That means no more need for the teaching assistantship, and support for the next two or three years (I honestly forget what we put in for), which will get me into the start of working on my dissertation for sure.
The grant itself is to support research on "loose coupling" between science and engineering education and science and engineering labor markets. I'll be spending a lot of my time on the labor market side, but it's essentially an "early careers of scientists" research agenda. I'm sure I'll share more of the details as the work moves along.
This is also the sort of organization that it's good to build a relationship, for future grant applications. You're a known quantity for them, which helps.