Cuomo Announces Millions In Funding For Emerging Clean Energy Companies

Posted by Betsy Lillian on October 17, 2016 No Comments
Categories : Policy Watch

Gov. Andrew M. Cuomo, D-N.Y., has announced a $10 million investment to support new and existing incubators that help early-stage and emerging clean energy companies across New York grow and succeed.

According to a press release, the 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. The release says the technologies developed by these growing clean energy companies will help New York meet its 50% by 2030 clean energy standard.

“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 Cuomo. “This program is one more step toward, a cleaner, greener, more prosperous New York for all.”

Provided through the New York State Energy Research and Development Authority (NYSERDA), funding is available to organizations in New York 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 state’s 10-year, $5.3 billion Clean Energy Fund to support clean energy market development and is considered a critical component of the Governor’s Reforming the Energy Vision strategy to lead on climate change. Since 2009, the state government has invested $14 million in six NYSERDA-sponsored incubators. According to the press release, these incubators have assisted 146 companies, generated more than 1,000 jobs in the cleantech industry, raised more than $247 million in private investment, and brought dozens of new clean energy products and solutions to the market.

More information is available here.

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