The funding falls under efforts by the state to accelerate the adoption of clean energy sources to meet carbon emission reduction targets set under the state’s Clean Energy Standard.
The Clean Energy Standard requires that the state of New York generate 50% of its energy from renewable energy sources by 2030.
The $10 million in funds will be provided to incubator programmes through the New York State Energy Research and Development Authority.
Incubator initiatives help clean energy startups in expanding their businesses by connecting the start-ups with investors, development partners and mentors.
$2 million will be available for each incubator.
[quote] The funding comes from the $5.3 billion budget allocated to New York state’s clean energy market development initiatives.
The governor’s announcement of the funding follows the state’s $14 million investment toward incubator programmes since 2009.
Clean energy funding initiatives through incubators have helped 146 clean energy startups, created 1,000 jobs and raised more than $247 million in private investment in New York in the past eight years.
Governor Cuomo, said: “New York is leading the way in investing in our state’s clean energy future by supporting small companies with big, innovative ideas that will reduce our carbon footprint and create jobs.
“This programme is one more step toward, a cleaner, greener, more prosperous New York for all.” [Tennessee city secures funding for energy conservation].
Clean energy funding
In related news, Spanish multinational electric utility company Iberdrola secured funding from the European Investment Bank to implement innovation projects to enhance its grid network.
The utility firm said it will use the $223.1 million loan to enhance its smart grid and renewable energy networks in the UK and Spain.
The power company added that the money will be used to fund its research, development and innovation programmes between 2015 and 2018.
The loan will also support investment in innovative projects on electric mobility and energy storage.