Successful Incubator Initiatives Have Created More than 1,000 Jobs and Leveraged Over $247 Million in Private Investments Supports Governor Cuomo's Reforming the Energy Vision Strategy
Governor Andrew M. Cuomo today 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 startups by connecting them with investors, development partners and mentors to help guide the startups into the next phase of expansion. Technologies developed by these growing clean energy companies will help New York meet the Clean Energy Standard and its commitment to 50 percent renewable sources by 2030.
“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.”
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 ten 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. 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.
Energy & Finance for New York Chairman Richard Kauffman said, “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. 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.”
John B. Rhodes, President and CEO of New York State Energy Research and Development Authority said, “Under Governor Cuomo’s leadership, the State is a making significant investments in clean and efficient energy innovation. 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.”
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. www.graphnx.com
- 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. http://sweetwater.us/
- 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. http://ephesuslighting.com/
- 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. http://mpowerd.com/
- 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. http://www.keenhome.io/
- 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. http://www.wattfuelcell.com/
More information on the incubator funding opportunity and a complete list of current and graduate clients is available here.
About the Clean Energy Fund
The 10-year, $5.3 billion Clean Energy Fund 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. It 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. It includes a minimum of $234 million in funding over the first three years to support clean energy opportunities specifically to benefit low-to-moderate-income communities throughout the State. The Clean Energy Fund supports New York’s aggressive Clean Energy Standard, which requires that 50 percent of the State’s electricity come from renewable energy sources by 2030.
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. Reforming the Energy Vision 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, in part through the recent adoption of New York’s Clean Energy Standard which requires that 50% of the state's electricity needs be generated from renewable energy sources by 2030. Already, Reforming the Energy Vision has driven 600% growth in the statewide solar market, enabled over 105,000 low-income households to permanently cut their energy bills with energy efficiency, and created thousands of jobs in manufacturing, engineering, and other clean tech sectors. Reforming the Energy Vision is ensuring New York State reduces statewide greenhouse gas emissions 40% by 2030 and achieves the internationally-recognized target of reducing emissions 80% by 2050. To learn more about Reforming the Energy Vision, including the Governor's $5.3 billion investment in clean energy technology and innovation, please visit www.ny.gov/REV4NY and follow us at @Rev4NY.