The State of Colorado is the latest US state to sign a new industrial R&D agreement with Israel. Colorado already signed an R&D agreement with Israel in 2010, but the two states decided to renew the agreement following Colorado’s decision to significantly increase budgets earmarked for Coloradoan companies conducting R&D, including grants for local industry.

Under the new agreement, Israeli companies will team with Coloradoan companies to co-develop and commercialize innovative products.

“We are proud to have Colorado among the list of 12 US states which cooperate with Israel on technology and R&D, including New York, Massachusetts, California, Florida and others,” said Chief Scientist Avi Hasson. “Cooperation between Israeli companies and American companies has proven its value to both sides. The US is a technological powerhouse and we are proud to be so attractive to US companies, entrepreneurs, investors and developers.”

The goal of the new agreement is to establish a mechanism of cooperation with parallel funding for companies from both countries conducting joint research and development projects. The companies will receive financial support from both states. In Israel, support will be granted by the Office of the Chief Scientist at the Israeli Ministry of Economy and in Colorado participants will be supported through a new fund established by the State of Colorado to support the initiative.