State secures federal funds for tech hub

The U.S. Economic Development Administration (EDA) announced that the state has secured approximately $51 million in federal funding for the Illinois Fermentation and Agriculture Biomanufacturing (iFAB) Tech Hub, leveraging the state’s leading production of raw agricultural materials to develop sustainable alternatives to fossil fuel-based products.

This pivotal funding from EDA marks a significant milestone in advancing Illinois' leadership in the precision fermentation and biomanufacturing industry – propelling economic growth, business development opportunities and the creation of good-paying jobs.

“Today’s announcement demonstrates that Illinois is leading the nation in biotechnology and biomanufacturing,” said Governor JB Pritzker. “Thanks to this $51 million investment from our federal partners, the iFAB consortium will have the resources they need to expand their cutting-edge research and bring innovation and growth to Central Illinois for decades to come.”

The iFAB consortium of leaders from higher education, economic development organizations, government, and industry has secured significant commitments, including over $680 million in cash match and strategic investments, demonstrating strong confidence and backing from stakeholders. This initiative will unite cutting-edge R&D, scalable infrastructure, and abundant feedstock production within a 51-mile radius, positioning Central Illinois as a preeminent destination for biomanufacturing. The precision fermentation industry is projected to reach $200 billion by 2040, with the potential to generate 1 million jobs by 2030.