New York Invests In Clean Energy Companies

Investments in two firms will push clean energy forward on two different fronts.

The New York State Energy Research and Development Authority (NYSERDA) has announced two new investment programs that will help the clean-energy industry grow and innovate in this state.

Both funding programs promote clean-energy technology. One is dedicated to encouraging new clean-power products. The other is directed to the manufacturing process itself, encouraging companies to find new ways to produce their technology using less fossil fuel and reducing greenhouse gas emissions.

Francis J. Murray Jr., President and CEO of NYSERDA, said both programs stem from the authority's mission to encourage the growth of clean-energy technology in the state.

"We're looking for innovation," Murray said. "Under Governor Cuomo's leadership, we are working to create partnerships with private companies to build jobs, solidify New York's standing as an energy leader and help reduce the state's use of fossil fuels."

The programs include:

  • The Environmentally Preferred Power Systems Technologies Program (PON 2244), which seeks to invest up to $6 million to help develop and commercialize renewable and other environmentally-preferred power technologies around the state. Examples include fuel cells, solar panels, wind turbines, energy storage, waste-heat-to-electric facilities, biogas and hydropower. Applicants must show the new products make an improvement on existing technology e.g. are more efficient, more environmentally-friendly or less expensive to build or sell, thus making the product more marketable. Available funding per project ranges from $200,000 to $1 million, depending on the product's stage of development.
  • The Innovation in the Manufacturing of Clean Energy Technologies Program (PON 2250), which seeks to invest up to $2.5 million to help companies use innovative approaches to manufacture wind turbines, solar cells, light emitting diodes, fuel cells, high-efficiency boilers and other clean-energy technologies. Companies can receive up to $100,000 toward developing feasibility studies for new production techniques, or up to $400,000 for field demonstrations or commercialization projects.

Both programs pay up to 50 percent of the cost of the project, thus leveraging the investment of private funds in New York-based businesses. NYSERDA will select projects through a competitive process.

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