NYSERDA Announces $10 Million Available to Launch New Cleantech Accelerator
NYSERDA currently administers two cleantech accelerators (also known as Proof-of-Concept Centers), PowerBridgeNY in New York City and NEXUS-NY in Rochester, both launched in 2012. PowerBridgeNY works with teams of entrepreneurs and researchers affiliated with partner academic institutions.
The New York State Energy Research and Development Authority (NYSERDA) has announced that the state is seeking proposals from organizations to operate a new statewide cleantech accelerator to help bring cutting-edge, innovative technologies to the marketplace.
Up to $10 million is available to launch an accelerator which supports Governor Andrew M. Cuomo's nation leading clean energy goals in reducing greenhouse gas emissions and increasing clean energy by fast-tracking clean energy concepts to commercialization.
Funds are available to start and manage a cleantech accelerator located in the state that will make early-stage investments and provide supporting services for developing and validating promising clean-energy technologies that could become the platform for startup companies.
The accelerator will bring together researchers, entrepreneurs, investors and industry experts to provide a full spectrum of programs and opportunities for participants such as mentoring through various stages of product development.
Alicia Barton, President and CEO, NYSERDA said, "As we march toward achieving Governor Cuomo's energy goals, continued investments in cleantech technology and innovation will create the necessary foundation for growing a vibrant, self-sustaining statewide clean energy ecosystem.
Our nation-leading commitments are attracting more and more entrepreneurs and startup companies to New York and it's critical that we provide them with the necessary tools for success and assurance that there is no better place to hone their skills than our cleantech accelerators."
NYSERDA currently administers two cleantech accelerators (also known as Proof-of-Concept Centers), PowerBridgeNY in New York City and NEXUS-NY in Rochester, both launched in 2012. PowerBridgeNY works with teams of entrepreneurs and researchers affiliated with partner academic institutions.
These include Columbia University, New York University, Stony Brook University, Cornell Tech and the City University of New York. NEXUS-NY clients do not have to be affiliated with specific academic institutions and can be located anywhere in the state. The current funding opportunity is open to both academic and non-academic institutions.
As of the end of 2017, PowerBridgeNY and NEXUS-NY have assisted 90 teams that have gone on to raise a combined $19 million in private investment, $11 million of non-NYSERDA grant funding, and generated $258,000 in revenue.
In addition to the cleantech accelerators, NYSERDA supports six clean energy incubators which offer commercialization resources, technical assistance and business development support to early-stage companies; an Entrepreneurs-In-Residence program to provide executive mentoring assistance; a Manufacturing Corps program to support businesses with manufacturing development; the 76West Clean Energy Competition; and a cleantech executive leadership institute for professionals.
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, longer-lasting 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.