NEWYORK: Governor Kathy Hochul announced more than $37 million to advance innovative clean energy technologies in New York State.
The State’s new Commercialization Cohort initiative will establish four business accelerators to provide stage-specific training, mentoring and funding for startups and entrepreneurs to cost-effectively develop clean energy solutions and accelerate their market adoption.
“New York is investing in businesses that drive statewide technological innovation to improve energy efficiency, strengthen resiliency and grow our economy,” said Governor Hochul.
“Building systems that support product development and strengthen local supply chains will spur private investment in clean energy and make it more accessible to consumers.”
Administered by the New York State Energy Research and Development Authority (NYSERDA), the Commercialization Cohort initiative will select program administrators through three competitive funding rounds to support companies at the following stages of product development that is early-stage (Pre-seed) and go-to-market strategy and first commercial pilot (Series A-B), first pilot projects (Seed) and late-stage commercial scale-up (Series B-C)
“NYSERDA is proud to support commercialization services that provide clean energy startups and entrepreneurs with the tools to grow and advance business models which will build upon New York’s strong energy innovation ecosystem. This updated program reflects Governor Hochul’s ongoing commitment to the clean energy transition and complements existing State and local resources to help bring forward innovative clean energy deployment and economic growth,” said NYSERDA President and CEO Doreen M. Harris.
“I am proud of New York State’s continued investments in clean energy innovation, under Governor Hochul’s leadership. These efforts not only secure a more safe, affordable, and reliable grid for New Yorkers, but also attract best-in-class businesses that are driving the clean energy future. Early support, pilot projects, and commercialization show what is possible while furthering private investment in our communities,” said New York State Public Service Commission Chair Rory Christian.
