A Florida university has secured $1.6 million in loans from the company behind the SpaceX rocket.
University of Florida President Robert J. Cerrone announced Wednesday that the university’s research grants, grants from the Florida Institute of Technology and the Florida Advanced Technology University, have been approved.
He also announced that the company’s $6.5 million annual capital infusion for the university will go to the university and its faculty.
The $1 million investment is for the first phase of a two-year funding package that includes an initial loan of $1,800 and two grants totaling $2,500.
The university will use the funds for additional research.
In 2018, the university secured a $3.5 billion investment from SpaceX.
It’s not clear how much the university paid for the loan.
The SpaceX deal will allow the university to continue its relationship with SpaceX and make sure it stays on track, Cerrones said.
The company is one of the most highly valued private companies in the world.
The Florida institute and Florida Advanced Tech University have been awarded a $1 billion investment by the Department of Defense, which has also awarded SpaceX a $2 billion research and development contract.