Govenor Paterson Announces Funding to Grow 18 Clean Energy Businesses in New York

• www.ny.gov December 8th, 2009
• Source: http://www.ny.gov/governor/press/press_1208093.html

Editor's Note: Rentricity, Inc. is a member of NYU-Poly's city-sponsored 160 Varick Street business incubator.

Governor David A. Paterson today announced the award of $3 million to a variety of projects throughout New York. The funds will strengthen and support the growth of New York’s clean energy economy by helping 18 Empire State companies commercialize clean energy technologies.

“By helping these small, trailblazing companies achieve the next level of business development, we will continue to solidify New York’s position as a leader in the new economy by focusing on clean energy, and bring New York closer to realizing my ‘45 by 15’ energy efficiency and renewable energy initiative,” Governor Paterson said. “Public partnerships with private industry are absolutely critical to foster our economic growth, and these investments in cutting-edge companies will help these businesses grow and prosper in New York State.”

The funding is provided by the New York State Energy Research and Development Authority (NYSERDA) to help New York businesses increase their access to markets, customers, investors and partners, and build their capacity to serve a new or expanded customer base. The awards, which total up to $200,000 per company and require an equal match from the businesses, will help them create jobs, develop business plans, reach customers in the global marketplace, raise capital and build their business infrastructure. Funds will be provided to companies following development of a formal contract.

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Projects receiving funding include:

• $25,000 for Rentricity, Inc., in Manhattan, a developer of clean renewable energy using hydrokinetic technology that recovers energy from pressurized municipal water systems. The award will be used to assess the energy recovery potential of the ten largest metropolitan areas in the State.