Governor Andrew M. Cuomo announced the $10 million New York Climate Progress Program to bolster the state's clean energy economy. The Program will provide capital investments to support startups that create low-carbon goods and services, allowing them to continue to scale decarbonization products in market. This announcement supports Governor Cuomo's nation-leading climate and clean energy agenda, including the mandate for an 85 percent reduction in greenhouse gas emissions by 2050, as outlined in the Climate Leadership and Community Protection Act.
"A greener future is a brighter one, and New York is leading the way forward on protecting our environment while creating new jobs and bolstering our economy," Governor Cuomo said. "The New York Climate Progress Program will help us support innovative startups that are generating new economic activity with clean, low-carbon products and services. The technologies created by these companies can help us fight climate change and support New Yorkers' livelihoods as we work to make communities across the state more resilient."
The $10 million Climate Progress program is open to early-stage startup firms focusing on climate technology that have raised less than $25 million in private capital, have less than $10 million in annual revenue, and have fewer than 50 employees--with at least one employee in New York State. Applicants must have a product in market that aligns with the goals of the Climate Leadership and Community Protection Act and must demonstrate one of the following:
Doreen M. Harris, Acting President and CEO, NYSERDA, said, "This funding will be a catalyst for some of the most talented innovators seeking to bring climate and clean energy products to New York State that will help to realize Governor Cuomo's vision for economy-wide carbon neutrality. It will enable these innovative companies to reach commercial milestones that are necessary to successfully advance low carbon products, raise more capital, and scale solutions for all New Yorkers to utilize as we shrink our collective carbon footprint and increase resiliency across the state."
Applications are due January 6, 2021 and up to $500,000 in funding is available per project. NY Green Bank will work in collaboration with NYSERDA's Technology to Market team to service the funds issued under this program. Applications can be submitted here.
Climate technology companies scale innovation to support decarbonization by applying hardware, software, technology-enabled services, data analytics, and/or novel processes to broadly reduce energy consumption, increase resource efficiency, and/or reduce greenhouse gas emissions. Funding the next generation of climate technology companies through this program will stimulate local economies, create jobs and advance clean energy products as part of New York's growing green economy.
New York prioritizes investments in research, development, and commercialization to support startups accelerating the climate technologies needed to meet the state's climate and clean energy goals. NYSERDA's Technology to Market team funds six incubators statewide, entrepreneurial support, manufacturing scale-up training and accelerators, and provides direct funding opportunities for early stage innovation firms. Through this program, the State has invested more than $28 million since 2009, supporting nearly 280 companies and generating more than 1,138 jobs. More than $670 million in private investments and $200 million in project finance capital have been created while helping bring more than 440 new and improved clean energy products to market, including LED lighting systems, home appliances, longer-lasting batteries, and more efficient heating-and-cooling systems.