Governor Hochul Announces More than $3.7 Million to Bring Manufacturing and Climate Technology Products to New York State through the M-Corps Program

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Program will connect startups to local supply chain partners to scale climate technologies

November 9, 2022

Governor Kathy Hochul today announced more than $3.7 million to bring innovative climate technology or climate technology manufacturing and products to New York State. The M-Corps program will connect startups that scale goods that reduce greenhouse gases or reduce energy consumption with local supply chain partners, manufacturers and suppliers while donating prioritizing connections in underserved communities. This announcement supports the state’s national Climate Leadership and Community Protection Act goal of reducing carbon emissions by 85% below 1990 levels by 2050.

“As a climate leader, New York is working aggressively with companies that can bring new technologies to the table as we strive to reduce greenhouse gas emissions and meet our ambitious climate goals. ” Governor Hochul said. “This initiative will inspire businesses to join our growing green economy and connect them to manufacturing facilities across the state, including those in underserved areas, to support economic opportunity and supply chains. local sourcing as we continue our work to tackle climate change head-on.”

The New York State Energy Research and Development Authority (NYSERDA) will competitively select a Program Administrator to work with NYSERDA to guide startups through key decisions related to the manufacturing development process . The Administrator will facilitate supply chain relationships and partnerships, provide operational and programming support to climate tech startups, and connect them to local resources. The program administrator will receive up to $3.7 million in funding to help successfully bring new products to market.

Doreen M. Harris, president and CEO of the New York State Energy Research and Development Authority, said“Connecting global innovators to New York State resources offers entrepreneurs groundbreaking support that can advance climate resilience and clean energy. Helping companies overcome market barriers to manufacturing sets the stage for success and can increase the number of sustainable products available to consumers. reduce harmful emissions.

New York State Public Service Commission Commissioner Rory M. Christian said“Governor Hochul’s commitment to protecting and improving our environment has been unwavering. As we move toward the rigorous goals set out by the CLCPA, programs such as the M-Corps will play a key role in creating a clean energy workforce in New York State.”

Empire State Development President, CEO and Commissioner Hope Knight said: “NYSERDA’s M-Corps program will help New York State achieve its ambitious climate goals through innovation and equity. By bringing together climate tech startups, local partners, and prioritizing underserved communities, these efforts will benefit both the environment and building our green economy.

New York State Department of Labor Commissioner Roberta Reardon said: “As co-chair of the Climate Action Council, I am proud to continue to work with Governor Hochul to implement innovative initiatives that will attract businesses to our nation’s leading green economy. This funding will help spur economic growth across New York State. Declare and provide well-paying green careers to New Yorkers while protecting our planet.”

NYSERDA will accept applications from qualified organizations through January 4, 2023. Applicants must demonstrate expertise in climate technology hardware and startup commercialization and must have local knowledge of New York State and relationships with manufacturers and suppliers in New York. For more information, please register for the webinar will be held on November 30, 2022 at 1 p.m. ET.

This program replaces previous NYSERDA supported versions of the M-Corps program. Since 2017, the NYSERDA Technology to Market program has invested $107 million and supported nearly 500 customers, resulting in the creation of more than 2,200 jobs, $1.6 billion in private and public investment, $600 million dollars in start-up revenue and 300 products marketed. Additionally, M-Corps technology programs have worked closely with more than 50 cohort companies that over the past four years have raised more than $400 million in capital and generated more than $30 million. of income.

Funding for this initiative is provided by the state’s 10-year, $5.3 billion Clean Energy Fund. More information about this funding is available on NYSERDA’s website.

New York State National Climate Plan
New York State’s premier climate program is the nation’s most aggressive climate and clean energy initiative, calling for an orderly and just transition to clean energy that creates jobs and continues to drive a healthy economy. green as New York State recovers from the COVID-19 pandemic. Enshrined in law by the Climate Leadership and Community Protection Act, New York is on track to achieve its mandated goal of a zero-emission electricity sector by 2040, including 70% power generation renewable energy by 2030, and achieve economy-wide carbon neutrality. It builds on New York’s unprecedented investments to expand clean energy, including more than $35 billion in 120 large-scale renewable energy and transmission projects across the state, $6.8 billion in dollars to reduce emissions from buildings, $1.8 billion to expand solar power, more than $1 billion for clean transportation initiatives, and more than $1.6 billion in NY Green Bank commitments . Together, these investments support nearly 158,000 jobs in New York’s clean energy sector in 2020, 2,100% growth in the distributed solar sector since 2011, and a commitment to develop 9,000 megawatts of offshore wind power from ‘by 2035. Under the Climate Act, New York will build on that progress and reduce greenhouse gas emissions by 85 percent below 1990 levels by 2050, while ensuring that at least 35%, with a target of 40%, of the benefits of clean energy investments are directed to disadvantaged communities and advance progress toward the state’s 2025 energy efficiency goal of reduce on-site energy consumption by 185 trillion BTUs in end-use energy savings.

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