Governor Hochul Announces $8.5 Million to Support Companies Commercializing New Climate Technologies
New Program to Provide Resources for Entrepreneurs Scaling Building, Transportation, Electric Grid and Industrial Products and Services
October 7, 2022
Governor Kathy Hochul today announced the $8.5 million ClimateTech Growth Platform, a new program to support companies commercializing technologies that reduce greenhouse gas emissions across New York State's economy. The program will provide an array of resources for entrepreneurs scaling building, transportation, electric grid or industrial products or services that have reached the pre-commercialization or growth stage. This announcement supports the state's nation-leading Climate Leadership and Community Protection Act goal of reducing carbon emissions 85 percent by 2050.
"As we continue our fight against climate change, New York State's investments in climate technology send a strong signal to entrepreneurs, locally and around the world, that our state is open for business," Governor Hochul said. "My administration will continue to support companies that are at the forefront of developing new technologies to lower greenhouse gas emissions, make our electric grid more energy efficient and reduce pollution from transportation. By supporting these innovative developments, we can further our state's leadership on climate, create jobs and grow our economy as we build a greener, more resilient future for all New Yorkers."
The New York State Energy Research and Development Authority seeks a program administrator to develop this initiative and provide an array of services to companies, including market intelligence, matchmaking, capital and fundraising planning and project development to advance climate technologies across the state. The program administrator will be awarded up to $8.5 million in funding, of which $5.95 million must be allocated for direct services, and up to $2 million must be allocated to future grants that will be competitively awarded to companies participating in the program, once it's established and implemented.
New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, "The ClimateTech Growth Platform streamlines and modernizes our Innovation portfolio which brings emerging companies on-the-ground resources to grow relationships, form partnerships and create supply chains across all regions of New York State. Leveraging the best in local and global climate technologies will stimulate market growth to benefit all New Yorkers with more efficient energy and lower emissions."
The New York State Energy Research and Development Authority will accept applications from qualified organizations through November 15, 2022, and a scoring committee will evaluate all proposals based on the published criteria and competitively select a program administrator. Proposers should demonstrate economic benefits, and applications must show how they can enable support services for companies ready to commercialize their technology to meet New York State's climate and clean energy goals. The program will support 100 companies through the end of 2025 and ensure access to New York State based companies located in each of New York's Regional Economic Development Council areas, companies outside of New York State, and to companies interested in relocating or providing services to New Yorkers.
Assemblymember Michael Cusick said, "Reducing greenhouse gas emissions is critical to reaching New York State's climate change mitigation goals. As we move forward, we need to support the technologies and businesses to build the economy and jobs of the future. I applaud Governor Hochul and NYSERDA for continuing to lead this effort."
For more information, a webinar will be held on Oct. 19, 2022 at 1:00 pm ET.
The ClimateTech Growth Platform succeeds New York State Energy Research and Development Authority's successful Clean Energy Incubator program, which has fostered access to investors, mentors, development partners, and commercialization resources through six incubators spanning the state from Buffalo to Long Island since 2009. Since 2009, the state has invested more than $28 million through New York State Energy Research and Development Authority, supporting nearly 374 companies and generating more than 1,700 jobs. More than $1.8 billion in private investments and $200 million in project finance capital have been created while helping bring more than 589 new and improved clean energy products to market, including LED lighting systems, home appliances, longer-lasting batteries, and more efficient heating-and-cooling systems.
Funding for this initiative is through the state's 10-year, $6 billion Clean Energy Fund. More information about this funding is available on the New York State Energy Research and Development Authority's website.
New York State's Nation-Leading Climate Plan
New York State's nation-leading climate agenda is the most aggressive climate and clean energy initiative in the nation, calling for an orderly and just transition to clean energy that creates jobs and continues fostering a green economy as New York State recovers from the COVID-19 pandemic. Enshrined into law through the Climate Leadership and Community Protection Act, New York is on a path to achieve its mandated goal of a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030, and to reach economy wide carbon neutrality. It builds on New York's unprecedented investments to ramp-up clean energy including over $35 billion in 120 large-scale renewable and transmission projects across the state, $6.8 billion to reduce buildings emissions, $1.8 billion to scale up solar, more than $1 billion for clean transportation initiatives and over $1.6 billion in NY Green Bank commitments. Combined, these investments are supporting nearly 158,000 jobs in New York's clean energy sector in 2020, a 2,100 percent growth in the distributed solar sector since 2011 and a commitment to develop 9,000 megawatts of offshore wind by 2035. Under the Climate Act, New York will build on this progress and reduce greenhouse gas emissions by 85 percent from 1990 levels by 2050, while ensuring that at least 35 percent with a goal of 40 percent of the benefits of clean energy investments are directed to disadvantaged communities and advance progress towards the state's 2025 energy efficiency target of reducing on-site energy consumption by 185 trillion BTUs of end-use energy savings.