Incubator to Assist 76West Winners and Other Cleantech Entrepreneurs
Joins Six Other State Clean Energy Incubators Whose Companies Have Raised $313 Million in Private Investment to Combat Climate Change
New Incubator Supports "Southern Tier Soaring" - the Region's Strategic Plan to Generate Robust Economic Growth and Community Development
Governor Andrew M. Cuomo today announced that the State will provide additional support for the Southern Tier's growing clean energy sector by officially launching its first incubator in this region for use by 76West winners and other clean energy technology companies. The new facility in Binghamton builds on the success of the state's six other clean energy incubators, and will complement "Southern Tier Soaring," the region's comprehensive strategy to generate robust economic growth and community development.
"New York is a national leader in growing the clean energy industry and by giving the Southern Tier the necessary tools, we will help ensure this momentum continues," Governor Cuomo said. "By attracting the most innovative, high-tech companies to New York, we can work to reduce our carbon footprint while securing a cleaner, healthier future for all."
The incubator will provide space, technical support and other assistance for clean technology companies, including the winners of the recent 76West competition and similar entrepreneurs, which fosters cleantech economic development and leadership and expands innovative entrepreneurship in the Southern Tier.
"Incentivizing clean energy innovation in the Southern Tier with this new state-supported incubator is further evidence of Governor Cuomo's commitment to creating even more jobs and opportunities in this region of the State," said Lieutenant Governor Kathy Hochul. "Investing in renewable energy and other clean energy solutions also ensures a cleaner environment and stronger economy for future generations of New Yorkers."
76West is a $20 million competition and support program administered by the New York State Energy Research and Development Authority. The competition announced its second round of winners on August 16 in Binghamton. The 76West Competition is providing $10 million in awards and $10 million for business support, marketing and administration, including the new Southern Tier incubator.
Today's announcement also supports the goals of the U.S. Climate Alliance - a growing coalition of 14 states and Puerto Rico committed to reduce greenhouse gas emissions - collectively on track to meet and possibly exceed their portion of U.S. commitment under the Paris Agreement following the withdrawal from the climate change accord by the federal government.
Richard Kauffman, Chairman of Energy and Finance for New York, said, "This latest addition to New York's thriving network of cleantech incubators will help usher in the technology we need to build scale in clean energy. The incubator announced today will be home to the innovative cleantech solutions required to advance Governor Cuomo's REV strategy while making sure the benefits of growth in the clean energy industry are felt right here in New York State."
Alicia Barton, President and CEO, of the New York State Energy Research and Development Authority, said, "New York is making tremendous strides in bringing new, clean energy technologies to market. The strategic investments that we are making through the incubators are already yielding economic benefits to the state and contributing to Governor Cuomo's Reforming the Energy Vision initiative in building a cleaner, more resilient energy system for generations to come."
Binghamton University will manage the incubator, which will be located in downtown Binghamton, in the Koffman Southern Tier Incubator building.
Harvey Stenger, President of Binghamton University said, "The Southern Tier is quickly becoming the clean-energy hub of New York state. The Koffman Incubator is the perfect location to support and nurture these companies, while fostering economic development; expanding entrepreneurship; and supporting technology to reduce greenhouse gas emissions."
Senator Fred Akshar said, "This is good news for the environment and good news for potential job creation in Binghamton. The downtown Southern Tier Incubator is the perfect location for supporting new clean energy innovations in our community."
Assemblymember Donna Lupardo said, "In order to promote a clean energy economy, it's important that we support these businesses every step of the way. By providing space and needed guidance, this incubator will help the 76West winners build the successful businesses that will make New York a leader in clean energy."
Broome County Executive Jason T. Garnar said, “I’d like to thank Governor Cuomo for once again continuing to invest critical resources in the Southern Tier. We’re thrilled to have the Tier’s first clean energy incubator right here in Broome County that will develop, support, and expand our clean technology sector to help create good paying jobs.”
