New York’s Governor Andrew M. Cuomo announced 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. These state-sponsored incubators assist start-ups by connecting them with investors, development partners, and mentors to help guide the start-ups into the next phase of expansion.
“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 Governor Cuomo. “This program is one more step toward, a cleaner, greener, more prosperous New York for all.”
Technologies developed by these growing clean-energy companies will help New York meet the Clean Energy Standard and its commitment to 50% renewable sources by 2030.
Provided through New York State Energy Research and Development Authority, funding is available to organizations in New York 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 New York State Energy Research and Development Authority sponsored clean-energy incubators may also apply for support.
Funding will come from the State’s 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.
“New York 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,” said Energy & Finance for New York Chairman, Richard Kauffman. “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.”
Since 2009, New York State has invested $14 million in six New York State Energy Research and Development Authority sponsored incubators. These 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.
New York State Energy Research and Development Authority’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 here in New York State and across the globe.
These incubators provide the State’s most promising clean energy companies with guidance and help to attract private investments and grant funding to support the growth of these companies that are bringing innovative clean-energy products to market. Current New York State Energy Research and Development Authority supported incubators and examples of successful companies that have graduated from the incubators include:
- Incubator: Directed Energy – University at Buffalo
Company: Graphenix Development makes electrodes for high-performance ultracapacitors, energy storage devices that provide a quick surge of power on demand. Uses include electric and hybrid vehicles, smart grid, renewable energy integration, advanced robotics, and other power applications.
- Incubator: Venture Creations – Rochester Institute of Technology
Company: Sweetwater Energy produces sugars from non-food plant materials, using a patented process, to create a renewable alternative to petroleum. The sugar solution is sold to refineries and used to produce biofuels, bioplastics, and biochemicals.
- Incubator: Clean Tech Center – The Tech Garden
Company: Ephesus Lighting has achieved success with its LED arena and stadium lighting systems, which were used in Super Bowl XLIX and in other high-profile sports and entertainment venues. The company was recently acquired by Eaton Corp., a multinational power management company, and continues to operate in Syracuse. Watch Ephesus video.
- Incubator: iClean – SUNY Polytechnic Institute
Company: MPOWERD develops and manufactures an inflatable solar lantern for use by people worldwide living and playing on and off the grid. The company has pioneered a sustainable business model that allows them to provide clean and safe solar lights to people around the globe at prices they can afford. MPOWERD products can be found in leading retail, sporting goods, and outdoors stores.
- Incubator: ACRE – NYU Tandon School of Engineering
Company: Keen Home has developed technology that retrofits floor, wall and ceiling air vents in a few steps, then wirelessly connects to a home network. The vents communicate with each other to regulate airflow in rooms so they are not too hot or too cold.
- Incubator: CEBIP – Stony Brook University
Company: WATT Fuel Cell develops and manufactures solid oxide fuel cell systems for industries, including recreational vehicle, marine and military sectors. WATT was awarded a contract from the U.S. Army, has raised significant private capital and will launch its beta product in 2016.
“Under Governor Cuomo’s leadership, the State is a making significant investments in clean and efficient energy innovation,” John B. Rhodes, President and CEO of New York State Energy Research and Development Authority. “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.”
Filed Under: Financing, News