The New York State Energy Research and Development Authority (NYSERDA) announced the 20 finalists for the 76West Clean Energy Competition, one of the largest competitions in the country that focuses on supporting and growing clean energy businesses and economic development. The competition complements “Southern Tier Soaring,” the region’s comprehensive strategy to generate robust economic growth and community development.
Alicia Barton, President and CEO, NYSERDA, said, “I’m thrilled to see such a diverse group of companies participating in the 76West Competition to support Governor Cuomo’s commitment to building the Southern Tier’s clean energy ecosystem. Innovative entrepreneurs such as those leading the finalist companies will bring new solutions to help us tackle climate change and reduce greenhouse gas emissions.”
The 20 finalists were chosen from a pool of 152 applicants based in more than a dozen countries and 27 states. The companies represent a diverse spectrum of clean energy technologies such as energy storage, wastewater treatment, energy efficiency and solar. The finalists will be paired with mentors before pitching their companies to a panel of judges from July 31 through August 1, at Cornell University. The judges will then recommend the six final award winners who will receive a total of $2.5 million in prizes. Winners will be revealed in the fall.
The 76West finalists are:
New York State
• Connexus Controls, Albany
• Crystal Creek Organics, Rochester
• EkoStinger, Rochester
• Molecular Glasses, Rochester
• Tyll Solar, Rochester
• WexEnergy, Rochester
New York City
• Allied Microbiota, New York City
• Capro-X, Ithaca
• Ecolectro, Ithaca
• Empower Equity, Ithaca
• Southern Tier Technologies, Endwell
• Active Energy Systems, Knoxville, Tennessee
• Inovues, Houston, Texas
• mIQroTech, State College, Pennsylvania
• PassiveLogic, Holladay, Utah
• Peroxygen Systems, Knoxville, Tennessee
• SteamIQ, Hingham, Massachusetts
• Switched Source, Detroit, Michigan
• Hub Controls, Dublin, Ireland
• Materium, Quebec, Canada
This is the third year of 76West, a $20 million competition and support program administered by NYSERDA that started in 2016 and will run through 2019.
Each year applicants compete for a $1 million grand prize, a $500,000 award and four $250,000 awards. In total, 76West is providing $10 million in awards and $10 million for business support, marketing and administration through the Regional Greenhouse Gas Initiative and the Clean Energy Fund.
As a condition of the award, companies must either move to the Southern Tier or establish a direct connection with the Southern Tier, such as a supply chain, job development with Southern Tier companies, or other strategic relationships with Southern Tier entities that increases wealth creation and creates jobs. If the companies are already in the Southern Tier, they must commit to substantially growing their business and employment in the region. Previous winners have already integrated themselves into the Southern Tier, raised $20 million in private capital for future growth, and created new jobs.
New York State has made a significant investment in the Southern Tier to attract a talented workforce, grow business and drive innovation. It is already home to nation-leading companies and universities which are spurring innovation and leading global research. Last year, Governor Cuomo announced the opening of the first state-supported clean energy incubator in the Southern Tier to support the region’s growing clean energy ecosystem. With the addition of New York’s 76West winners, the Southern Tier is quickly becoming a leading region for clean tech development and a model for other regions across the state and nationally.
Accelerating Southern Tier Soaring
This announcement complements “Southern Tier Soaring,” the region’s comprehensive blueprint to generate robust economic growth and community development. The state has already invested more than $4.6 billion in the region since 2012 to lay the groundwork for the plan - attracting a talented workforce, growing business and driving innovation. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Binghamton, Johnson City and Corning as a destination in which to grow and invest. Now, the region is accelerating Southern Tier Soaring with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State's $500 million investment will incentivize private business to invest well over $2.5 billion - and the region's plan, as submitted, projects up to 10,200 new jobs. More information is available here.
NYSERDA | http://www.nyserda.ny.gov