Team New Zealand has received a handy financial boost through the awarding of a government research and development grant.
The Kiwi syndicate has been selected to receive Callaghan Innovation Growth Grant - the same scheme that has assisted Emirates Team NZ's key rivals and America's Cup holders Oracle Team USA. Oracle's Warkworth-based boat-building operations, Core Builder Composites, was confirmed as a recipient of the grant in August 2014.
The grant gives taxpayer funding of 20 per cent of its R&D spend, up to a maximum of $5m for three years, plus GST. Companies can therefore get theoretical maximum funding of $17.25m.
Team NZ has previously not been considered for the grant because of the government funding that has been provided by other crown agencies for their past two campaigns.
Team NZ chief executive Grant Dalton said he was unsure of the precise figure the team would receive through the grant as it depends on what the team's R&D spend is.