Hochul announces $8.5M fund to support companies commercializing new climate technologies

STATEN ISLAND, NY – Gov. Kathy Hochul on Friday announced an $8.5 million fund to help companies commercialize new climate technologies.

The ClimateTech Growth Platform, a program to help companies commercialize technology, will reduce greenhouse gas emissions across New York State’s economy.

The program provides resources for entrepreneurs when it comes to power grids, industrial products, transportation and more.

Rep. Michael Cusick welcomed the move, describing the reduction in greenhouse gas emissions as critical to meeting New York State’s climate change goals.

“As we move forward, we must support the technologies and businesses to build the economy and jobs of the future,” said Cusick. “Greetings to Governor Hochul and [the New York State Energy Research and Development Authority] for continuing to lead this effort.”

Hochul’s announcement comes after the Climate Leadership and Community Protection Act, which aims to reduce carbon emissions by 85% by 2050.

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“As we continue our fight against climate change, New York State’s investments in climate technology are sending a strong signal to entrepreneurs locally and around the world that our state is open to business,” Hochul said in a statement. “My government will continue to support companies that are at the forefront of developing new technologies to reduce greenhouse gas emissions, make our electricity grid more energy efficient and reduce pollution from transport.

“By supporting these innovative developments, we can strengthen our state’s climate leadership, create jobs and grow our economy while building a greener, more resilient future for all New Yorkers.”

The New York State Energy Research and Development Authority (NYSERDA) is currently seeking a program administrator to develop this initiative and provide companies with a range of services including market intelligence, matchmaking, capital and fundraising planning, and project development to advance climate technologies statewide , according to a statement from Hochul’s office.

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The program administrator will receive up to $8.5 million in grants, but $5.9 million must be used for direct services and $2 million for future grants that will be competitively awarded to companies after incorporation.

New York State Energy Research and Development Authority President and CEO Doreen M. Harris stated that the ClimateTech growth platform streamlines and modernizes New York State’s innovation portfolio.

“Harnessing the best local and global climate technologies will stimulate market growth to help all New Yorkers with more efficient energy and lower emissions,” Harris said.

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The New York State Energy Research and Development Authority is accepting applications from qualifying organizations through November 15, 2022.

An evaluation committee reviews all proposals based on the published criteria and selects a program administrator through competition.

Applicants must demonstrate economic benefits and demonstrate how they can enable support services for companies willing to commercialize their technology to meet New York State’s climate and clean energy goals.

By 2025, the program will support 100 businesses and ensure access to New York State businesses located in each of New York’s regional economic development districts, businesses outside of New York State, and businesses interested in relocating New Yorkers or providing services offer for New Yorkers.

For more information, a fund webinar will be held on Wednesday 19 October at 1pm

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