The Cleantech Business Incubator Initiative is part of a statewide movement to grow New York’s clean energy economy. The initiative has received more than $215 million in private capital and created 980 jobs across the state. The New York State Energy Research and Development Authority (NYSERDA) has provided the incubator program with $14 million in funding, securing $15 in private sector investment for every dollar NYSERDA invested.
Governor Andrew M. Cuomo approved the investment as part of his strategy for Reforming the Energy Vision, which has the goal of building a clean, resilient and affordable energy system. “New York State is committed to supporting the development of this industry to reduce our energy consumption and create a more sustainable and resilient community,” Governor Cuomo said in a press release. “Through this initiative, we are giving the best and brightest entrepreneurs an opportunity to get their startups off the ground, helping to create jobs, spur economic development, and secure a cleaner and greener future for the next generation of New Yorkers.”
Recently, representatives across the state came together in Syracuse to celebrate the success of NYSERDA’s incubator program. NYSERDA President and CEO John B. Rhodes announced that the state will provide incubators with additional funding to continue to drive growth. The incubators have supported over 140 clean technology companies. Forty-four graduated from the program, after achieving success. Additional funding will allow the state to expand this program.
According to Richard Kauffman, New York State Chairman of Energy and Finance, “we are leveraging ratepayer dollars in smart, innovative and more efficient ways to grow and transform our clean energy markets by supporting promising and cutting-edge companies for a cleaner and healthier environment.” They believe the incubators foster the entrepreneurial spirit and provide promising clean tech ventures with the access to investors, development partners, mentors, and commercialization resources needed to grow these businesses.
