giant.


As part of the settlement, Alabama will receive $2.3 billion from BP (NYSE: BP).

About $1.3 billion of the total will go toward coastal restoration projects in the state.


The other $1 billion will go to the state's general fund over the next 18 years.




[Birmingham Business Journal]



Alabama firms aim to turn Paris Air Show connections into new business

June 30, 2015


WETUMPKA, Alabama - The leadership of Information Transport Solutions Inc. (ITS) trekked 4,500 miles to this month's Paris Air Show to pursue a key strategic goal - build aerospace industry connections as the firm branches into the sector.


"We want to be in the forefront with all the suppliers coming to Alabama in the aerospace technology area," ITS President Quincy Minor said.


The Elmore County firm was among several Alabama-based businesses that traveled in mid-June to the premier aerospace business development event to engage in scheduled meetings with clients and prospects. These business leaders also participated in networking events with industry officials, providing them with follow-up opportunities with high-level contacts.








Dept. of Commerce launches $4.5M funding round for university research

July 1, 2015 

For the second time since the state created the Alabama Innovation Fund in 2012, researchers and scientists at Alabama universities will have the chance to land sizable chunks of state funding.


In line with its Accelerate Alabama initiative, the Alabama Department of Commerce has launched a $4.5 million funding round designed to help transition research into economic development opportunities.


That $4.5 million will be split into two programs. The Renewal Program, which focuses on federal research funding, attracting technology businesses to the state, and creating new homegrown tech businesses, will receive $2.7 million. The Research Program fosters work in public-private partnerships and will receive $1.8 million.



[Birmingham Business Journal]



Alabama Innovation Award Finalists Announced


Birmingham, Ala., July 1 -The Economic Development Partnership of Alabama announces today the 20 finalists for the 2015 Alabama Innovation Awards. The awards recognize companies that demonstrate significant achievement specifically in the areas of job creation, commitment to innovation, and innovation that addresses a local or global need. 


"The Alabama Innovation Awards celebrate the remarkable diversity of innovation across the state - with applications ranging from a medical device to materials management systems, from fertilizer distribution tools to touchless fingerprint biometric software," said Angela Wier, EDPA vice president. "The awards are helping EDPA discover companies that contribute to diversification of the economy and the creation of high wage careers for Alabamians. The awards are not just a celebration for accomplishment but a benchmark of success for those outstanding individuals and corporations who are nominated for these prestigious awards." 


Judges will next choose the five category winners, who all will be honored on Sept. 2 at the Fifth Annual Alabama Innovation and Entrepreneurship Conference in Birmingham.



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