New York state has made a $10 million investment to support new and existing incubators that help early-stage and emerging clean energy companies across the state grow and succeed.
The state-sponsored incubators assist startups by connecting them with investors, development partners and mentors to help guide the startups into the next phase of expansion, officials said. Technologies developed by these growing clean energy companies will help New York meet the Clean Energy Standard and its commitment to 50 percent renewable sources by 2030.
“New York is leading the way in investing in our state’s clean energy future by supporting small companies with big, innovative ideas that will reduce our carbon footprint and create jobs,” said Gov. Andrew Cuomo. “This program is one more step toward, a cleaner, greener, more prosperous New York for all.”
Provided through New York State Energy Research and Development Authority (NYSERDA), funding is available to organizations in the state that are interested in providing incubator services to early-stage clean energy companies, particularly in the Southern Tier. Up to $2 million will be available for each incubator. Existing NYSERDA-sponsored clean energy incubators may also apply for support.
Funding will come from the 10-year, $5.3 billion Clean Energy Fund to support clean energy market development and is a critical component of the governor’s Reforming the Energy Vision strategy to lead on climate change. Since 2009, New York State has invested $14 million in six NYSERDA-sponsored incubators. Officials said the incubators have assisted 146 companies, generated more than 1,000 jobs in the clean tech industry, raised more than $247 million in private investment, and brought dozens of new clean energy products and solutions to the market.
Energy and Finance for New York Chairman Richard Kauffman said the state’s clean energy incubators “are already helping in the transformation of our energy system, attracting private investment and adding jobs to our emerging clean energy economy. With the expansion of the New York State Energy Research and Development Authority incubator initiative, not only are we adding new jobs and helping companies bring new products to market, we are creating a cleaner, more affordable and resilient energy system for all New Yorkers.”
John B. Rhodes, president and CEO of New York State Energy Research and Development Authority said, incubators “play a vital role in this vision and help emerging companies launch new technologies and business models that use less energy, reduce carbon emissions and make clean energy systems more affordable.”
NYSERDA’s technology and business innovation program supports vibrant, self-sustaining clean energy innovation ecosystems that foster and accelerate the growth of businesses that will serve the clean energy market in New York state and across the globe, officials said.