NYSERDA Launches Two Cleantech Accelerators for Entrepreneurs to Bring Clean Energy Solutions to the Marketplace

Statewide Accelerators Help New Yorkers Start or Expand Clean Energy Companies and Bring New Solutions to Combat Climate Change
Supports Governor Cuomo’s Green New Deal, Spurring Innovation in the Green Economy

The New York State Energy Research and Development Authority (NYSERDA) today announced the launch of two new Statewide cleantech accelerators offering a variety of support services for clean energy companies including seed money to build or grow a clean energy business. Today’s announcement advances the State’s goal for an 85 percent reduction in greenhouse gas emissions by 2050 and Governor Andrew M. Cuomo’s Green New Deal, the nation-leading clean energy and climate agenda that has set the State on a path to economy-wide carbon-neutrality.

Alicia Barton, President and CEO, NYSERDA said, “Under Governor Cuomo’s leadership, innovation will continue to play a crucial role in reducing greenhouse gas emissions and combating climate change. 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.”

The accelerators, built upon NYSERDA’s previous proof-of-concept centers, will be administered by NextCorps in Rochester and NEX-NY in Brooklyn to expand the number of companies supported, enabling NYSERDA to catalyze its climate impact solutions even faster. Together, the new accelerators will have diverse focus areas across all clean energy technologies and markets – such as advanced buildings, energy storage and fuel cells, smart grid, industrial energy efficiency, renewable electricity and fuels, and clean transportation – to help with the specific needs of participating companies. The goal of the accelerators is to ultimately broaden the number of clean energy startup companies operating in New York State as the state grows a clean energy economy.

The NextCorps- supported accelerator will receive $10 million over five years, and provide seed money for early stage entrepreneurs building clean energy companies. As significant numbers of clean energy technologies evolve from colleges and universities, the NextCorps accelerator will partner with campuses to advance and facilitate company launches. The accelerator will also build a statewide mentor and advisory network that specializes in supporting new startups get their products to market successfully for greater scale and deployment into our energy systems and infrastructure.

The NEX-NY Accelerator will be funded at $6 million over thirty months and support existing high potential clean tech companies with commercialized products. NEX-NY will support these cleantech companies to rapidly scale their corporate capacities, grow their businesses and expand their customer base. The NEX-NY Accelerator will recruit cleantech companies from across the globe to facilitate relationships with potential corporate partners and investors, and enable their impact on New York State’s clean energy economy.

The accelerators are part of a comprehensive suite of services available for clean energy companies in New York State. NYSERDA offers entrepreneurs and innovators a complete roadmap starting from the idea-stage and leading to full scale market adoption that makes New York State one of the best places in the world to start and scale a clean energy company.

NYSERDA’s Innovation programs support technological and other innovative initiatives to meet New York State’s climate and decarbonization goals. Its Tech to Market program currently supports six clean energy incubators in New York State 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 scaleup; and the 76West Clean Energy Competition.

As a result of NYSERDA’s technology investments and business development support, more than 440 new and improved clean energy products have been commercialized. 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.

New York State’s Green New Deal
Governor Cuomo’s Green New Deal is the most aggressive climate and clean energy initiative in the nation, putting the state on a path to being entirely carbon-neutral across all sectors of the economy and establishing a goal to achieve a zero-carbon emissions electricity sector by 2040, faster than any other state. It builds on New York’s unprecedented ramp-up of clean energy including a $2.9 billion investment in 46 large-scale renewable projects across the state, the creation of more than 150,000 jobs in New York’s clean energy sector, a commitment to develop nearly 1,700 megawatts of offshore wind by 2024, and 1,700 percent growth in the distributed solar sector since 2012.

The recently passed Climate Leadership and Community Protection Act (CLCPA) mandates the Green New Deal’s nation-leading clean energy targets: nine gigawatts of offshore wind by 2035, six gigawatts of distributed solar by 2025, and three gigawatts of energy storage by 2030, while calling for an orderly and just transition to clean energy that creates jobs and continues fostering a green economy. The CLCPA also directs New York State agencies and authorities to collaborate with stakeholders to develop a plan to reduce greenhouse gas emissions by 85 percent from 1990 levels by 2050 and aim to invest 40 percent of clean energy and energy efficiency program resources to benefit disadvantaged communities.

About NYSERDA
NYSERDA, a public benefit corporation, offers objective information and analysis, innovative programs, technical expertise, and funding to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce reliance on fossil fuels. NYSERDA professionals work to protect the environment and create clean-energy jobs. NYSERDA has been developing partnerships to advance innovative energy solutions in New York State since 1975.