The agenda
The agenda could be along these lines:

Team: everyone introduces themselves one at a time. It helps to associate faces to names and names to work. Where are you coming from, company, experiencie, etc. 

Project goals: state the project goals, from the perspective of the grant. This helps remind everyone why they are here, and demonstrate that our team understands what matters to them.

Milestones: remind everyone on the expected deliverables. Although more technical, you don’t need to be too technical. 

Timeline: if there is an agreed timeline, it should be stated once again. If risks on the timeline have been identified, they should be mentioned, but keep it high-level.

Communication: remind everyone of the frequency and channels. This is not meant to be frozen in stone, but it helps set expectations.

Next steps: set a future project status check-in within the next coupld of months. If there are any other upcoming activities, mention it so everybody is aware.

Q&A: opportunity to ask any question.