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The $8.5 million ClimateTech Growth Platform was launched today by Governor Kathy Hochul. This is a new initiative to assist businesses in commercializing technology that lower greenhouse gas emissions in the economy of New York State. The program offers a variety of options for business owners looking to expand their industrial, transportation, or building-related pre-commercial or growth-stage ventures. By cutting carbon emissions by 85% by 2050, the Climate Leadership and Community Conservation Act.
“New York State’s investment in climate technology sends a clear message to businesspeople locally and globally that our state is available for business as we continue to tackle climate change. Governor Hochul said. “My administration will continue to encourage businesses who are at the forefront of creating innovative solutions to lower greenhouse gas emissions, improve the energy efficiency of electricity networks, and lower pollution from transportation. Supporting these ground-breaking initiatives will enable us to strengthen New York’s position as a global climate leader, generate jobs, and expand our economy as we work to provide all New Yorkers a brighter, more secure future.”
In order to advance climate technologies throughout the state, the New York State Energy Research and Development Authority is looking for a program administrator to create this initiative and offer businesses a variety of services, such as market research, matchmaking, capital and fundraising planning, and project development. Up to $8.5 million in money will be given to the program administrator, of which $5.95 million must be set aside for direct services and up to $2 million for potential grants that will be given to enterprises taking part in the program when it has been developed and put into place.
Doreen M. Harris, President and CEO of the New York State Energy Research and Development Authority, said, “The ClimateTech Growth Platform streamlines and modernizes our Innovation portfolio by providing resources local to emerging companies so they can build partnerships, supply chains, and relationships across all of New York State. Utilizing the most cutting-edge regional and international climate technology will spur market expansion and provide better energy efficiency and fewer emissions for all New Yorkers.”
In order to satisfy New York State’s climate and energy goals, applicants must show an economic advantage and how support services may be made available to businesses eager to commercialize the technology. has to be proven. By the end of 2025, the program will assist 100 businesses, including ones relocating or offering secure access to participating businesses. These businesses will be based in New York State and located in each region served by the New York Regional Economic Development Council. I want to help people in New York.
Through November 15, 2022, the New York State Energy Research and Development Authority will receive applications from qualifying organizations. All submissions will be scored against the predetermined criteria, and a program administrator will be chosen through a competitive process.