New York’s Gov., Andrew Cuomo (D), announced a new, $10 million investment in new and existing clean energy incubators. Previous incubators have already created more than 1,000 jobs in the state and brought $247 million in private investments.
Incubator programs help early-stage and emerging companies grow and succeed. For instance, the iClean incubator at SUNY Polytechnic Institute helped MPOWERD get a start. The company manufactures an inflatable solar lantern. It was developed to help people in developing nations get access to a clean source of lighting.
“The company has pioneered a sustainable business model that allows them to provide clean and safe solar lights to people around the globe at prices they can afford,” New York State Energy Research and Development Authority (NYSERDA) stated. What’s more the company’s products are also now found in retail, sporting goods, and outdoors stores.
“New York is leading the way in investing in our state’s clean energy future by supporting small companies with big, innovative ideas that will reduce our carbon footprint and create jobs,” said Governor Cuomo. “This program is one more step toward, a cleaner, greener, more prosperous New York for all.”
The incubators connect them with investors, development partners and mentors to guide the young companies through the next stages of growth. NYSERDA, which manages the program, said the technologies the companies will develop will help New York meet its Clean Energy Standard and the state’s commitment to 50 percent renewable energy by 2030.
Each incubator will receive up to $2 million. Existing clean energy incubators may also apply for funding.
“With the expansion of the New York State Energy Research and Development Authority incubator initiative, not only are we adding new jobs and helping companies bring new products to market, we are creating a cleaner, more affordable and resilient energy system for all New Yorkers,” said Richard Kauffman chairman of Energy & Finance for New York.
New York started investing in the incubators in 2009. Since then it’s invested $14 million in six NYSERDA sponsored incubators and the incubators have assisted 146 companies creating more than 1,000 jobs and have raised more than $247 million.Tweet