Opportunity Overview
Economic Development New Mexico, Technology & Innovation Office administers the Capital Leverage Grant, a rolling technology commercialization program designed to leverage substantial outside investment into New Mexico research, development, demonstration, commercialization, and productive capacity.
The solicitation is open on a rolling basis while funds remain available. There is no fixed application deadline. Applications use a two stage process: a required Letter of Intent followed, for invited applicants, by a full application.
Funding
The minimum Capital Leverage Grant request is $1,000,000. Applicants must also demonstrate at least $1,000,000 in qualifying non State funding, creating a minimum project scale of at least $2 million.
Pathway 1 covers requests up to $10,000,000. Pathway 2 covers requests above $10,000,000 and requires supplemental application material and a longer review process. The controlling solicitation does not publish an absolute maximum Pathway 2 award.
Eligibility
Eligible applicants are New Mexico public entities and businesses registered to do business in New Mexico, or businesses that commit to register in New Mexico before any grant funds are disbursed. The program is intended for advanced technology commercialization and related research and development activity. Statutory target sectors include aerospace and space, biosciences, clean energy and water, advanced computing including artificial intelligence, quantum and cybersecurity, and other strategic sectors identified by the State.
A proposed project must reasonably achieve at least two statutory program objectives, such as advancing innovation in a target sector, creating meaningful collaboration, leveraging outside investment, expanding economic opportunity, creating jobs or workforce capacity, or accelerating commercialization.
Project and Funding Requirements
The proposed work must create new New Mexico activity and advance commercialization, a genuine pilot or demonstration, or new innovative productive capacity. The solicitation does not support a company’s simple deployment of commercially proven technology for internal evaluation or a generic technology purchase.
Qualifying outside funding must be real, relevant to the proposed project, and sufficiently likely to be secured. Evidence may include outside solicitation or award documents, philanthropic commitments or awards, private investment term sheets or commitments, or executed funding agreements.
The State does not impose a separate universal matching formula beyond the required minimum outside funding. If the outside funding source itself carries a match or cost share requirement, the Capital Leverage program mirrors that requirement. Traditional SBIR or STTR Phase I and Phase II awards do not qualify as the outside funding source for this program; certain Strategic Breakthrough funding may qualify under the solicitation.
Submission Process
The first stage is a Letter of Intent submitted through the official application portal. The LOI includes structured applicant and project information, the proposed technology sector and stage, outside funding source and status, requested State funding, a project narrative of up to 1,000 words, and a one page project budget.
Applicants invited to the second stage submit a full application containing an executive summary, project narrative, expert technical summary, 12, 24, and 36 month milestones as applicable, key personnel biographies, an itemized budget, evidence of outside funding, disclosures, certifications, and required attachments.
Required Full Application Materials
Required materials include project and budget documentation, evidence supporting the outside funding, key personnel biographies or resumes, letters of support or commitment of resources, and an officer certified statement addressing financial capacity, available cash or committed capital, monthly expenditures and runway, material debts or contingencies, and pending bankruptcy, lien, or judgment issues. Public entity applicants must provide at least one qualifying partnership agreement with an entity not controlled by the applicant. Additional documentation applies when there has been a material change since the LOI or when expedited review is requested.
Pathway 2 requests above $10 million require additional material including a site or facility plan, evidence of customer demand where relevant, and tranche based milestones with estimated costs.
Review Timing
The program states target response periods of approximately 21 days for LOI review, approximately 60 days for Pathway 1 full applications, and approximately 90 days for Pathway 2 full applications. Full application decision timelines begin no earlier than October 1, 2026.
Atlas Analysis
Atlas Opportunity Score: 90/100. This is a high value, rolling New Mexico commercialization program with clear funding thresholds, detailed application requirements, and meaningful technology sector relevance.
N9+ Fit Score: 78/100 conditional. A legitimate Nonagon N9+ device and platform role would require a project that advances or scales genuinely new technology, a qualifying pilot or demonstration, or new innovative productive capacity in New Mexico. Routine procurement or deployment of commercially proven N9+ units is not sufficient under the solicitation.
Dr. Miltie or QC Healthcare direct applicant eligibility is not established merely because the opportunity is open. New Mexico registration status and at least $1 million in qualifying outside funding must be independently verified before any direct application is considered. No automatic submission is authorized.
Official Source
Economic Development New Mexico Technology & Innovation Office – Capital Leverage Grant