New York gives USD 16m for cleantech accelerator schemes

The US state of New York will disburse USD 16 million (EUR 14.6m) in two cleantech accelerator programmes that seek to support the growth of clean energy companies, the New York State Energy Research and Development Authority (NYSERDA) said on Thursday.

Projects covering renewable electricity and fuels, energy storage and fuel cells, clean transportation, smart grids, advanced buildings, and industrial energy efficiency can participate. The financing, including seed funds, will be distributed through two separate initiatives.

The first cleantech accelerator will be administered by Rochester-based start-up incubator NextCorps and will receive USD 10 million over five years to support early-stage entrepreneurs. The initiative will create a statewide advisory network that will back new startups with the launch of their products.

The other programme will be run by the New Energy Nexus not-for-profit accelerator, getting USD 6 million over 30 months to assist existing companies with scaling up their commercialised products.

These plans come in line with New York’s goal to cut by 85% its carbon dioxide (CO2) emissions by 2050.

"The accelerators send a strong signal to entrepreneurs and companies that think outside the box -- New York State is here to help energy innovators grow and thrive as we build stronger, cleaner communities to benefit all New Yorkers, especially now, as we look ahead to jump-starting the economy following the COVID-19 pause," said Alicia Barton, NYSERDA’s president and CEO.

(USD 1.0 = EUR 0.914)

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