The ClimateTech Growth Platform, a program designed to support companies commercializing technologies, will reduce greenhouse gas emissions across New York state's economy.
The program will provide resources for entrepreneurs when it comes to electric grids, industrial products, transportation, and more.
Assemblyman Michael Cusick applauded the move, and described reducing greenhouse gas emissions as critical to reaching New York state's climate change mitigation goals.
"As we move forward, we need to support the technologies and businesses to build the economy and jobs of the future," said Cusick. "I applaud Gov. 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 is aiming to reduce carbon emissions by 85 percent by 2050.
"As we continue our fight against climate change, New York state's investments in climate technology send a strong signal to entrepreneurs, locally and around the world, that our state is open for business," said Hochul in a statement. "My administration will continue to support companies that are at the forefront of developing new technologies to lower greenhouse gas emissions, make our electric grid more energy efficient and reduce pollution from transportation.
"By supporting these innovative developments, we can further our state's leadership on climate, create jobs and grow our economy as we build a greener, more resilient future for all New Yorkers."
Currently, the New York State Energy Research and Development Authority (NYSERDA) is seeking a program administrator to develop this initiative and provide an array of services to companies, including market intelligence, matchmaking, capital and fundraising planning, and project development to advance climate technologies across the state, according to a statement from Hochul's office.
The program administrator will be awarded up to $8.5 million in funding, however $5.9 million must be utilized for direct services and $2 million must be used for future grants that will be competitively awarded to companies once established.
New York State Energy Research and Development Authority President and CEO Doreen M. Harris expressed that the ClimateTech Growth Platform streamlines and modernizes New York state's innovation portfolio.
"Leveraging the best in local and global climate technologies will stimulate market growth to benefit all New Yorkers with more efficient energy and lower emissions," said Harris.
The New York State Energy Research and Development Authority will accept applications from qualified organizations through Nov. 15, 2022.
A scoring committee will look over all proposals based on the published criteria and competitively select a program administrator.
Proposers must demonstrate economic benefits and show how they can enable support services for companies ready to commercialize their technology to meet New York State's climate and clean energy goals.
By 2025, the program will support 100 companies and ensure access to New York state-based companies located in each of New York's regional economic development council areas, companies outside of New York state, and companies interested in relocating or providing services to New Yorkers.
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