Binghamton Mayor Richard C. David said, "Clean energy companies are good for jobs and good for our environment. We want our community to be a hub for cleantech and green jobs as we work to build the sustainable future for a 21st Century economy. This builds perfectly on Binghamton being designated as a NYSERDA Clean Energy Community. I thank Governor Cuomo for his investments in the City of Binghamton and recognition of our commitment to clean energy initiatives."
Since 2009, NYSERDA has invested $14 million in six clean energy incubators at academic institutions and venture development organizations in Buffalo, Rochester, Syracuse, Albany, New York City and Long Island. As of March 31, 2017, there were 163 companies that are current clients or graduates of NYSERDA-sponsored clean energy incubators. These companies have raised more than $313 million in private investment since 2009, including nearly $70 million in 2016 alone, a 32 percent increase over the previous year. In addition, they are currently generating over 1,075 jobs in the clean energy industry throughout the State.
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, 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.
Current NYSERDA-sponsored clean energy incubators and examples of successful companies that have worked closely with those incubators include:
iClean - SUNY Polytechnic Institute, Albany
- ThermoAura commercializes an advanced manufacturing technology for thermoelectric and advanced nanomaterials. The end product is a low-cost, high efficiency manufacturing process for producers of everything from cars to refrigerators.
Central New York
Clean Tech Center - The Tech Garden, Syracuse
- NOHMs Technologies develops rechargeable lithium-ion battery technology with significant performance, cost, safety and environmental advantages. Their batteries can increase the range of electric vehicles and enable smart phone batteries to hold their charge longer.
Venture Creations - Rochester Institute of Technology, Rochester
- ClearCove Systems harvests organics from wastewater, providing energy and cost reductions in wastewater treatment processes while enabling treatment plants to become self-sustaining through renewable energy production. Dairy farmers, organic food producers, breweries and wineries can make their operations cleaner and more energy efficient using this system.
CEBIP - Stony Brook University, Long Island
- ThermoLift develops a novel, natural-gas-driven heat pump/air conditioner with the potential to replace residential and commercial heating, cooling and hot water systems. These systems have the potential to simplify heating and cooling appliances for homes, offices and institutions while also reducing utility bills for consumers.
New York City
ACRE - NYU Tandon School of Engineering, Brooklyn
- EV-Box provides charging points for electric vehicles, delivering high-quality, American-made equipment and smart software for parking garages, workplaces and homes. The company was recently acquired by Engie, a leading global electric utility company and energy solutions provider, and continues to operate in the US and Europe.
Western New York
Directed Energy - University at Buffalo, Buffalo
- TROVE Data Sciences uses data analytics solutions to study energy consumer behavior to predict usage patterns for utilities. By using this platform, utilities can help consumers save money as well as increase service reliability for those customers.
NYSERDA's incubators offer commercialization resources, technical assistance and business development support to early-stage companies to help them achieve key milestones and accelerate their time to market. Clients benefit from networking events, workshops and skills enhancement boot camps, and share experiences, challenges, solutions and contacts with fellow entrepreneurs. Most incubators offer low-cost physical office and work space as well as virtual services.
A complete list of current and former incubator clients is available here.
Accelerating Southern Tier Soaring
Today's announcement complements "Southern Tier Soaring," the region's comprehensive blueprint to generate robust economic growth and community development. This initiative is focused on innovation, vigorous business growth and to creating an environment aimed at attracting the best and brightest talent to the region. The State has already invested more than $4.6 billion in the region since 2012 to lay the groundwork for the plan which includes investing in key industries such as advanced manufacturing, food and agriculture and in efforts that support the greater Binghamton innovation ecosystem. Today, unemployment across the state is near the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Binghamton, Johnson City and Corning as a destination in which to grow and invest. The $500 million "Southern Tier Soaring" Upstate Revitalization Initiative announced by Governor Cuomo in December 2015 will incentivize private business to invest well over $2.5 billion - and the region's plan, as submitted, projects up to 10,200 new jobs. More information is available here.