New York launched a new initiative this month to offer up to $3.7 million in funding for climate technology manufacturing in the state.
The initiative will connect start-ups in the state that work in energy reduction with local supply chain partners, manufacturers, and suppliers, according to a press release.
A NYSERDA spokesperson said none of the funding will be distributed directly to startups but the state is looking for one program administrator to offer services and support which is where the funding will go toward.
Funding is available as part of New York’s $5.3 billion Clean Energy Fund, which was established in 2016 as part of the state’s commitment to clean energy and efficiency.
The New York State Energy Research and Development Authority will choose and award one program administrator who will offer services to climate tech startups and supply chain partners. The funding is expected to cover three years of operation, according to a state request for proposals.
The new initiative will support the state’s Climate Leadership and Community Protection Act goal of reducing carbon emissions by 85% by 2050 compared to 1990 levels. New York emitted an estimated 236.2 metric tons of carbon dioxide equivalent, according to New York-based Citizens Budget Commission, a nonpartisan civic nonprofit.
"This initiative will draw companies to join our growing green economy and connect them with manufacturing facilities across the state, including those located in underserved areas, to support economic opportunity and local supply chains as we continue our work to address climate change head on, Gov. Kathy Hochul said in a statement.
The funds will be distributed through the New York State Energy Research and Development Authority’s Manufacturing Corps, or M-Corps, program. The program helps climate tech startup companies secure private investment as well as corporate partnerships.
"Helping companies overcome market barriers to manufacturing paves the way for success and can increase the number of sustainable products available to consumers thereby lowering harmful emissions," said New York State Energy Research and Development Authority President and CEO Doreen Harris.
Applications for funding are due Jan. 4, with results announced mid-2023. Potential applicants can learn more information during a webinar on Nov. 30, at 1 p.m. eastern standard time, by registering here.