Crown agency Callaghan Innovation has finally delivered its verdict on whether it will continue a $5 million a year R&D grant extended to Auckland wireless charging startup PowerbyProxi - it will.
PowerbyProxi was bought by Apple in a 2017 deal that an Overseas Investment Office filing revealed was in the $100m-plus bracket.
The deal came when PowerbyProxi was mid-way through a five-year Callaghan Innovation Growth Grant worth up to $25m in R&D co-funding.
It might seem perverse that Apple - the world's most profitable company - will receive millions from the NZ taxpayer.
But Callaghan general manager of market and sectors Erica Lloyd says "Overseas companies are not precluded from applying for or receiving R&D grants co-funding so long as the R&D activity and benefits stay in New Zealand – for example, in the form of high-value job creation and/or retention".