Gov. Scott Walker announced today that the Wisconsin Economic Development Corporation (WEDC) will invest $750,000 over the next three years to underwrite start-up water technology companies' tenancy costs in the Water Technology Research and Business Accelerator Building in Milwaukee.

"As recognition grows of the critical role water plays as a human and economic resource, Wisconsin is fortunate to have already positioned itself as one of the few water technology leaders that world policy- and business decision makers can look to for answers," Walker said. "Support from the state of Wisconsin will help advance the impressive work already completed by the Milwaukee Water Council to new levels of global business development."

The $750,000 investment, combined with the support of partners such as the Milwaukee Water Council, will help accelerate the development of Milwaukee and the metro region as the most advanced hub of water resource management in the world.

"The WEDC has made a strategic investment in Wisconsin's water technology industry cluster to help consolidate its position on the leading edge of global water technology development," said Paul Jadin, CEO of the WEDC. "We and Gov. Scott Walker are committed to supporting the key competitive advantages of Wisconsin's most quickly growing industry sectors to power job growth and sustainable economic growth."

The research and business accelerator building will include resources to support the water technology industry. For instance, the water technology companies that will occupy the building will have access to a specialized water flow laboratory, which is a common use facility for tenants. This will facilitate the testing of new water technology products, helping advance water technology start-ups.

"The financial support from the Wisconsin Economic Development Corporation will be critical in helping water technology entrepreneurs establish their new businesses and enable them to focus on hiring the talent they need to grow their operations," said Dean Amhaus, executive director of the Milwaukee Water Council.

The WEDC's anchor investment, due in part to the highly collaborative partnership between the WEDC and the Milwaukee Water Council, is expected to be a major driver in the overall commercial and residential restoration in the Walker's Point neighborhood. The WEDC and Milwaukee Water Council are also hosting a trade mission to India April 22-May 1 to focus on sales to India's rapidly expanding water and wastewater market.

The Water Technology Research and Business Accelerator Building is adjacent to the Reed Street Yards. The City of Milwaukee intends to develop the 17-acre parcel into a water technology business park.

"In the last five years the Milwaukee region's water technology cluster has seen a rapid ascent in global prominence," said Rich Meeusen, chairman, president and CEO of Badger Meter Inc. and co-chair of the Milwaukee Water Council. "Thankfully, with the strong support provided by Gov. Walker and the Wisconsin Economic Development Corp. for this one-of-a-kind building, we will be able to make another major leap forward in solidifying Wisconsin's leadership position."