The New York University Tandon School of Engineering has received a $100,000 grant from Wells Fargo to support early-stage companies in New York City’s hub for smart cities, smart grid, and clean energy through its ACRE incubator.
Housed at the Urban Future Lab (UFL) at NYU Tandon, the internationally recognized ACRE is a cleantech incubator that supports startup ventures with innovative technologies and new business models for a greener, smarter, and more connected world. ACRE is uniquely poised to engage the next generation of engineers in developing solutions for one of the most pressing problems of the 21st century, climate change.
“This grant will help the ACRE to support early-stage business ventures and to continue providing the services young businesses need to scale up and find solutions to issues of sustainability,” said
Pat Sapinsley, managing director of cleantech initiatives at the UFL. “We’re honored to have Wells Fargo supporting our program and to count them among a growing number of our private and public supporters dedicated to making a difference in climate change. Such collaboration is essential if we’re going to create, innovate, and solve the world’s pressing energy challenges.”
Since 2007, Wells Fargo has provided more than $27 billion in financing for environmentally sustainable businesses, including $4 billion in solar and wind project investments and $9 billion to support LEED-certified and other green buildings. The company is also an active industry participant and sponsor of several cleantech initiatives, including a $10 million environmental grant program for clean technology startups called the Innovation Incubator.
“Wells Fargo is proud to provide financial support and industry expertise to the NYU – ACRE program supporting clean technology entrepreneurs,” said Ashley Grosh, vice president, Wells Fargo Environmental Affairs. “We are dedicated to supporting organizations like the ACRE and the Urban Future Lab that are redefining what’s possible in the cleantech sector. We’re confident the impact of this grant on New York’s cleantech economy and beyond will multiply through of our collaboration.”
The UFL is a part of the NYU Tandon School of Engineering Future Labs ecosystem, which also includes the Data Future Lab in Manhattan’s SoHo neighborhood, as well as the Digital Future Lab and a veterans’ entrepreneurial support program, both in Brooklyn’sDUMBO neighborhood. The Future Labs were the first university-public-private incubator partnership with New York City and are tasked with creating a sustainable program that helps new ventures succeed and generate positive economic impact.
Since launching in 2009, the Future Labs at NYU Tandon have helped companies create more than 1,250 jobs, raise more than $245 million in capital, and generate a local economic impact of
$352 million. Named among the Top 10 Idea Labs in the United States by Worth magazine, the Future Labs are counted among the many ways the NYU Tandon School of Engineering supports technology in service to society.