Michigan LIFT Launched with Up to $2 Billion in Contracts and Financing

The State of Michigan has launched a new public-private initiative called Michigan LIFT (Launchpad for Industrial Innovation & Transformation), aimed at helping innovative suppliers secure business from major manufacturers and scale production in Michigan. The initiative has secured up to $1 billion in contracts from Ford Motor Company and up to $1 billion in debt financing from JPMorganChase.

Michigan LIFT is designed to connect industrial demand with emerging suppliers capable of addressing specific manufacturing and supply-chain challenges. Industrial buyers will identify challenges through 'Open Calls,' and companies with potentially viable solutions can be connected with customer demand, financing, state resources, workforce programs, and commercialization support needed to move from development into scaled production.

Ford will serve as the anchor industrial buyer, with its potential $1 billion in supplier business focused on technologies and capabilities that address practical industrial challenges. JPMorganChase is serving as the founding capital provider, with its planned financing forming part of the bank's $1.5 trillion, 10-year Security and Resiliency Initiative.

The State of Michigan, through the Michigan Economic Development Corporation, will provide economic development tools and resources for companies with credible paths toward commercial and industrial scale. Newlab also plans to contribute $20 million of in-kind support.