Applicants to Compete for Six Awards Totaling $2.5 Million
Competition Complements "Southern Tier Soaring" - The Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy
Governor Andrew M. Cuomo today announced that the 76West Clean Energy Competition is now accepting applications from emerging clean energy companies for its fourth round. 76West, one of the largest competitions in the nation focusing on supporting and growing emerging clean energy businesses and economic development, complements "Southern Tier Soaring," the region's comprehensive strategy to generate robust economic growth and community development.
"The Southern Tier is home to some of the most innovative businesses in the country, and 76West is maximizing the amazing talent in this region to build a stronger clean energy economy," Governor Cuomo said. "While the federal government ignores climate change and the need for emerging clean energy technologies, New York will continue to provide support for this industry through innovative programs that help us meet our nation-leading clean energy goals."
"I've attended the 76West award ceremony for the past three years and have witnessed the excitement and new energy when we successfully entice companies to come to the Southern Tier," said Lieutenant Governor Kathy Hochul. "The 76West Clean Energy Competition is an example of creative economic development strategies spurring start-ups in the industries of the future. With the fourth round of the competition, we're incentivizing clean energy innovation to create more jobs and opportunities in the Southern Tier and throughout the state."
The 76West Competition is administered by the New York State Energy Research and Development Authority, which will accept applications through April 15, 2019. A group of up to 20 semifinalists will be selected and brought to the Southern Tier next spring to meet with mentors who will connect them with prospective local partners, industry leaders, potential sources of funding, and other resources within the region.
The semifinalists will then pitch their companies to a group of judges, who will then recommend the six finalists to receive a total of $2.5 million in prizes ($1 million grand prize, one $500,000 prize and four $250,000 awards). In total, 76West will provide $10 million in awards and $10 million for business support, marketing and administration. Winners will be announced later next year.
As a condition of the award, companies must either move to the Southern Tier or establish a direct connection with the Southern Tier, such as a supply chain relationship or other strategic relationships with Southern Tier entities that create jobs. If the companies are already in the Southern Tier, they must commit to substantially growing their business and employment in the region.
Alicia Barton, President and CEO, NYSERDA, said, "The 76West competition builds on Governor Cuomo's commitment to accelerating New York's clean energy economy by providing funding and business support for innovative startup companies that can help us address climate change. The Southern Tier is a thriving ecosystem for entrepreneurs with the 76West competition already enabling previous winners to expand operations, secure funding opportunities and create jobs."
Southern Tier Regional Economic Development Council Co-Chairs Tom Tranter, President and CEO of Corning Enterprises, and Dr. Harvey Stenger, President of Binghamton University, said, "The 76West competition has attracted many innovative companies to the Southern Tier. This next round will no doubt help to encourage these forward-thinking clean energy companies to grow their businesses in the region, further supporting the regionally designed Southern Tier Soaring economic development plan, which is working to revitalize our communities."
Senator Tom O'Mara, Chair of the Senate Environmental Conservation Committee, said, "Clean energy opportunities are poised to become an increasingly important sector of the Southern Tier economy. Ongoing state investment will remain important, particularly these investments that are helping to encourage and grow the start-up companies and other initiatives that will be the backbone of future job growth."
Assemblymember Donna Lupardo said, "76West is helping the Southern Tier continue its legacy of innovation and entrepreneurship by encouraging new businesses to locate in our region. The latest round of 76West will build on New York's status as a leader in the development of clean energy and position the Southern Tier as a hub for investment and growth."
Assemblymember Barbara Lifton said, "Thanks to our world-class academic institutions and local startups, we have a tremendous amount of entrepreneurial talent throughout my Assembly District and the wider region, and this fourth round of funding for the 76West Clean Energy Business competition will help us continue to build the clean energy economy. I'm glad that the Governor sees the potential in our wonderful local start-ups who are developing cutting-edge, clean energy technologies, and I have been pleased to give my strong support for these efforts."
Previous 76West winners have already integrated themselves into the Southern Tier, raising $28 million in private capital for future growth, creating multimillion-dollar investments in property and equipment in the Southern Tier, spending more than $1.7 million on key suppliers, and creating new jobs. Some recent accomplishments of past 76West Competition winners include:
- Skyven Technologies: $1 million grand prize winner (2017): In July, Skyven announced the completion of its first shipment of Intelligent Mirror Array, one of the world's first solar solutions for industrial steam that can be used to reduce greenhouse gas emissions from industrial boilers. The product was manufactured in the Southern Tier.
- EthosGen: $250,000 award winner (2017): EthosGen captures and transforms waste heat to resilient, renewable on-site electric power. Since winning, the company has moved its entire research and development operation from Wilkes-Barre, PA, to NYSERDA's incubator in the Southern Tier at Binghamton University. EthosGen has since secured a manufacturing investment from Rockwell Collins and a seed-stage investment from BingTech Ventures.
- SolarKal: $250,000 award winner (2017): SolarKal is a commercial and industrial solar energy advisor, helping businesses seamlessly transition to solar. SolarKal has opened an office in the Southern Tier and contracted for five commercial solar projects in the Southern Tier totaling more than 3 megawatts. The company has several more projects in the pipeline.
- Micatu, Inc.: $1 million grand prize winner (2016): Micatu makes an optical sensor that gives highly accurate voltage and current readings so utilities can reduce energy use, thereby reducing greenhouse gas emissions. Earlier this year, Micatu signed an agreement to supply its unique grid technology to Eaton Corporation, a leading global power management company. The technology will continue to be manufactured at Micatu's facility in the Southern Tier.
- C4V: $500,000 award winner (2016): C4V produces batteries that can be used for telecommunications systems and other industries that need energy storage with longer lifetimes so they reduce overall cost. Last year, Governor Cuomo announced C4V was one of three companies that will spearhead Imperium3 New York, a consortium of energy storage businesses that will establish research and development and production operations at the Huron Campus in Endicott.
- Global Thermostat: $250,000 award winner (2016): Global Thermostat captures carbon dioxide directly from the air, thereby reducing greenhouse gases, then purifies it and sells it to industrial companies that need it for their manufacturing purposes. Earlier this year, the company completed its latest funding round, bringing the total investment raised to $51 million, and received its first order from Corning, Inc. for its product.
76West supports Governor Cuomo's Reforming the Energy Vision strategy to build a cleaner, more resilient and affordable energy system for all New Yorkers through economic development and expanding innovative entrepreneurship in the Southern Tier. The Southern Tier is already home to nation-leading companies and universities which are spurring innovation and leading global research.
Visit NYSERDA's website for more information on the 76West Competition, application information and to see a complete list of previous winners.
Accelerating Southern Tier Soaring
Today's announcement complements "Southern Tier Soaring," the region's comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $6.2 billion in the region since 2012 to lay for groundwork for the plan - attracting a talented workforce, growing business and driving innovation. Today, unemployment is down to 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. Now, the region is accelerating Southern Tier Soaring with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State's $500 million investment 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.