NEW YORK, Dec. 08, 2020 (GLOBE NEWSWIRE) — An initiative has launched that will offer global innovators the most comprehensive accelerator programming for attracting and growing climate technology in New York State. The For ClimateTech initiative will help founders fast track businesses and breakthrough technologies that reduce greenhouse gases and further strengthen the state as a hub for climate-related solutions. The initiative will recruit globally and will be administered by impact innovation company SecondMuse and the non-profit entrepreneurship catalyst NextCorps, which have worked together for years on industry-differentiated climate tech programs.
For ClimateTech will offer two inaugural programs. Scale For ClimateTech will help growth-stage innovators with production. Venture For ClimateTech will help innovators at earlier stages jumpstart their climate tech companies. Both programs bring together a global community of innovators, entrepreneurs, funders, and government representatives working to forge market-ready pathways for testing, piloting, and selling climate-related solutions. For ClimateTech formalizes and expands the partnership between SecondMuse’s M-Corps and NextCorps’ Hardware ScaleUp (HWSU), which together have helped more than 30 climate tech manufacturing businesses raise a collective $28 million in funding and generate approximately $10 million in revenue over the last two years. The assistance has had dramatic impacts on their success, demonstrating the value of manufacturing readiness and access to global and domestic manufacturers in New York State.
“This new initiative will build on the work our partnership has been doing over the last few years to launch climate tech businesses and create an ecosystem where these businesses can thrive over the long term,” said Todd Khozein, founder and co-CEO, SecondMuse. “Together, we are de-risking investment and identifying new market opportunities in the climate tech industry that drive real economic and environmental impact.”
“There are very few cohort-based accelerators that work with innovators or companies at the very early stage–even before they form businesses,” said James Senall, president, NextCorps. “By providing access at this stage to a global network that includes investment communities, we’re helping to close the many support gaps that exist today in bringing new innovations to market.”
Scale For ClimateTech began its programming for its inaugural cohort on November 16. It includes 18 innovators from the U.S., U.K., Canada, and Norway who are developing systems for electric vehicle charging, renewable energy storage and conversion, and smart building solar power. The companies will spend 9 to 12 months working with mentors and technical experts to help them navigate product development, manufacturing, and mass production in New York State.
Venture For ClimateTech is a new global non-profit venture studio + accelerator that helps to launch climate tech companies. Venture For ClimateTech will work with an array of solutions, from hardware and software to business model innovations that tackle some of the state’s greatest challenges in reducing greenhouse gas emissions and transitioning to clean infrastructure. Recruitment for this global, virtual program will kick off in January. The first cohort will onboard in April. In addition to helping innovators validate market fit and providing coaching and non-dilutive funding, the program will help find and fund talent to form companies.
For climate innovation to thrive, an ecosystem needs to be aligned with its policies, goals, and readiness for the transition. New York State has all three under Governor Cuomo’s nation-leading climate and clean energy agenda as outlined in the Climate Leadership and Community Protection Act.
The For ClimateTech initiative is supported by the New York State Research and Development Authority (NYSERDA), and more than a dozen partners—including Urban Future Lab, Cornell University, REV: Ithaca Startup Works, NY Manufacturing Extension Partnership (MEP), and the RIT Golisano Institute of Sustainability—to support programming and offer founders a range of resources, technical expertise, and guidance.
Doreen Harris, NYSERDA’s acting president and CEO said, “Innovators in these programs know their technologies have the potential to change the lives of millions of New Yorkers for the better, creating healthier communities through new and improved offerings that lower carbon emissions. Through this initiative, we are delivering the technologies New York State needs to meet Governor Cuomo’s nation-leading climate and clean energy goals by partnering with a global network of investors and strategic partners who share our vision and understand the urgency with which we need to work.”
For more information, visit ForClimatetech.org.
SecondMuse is an impact and innovation company that builds resilient economies by supporting entrepreneurs and the ecosystems around them. They do this by designing, developing, and implementing a mix of innovation programming and investing capital. From Singapore to San Francisco, SecondMuse programs define inspiring visions, build lasting businesses, and unite people across the globe. Over the last decade, they’ve designed and implemented programs on 7 continents with 600+ organizations such as NASA, The World Bank, and Nike. To find out more about how SecondMuse is positively shaping the world, visit www.secondmuse.com.
NextCorps provides a suite of services, including technology commercialization support for very early-stage opportunities, business incubation for technology startups, and growth services for manufacturing companies seeking to improve their top- and bottom-line performance. For more information, visit nextcorps.org.