New York makes $10 million available for clean tech incubators

New York has placed a lot of faith in clean energy entrepreneurs to supply services and products for the open distribution grid that the state is planning through its Reforming the Energy Vision (REV) process. This week, the state dedicated more funding to help grow the businesses that will supply these and other services.

On Wednesday, New York Governor Andrew Cuomo announced $10 million in funding for new and existing incubators for early-stage and emerging clean energy companies, through the state’s $5.3 billion Clean Energy Fund. These incubators will work to assist startups connecting them with investors, development partners and mentors with funding managed by the New York State Energy Research and Development Authority (NYSERDA).

This follows on the $14 million that New York has invested in NYSERDA-sponsored incubators since 2009, which the state says has assisted 146 companies, created more than 1,000 jobs and attracted more than $247 million in private investment.

Companies which have been supported by these incubators run the gamut of technologies, and include Graphenix Development, which makes electrodes for ultracapacitors, and MPowered, which makes inflatable solar lanterns

Both incubators which have already received funding and new incubators can apply, with a maximum award amount of $2 million each.

 

For more on the progress of New York’s REV initiative, please see pv magazine USA‘s coverage of Greentech Media’s NY REV Future conference in Brooklyn.