January 13, 2012
New Brookings Institution/Rockefeller Foundation Report Lauds NYSERDA’s Incubator Program
16-Page Report Calls NYSERDA’s Program “Critical” in the Growth of New York’s Clean Energy Economy
The clean-energy incubator program run by the New York State Energy Research and Development Authority (NYSERDA) is a “critical” element in helping to grow an innovative, clean-energy ecosystem across New York, according to a recent report from the Brookings Institution.
“NYSERDA is honored that the Brookings-Rockefeller Project recognized our hard work in promoting the cleantech economy in New York,” said Francis J. Murray Jr., President and CEO of NYSERDA. “Governor Cuomo has characterized innovation as being a key component in New York’s economic future. By fostering investment in technology and innovation at young companies, NYSERDA is helping to grow jobs and encourage economic development around the state.”
NYSERDA’s incubator program was created in 2009 and now includes six facilities. Each incubator, which focuses on clean-energy business development, was linked to existing incubators at universities including Stony Brook, New York University, Albany, Syracuse, Rochester Institute of Technology and Buffalo.
NYSERDA is currently providing a total of $1.5 million for each incubator, in a funding program to run through 2015. The incubators, which currently have about 70 client tenants, have already seen a number of impressive returns – several hundred new jobs and more than 30 new products. Incubator mentors have helped client companies raise $41 million in private capital and attract $11 million in federal funding.
“By the third quarter of 2011, with just over two years of operation and $3.9 million in program expenditures, the Clean Energy Business Incubator program has already achieved significant results,” Brookings noted in its report. “NYSERDA’s efforts to help cleantech businesses develop and commercialize new energy technologies has been critical in helping New York create and retain the types of companies that form the bedrock of a clean energy economy.”
NYSERDA’s incubators include:
- Long Island High Technology Incubator Inc. at Stony Brook University
- NYC ACRE in Brooklyn
- iCLEAN at Albany’s College of Nanoscale Science and Engineering
- The Cleantech Center in Syracuse
- Venture Creations in Rochester
- Directed Energy at University at Buffalo Office of Science, Technology Transfer and Economic Outreach
To read the report, please visit http://www.brookings.edu/papers/2012/0111_states_energy_funds.aspx.
NYSERDA, a public benefit corporation, offers objective information and analysis, innovative programs, technical expertise and funding to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce their reliance on fossil fuels. NYSERDA professionals work to protect our environment and create clean-energy jobs. NYSERDA has been developing partnerships to advance innovative energy solutions in New York since 1975.
Last Updated: 05/14/2013
Alan Wechsler, Communications Specialist
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