Rochester’s NextCorps will partner with SecondMuse to administer a new initiative 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.
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 will 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.
“There are very few cohort-based accelerators that work with innovators or companies at the very early stage — even before they form businesses,” said NextCorps President James Senall. “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.”
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 of impact innovation company SecondMuse. “Together, we are de-risking investment and identifying new market opportunities in the climate tech industry that drive real economic and environmental impact.”
Scale For ClimateTech began its programming for its inaugural cohort on Nov. 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 nine 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 and 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 the global, virtual program will kick off in January and 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.
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 Rochester Institute of Technology Golisano Institute of Sustainability in order to support programming and offer founders a range of resources, technical expertise and guidance.
“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,” said Doreen Harris, NYSERDA’s acting president and CEO. “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.”
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