NYSERDA Announces $10 Million Available to Launch New Cleantech Accelerator

Continues State’s Commitment to Bring Emerging Clean Energy Technologies to the Marketplace

May 15, 2018

The New York State Energy Research and Development Authority (NYSERDA) today announced that the state is seeking proposals from organizations to operate a new statewide cleantech accelerator to help bring cutting-edge, innovative technologies to the marketplace. Up to $10 million is available to launch an accelerator which supports Governor Andrew M. Cuomo’s nation leading clean energy goals in reducing greenhouse gas emissions and increasing clean energy by fast-tracking clean energy concepts to commercialization.

Funds are available to start and manage a cleantech accelerator located in the state that will make early-stage investments and provide supporting services for developing and validating promising clean-energy technologies that could become the platform for startup companies. The accelerator will bring together researchers, entrepreneurs, investors and industry experts to provide a full spectrum of programs and opportunities for participants such as mentoring through various stages of product development.

Alicia Barton, President and CEO, NYSERDA said, “As we march toward achieving Governor Cuomo’s energy goals, continued investments in cleantech technology and innovation will create the necessary foundation for growing a vibrant, self-sustaining statewide clean energy ecosystem. Our nation-leading commitments are attracting more and more entrepreneurs and startup companies to New York and it’s critical that we provide them with the necessary tools for success and assurance that there is no better place to hone their skills than our cleantech accelerators.”

NYSERDA currently administers two cleantech accelerators (also known as Proof-of-Concept Centers), PowerBridgeNY in New York City and NEXUS-NY in Rochester, both launched in 2012. PowerBridgeNY works with teams of entrepreneurs and researchers affiliated with partner academic institutions. These include Columbia University, New York University, Stony Brook University, Cornell Tech and the City University of New York. NEXUS-NY clients do not have to be affiliated with specific academic institutions and can be located anywhere in the state. The current funding opportunity is open to both academic and non-academic institutions.

As of the end of 2017, PowerBridgeNY and NEXUS-NY have assisted 90 teams that have gone on to raise a combined $19 million in private investment, $11 million of non-NYSERDA grant funding, and generated $258,000 in revenue.

In addition to the cleantech accelerators, NYSERDA supports six clean energy incubators which offer commercialization resources, technical assistance and business development support to early-stage companies; an Entrepreneurs-In-Residence program to provide executive mentoring assistance; a Manufacturing Corps program to support businesses with manufacturing development; the 76West Clean Energy Competition; and a cleantech executive leadership institute for professionals.

Innovative technologies that have been developed or commercialized by current incubator clients and graduates are already being used by New Yorkers to make the state more energy efficient. Products include LED lighting systems for sports stadiums and entertainment venues, smart outlets for home appliances, longer-lasting batteries for cell phones and electric vehicles, more efficient heating-and-cooling systems and ride-sharing applications that make it easier and more cost effective to hail taxis in New York City.

Accelerator funding is available through the State’s 10-year, $5.3 billion Clean Energy Fund. More information about this funding is available on NYSERDA’s website.

About Reforming the Energy Vision

Reforming the Energy Vision is Governor Andrew M. Cuomo's strategy to lead on climate change and grow New York's economy. REV is building a cleaner, more resilient and affordable energy system for all New Yorkers by stimulating investment in clean technologies like solar, wind, and energy efficiency and requiring 50 percent of the state's electricity needs to come from renewable energy by 2030. Already, REV has driven growth of more than 1,000 percent in the statewide solar market, improved energy affordability for 1.65 million low-income customers, and created thousands of jobs in manufacturing, engineering, and other clean tech sectors. REV is ensuring New York reduces statewide greenhouse gas emissions 40 percent by 2030 and achieves the internationally recognized target of reducing emissions 80 percent by 2050. To learn more about REV, including the Governor's $5 billion investment in clean energy technology and innovation, visit www.ny.gov/REV4NY and follow us on Twitter, Facebook, and LinkedIn.

About the Clean Energy Fund

The 10-year, $5.3 billion Clean Energy Fund (CEF) is a core component of New York State's Reforming the Energy Vision strategy to achieve a clean, resilient and affordable energy system for all New Yorkers. The CEF includes a focused effort to bring more clean energy opportunities and benefits to low- to moderate-income communities and is designed to deliver on New York State's commitment to accelerate the use of clean energy and energy innovation and drive economic development, while reducing ratepayer collections. NY Green Bank, a core component of the CEF, has generated $27.6 million in positive net income as a result of $457.5 million in investments in clean energy transactions across New York . Its $1 billion NY-Sun initiative has already helped facilitate a more than 1,000 percent increase in solar deployment since 2011. The CEF supports New York's ambitious Clean Energy Standard requiring 50 percent of the state's electricity to come from renewable energy sources by 2030.

About NYSERDA

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 reliance on fossil fuels. NYSERDA professionals work to protect the environment and create clean-energy jobs. NYSERDA has been developing partnerships to advance innovative energy solutions in New York State since 1975. To learn more about NYSERDA’s programs and funding opportunities, visit nyserda.ny.gov or follow us on Twitter, Facebook, YouTube, or Instagram.

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