PowerBridgeNY

We are pleased to announce that the Polytechnic Institute of New York, in conjunction with City University of New York, has received a $5 million grant from New York State Energy Research and Development Authority (NYSERDA) to form one of three Proof of Concept Centers (POCC) in the state. A second award was made to the team of Columbia University with Brookhaven National Laboratory, Stony Brook University, and Cornell University’s NYC Tech. The third award was made to High Tech Rochester Inc. Each of the three awards is for $5 million and will be funded over 5 years.

Per the press release: "These centers will take innovation to the next stage, by connecting inventors and scientists with business mentors and potential investors,” said Francis J. Murray Jr., President and CEO, NYSERDA. “Under Governor Cuomo’s leadership, these centers will help turn good clean-energy ideas into cleantech companies ready to advance toward commercialization, which will in turn provide economic development and investment in New York’s cleantech industry.”

The vision for these two Downstate centers, to be known collectively as PowerBridgeNY, is to leverage clean energy innovations emerging from institutional research labs to create more and stronger energy businesses in New York State. In order to achieve that goal, the two POCCs will work collaboratively to identify promising early stage technologies and fund translational work to advance these technologies towards technical validation. All awards will be made via a competitive process, overseen by a panel of objective external judges from industry, venture capital, and not-for-profits. The Centers will also provide a variety of services such as marketing, business planning, market research, mentoring and coaching, educational seminars, and discounts with service providers, to name a few. Start-ups emerging from these projects may be eligible for “ignition grants” to fund early post-launch activities.

Again from the press release: “The PowerBridge proof-of-concept-center is an important element in creating and fostering transformational entrepreneurship. With promising clean energy technology emerging from the School of Engineering, NYU, CUNY and others, and thanks to this exciting partnership with NYSERDA, we are pleased to connect researchers with investors, customers and partners who make this regional ecosystem so dynamic,” said Katepalli Sreenivasan, the School of Engineering's Provost and NYU’s Senior Vice Provost. “NYU and the School of Engineering are committed to supporting start-up emerging technology ventures that will benefit the urban environment. This new center will enhance our entrepreneurial culture to drive new businesses, jobs and innovation, placing New York City at the forefront of the clean economy.”

NYU Poly is currently working with NYSERDA and our partner institutions on the formal contracting and other administrative matters for PowerBridgeNY. We anticipate that official center activities will begin with a call for proposals in September 2013, with the first awards being granted later that Fall. If you would like more information on Powerbridge NY or NYU Poly Incubators, please email us at info@nycacre.com.