ADL Ventures and SecondMuse Chosen to Advance Climate Tech Innovation and Manufacturing in NYS
Governor Kathy Hochul today announced the selection of ADL Ventures and SecondMuse to advance climate tech innovation and manufacturing in New York State. The companies will develop and administer programs – ClimateTech Growth Platform and Manufacturing Corps (M-Corps) respectively – that connect entrepreneurs and startups with resources, supply chain partners, and manufacturers in communities statewide, prioritizing connections in underserved areas. Today’s announcement supports the Climate Leadership and Community Protection Act goal to reduce greenhouse gas emissions 85 percent by 2050.
“New York’s continued investment in innovative technologies advances our fight on climate change while planting the seeds for economic growth,” Governor Hochul said. “Creating opportunities to connect our abundant entrepreneurial and manufacturing resources with companies worldwide will help foster the best solutions that can then be applied in New York to curb emissions across the state.”
Through these awards, the New York State Energy Research and Development Authority (NYSERDA) is providing a total of more than $12 million to the two awardees to provide business resources to early-stage companies under the ClimateTech Growth Platform and scale climate technologies through the M-Corps program. These two programs will play a key role in fostering new technologies to reduce emissions from buildings, transportation, industry, and to modernize the electric grid in New York State.
ADL Ventures was awarded $8.5 million in funding to administer the ClimateTech Growth Platform and will provide an array of business resources that will help pre-commercial and growth-stage companies commercialize technologies to reduce greenhouse gas emissions. These resources and services include advisory support, market intelligence, and fundraising and financing support, as well as up to $2 million in competitively awarded grants. Resources will include development of an online portal to streamline access to information and assist with decision-making, and partnerships that can help overcome traditional market barriers such as finding capital, team building, customer service, and mentorship.
Through the M-Corps program, SecondMuse will utilize $3.7 million in funding to connect startups with resources to help scale production of technologies that reduce emissions or energy consumption. The M-Corps program will also build a supplier network within the state to connect innovative climate tech companies directly with manufacturers and suppliers to drive collaboration and new partnerships. The program will be open to local and global companies with services available to all areas of New York State with an emphasis on prioritizing connections and opportunities in disadvantaged communities.
The ClimateTech Growth Platform succeeds NYSERDA’s successful Clean Energy Incubator program, which fostered access to investors, mentors, development partners, and commercialization resources across the state. Additionally, this is the third iteration of the M-Corps program, which helps companies make key decisions related to manufacturing development to successfully bringing new products to market in New York State. Previous versions of the M-Corps program supported by NYSERDA have helped advance climate tech innovation since 2017.
New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “NYSERDA’s partnership with ADL Ventures and SecondMuse will inspire collaboration within the clean energy industry that kindles the discovery of new tools to fight climate change and showcases New York State as a location where cleantech business can thrive. The connections made through these programs will help advance the newest technologies in our innovation ecosystem while growing a more sustainable economy for all New Yorkers.”
New York State Public Service Commission Chair Rory M. Christian said, “Under Governor Hochul’s leadership, New York continues to develop and strengthen the development of a clean-tech industry. These two companies — and the many others already here — will help fight climate change and usher in new economic development opportunities for all New Yorkers.”
ADL Ventures Partner Chris Richardson said, “The ClimateTech Growth Platform is a global venture development program that will bend the curve on climate in New York State and beyond by uniting the minds and technologies behind roughly 100 innovative startups in a dynamic digital community. ADL Ventures and our ecosystem of experienced entrepreneurs will help all stages of climate startups refine their growth strategies, go to market, and connect with the corporate customers and investors that will be key to scaling the next generation of products and solutions that help solve the climate crisis.”
SecondMuse Co-CEO Todd Khozein said, “SecondMuse is dedicated to supporting entrepreneurs and organizations in their efforts to protect the planet and create a better future through innovative programs. Our focus lies in tackling challenges related to fundraising for climate tech, local waste management, recycling, and other core climate sectors. We strive to find solutions that enable companies to make a positive impact and achieve their climate goals. The renewal of our partnership with NYSERDA reaffirms SecondMuse’s commitment to addressing real-world problems and leveraging new and innovative climate technologies. We are thrilled to continue our journey towards a sustainable planet and contribute to solving the climate crisis through our collaboration with NYSERDA and the Scale for ClimateTech program.”
Today’s announcement builds on New York State’s investments in research, development, and commercialization to support innovators that are accelerating the low emissions and carbon sequestering technologies needed to meet the State’s goal for economy-wide carbon neutrality. NYSERDA’s Innovation program is deploying $800 million over 10 years as direct investments via grants and wrap-around commercialization support. More than $680 million in private investments and $200 million in project finance capital have been enabled, and more than 450 innovative clean energy products have been commercialized as a result of NYSERDA’s technology and business development investments, including LED lighting systems, home appliances, longer-lasting batteries, and more efficient heating-and-cooling systems.
Funding for these initiatives is through the state’s 10-year, $6 billion Clean Energy Fund. More information about this funding is available on NYSERDA’s website.
Source: The Office of the Governor