A partnership between Colorado and Wyoming to develop and commercialize climate-resilient and sustainable technologies is one of 16 finalists in a competition that could bring the states up to $160 million over 10 years from the National Science Foundation’s Regional Innovation Engines Competition.

“We are thrilled to partner with Wyoming on this plan as Colorado is leading our country on environmental tech to help address climate challenges,” Gov. Jared Polis said in a press release. “This funding will grow the work of our universities and federal labs while creating more jobs.”

The awards from the foundation are intended to catalyze robust partnerships to positively impact the economy within a geographic region, address societal challenges, advance national competitiveness, and create local, high-wage jobs across the country, according to its website.

The technologies that emerge are expected to have direct applications to water resource management, agriculture technology, and extreme weather — including wildfires and flooding, according to a release from Polis and Wyoming Gov. Mark Gordon.

“The pathway to a prosperous global future will be paved with adequate, affordable energy and a rigorous commitment to a healthy environment,” Gordon said in the release. “Wyoming understands the urgency of addressing climate challenges. Our unequaled leadership in innovating and developing needed technologies supports Wyoming’s all-of-the-above energy strategy. This approach will grow our economy, develop our workforce and support thriving communities.”

Among the initiatives being explored by Colorado and Wyoming, the Wyoming Business Council, Wyoming Venture Capital, the Colorado Office of Economic Development and International Trade, and Colorado’s Venture Capital Authority are assessing the possibility of a venture capital fund, or funds, that will invest in startups commercializing technologies that emerge from the CO-WY Engine, according to the release.

The award, if Colorado succeeds in the final round of the competition, would build upon existing collaboration between the two states, including a four-state Memorandum of Understanding with New Mexico and Utah to create the Western Inter-State Hydrogen Hub to advance a regional hydrogen economy. Colorado and Wyoming have also signed an MOU outlining the states’ commitments to explore the development of direct air capture to reduce carbon dioxide in the atmosphere, according to the release.

The National Science Foundation’s Engines program envisions supporting multiple flourishing regional innovation ecosystems across the U.S., spurring economic growth in regions that have not fully participated in the technology boom of the past few decades.

Foundation officials are expected to announce successful Regional Innovation Engines this fall.