The fund has an initial $6 million in capital to finance clean energy startups seeking to match investments from qualified investors.
The Co-Investment Fund is part of New York Governor Andrew M. Cuomo’s climate change programme Green New Deal.
Alicia Barton, the CEO of NYSERDA, said, “Emerging cleantech companies are the foundation of New York’s clean energy future, making it critical that we continue providing the support and tools they need to succeed. Investing in new technologies will play an increasingly vital role in our success as Governor Cuomo continues to lead the nation with his ambitious clean energy goals and agenda, and NYSERDA is proud to continue its work making investments and matching investors with New York’s cleantech companies of the future.”
Eligible companies must be based in New York or if outside New York, must show a demonstrated benefit to the state. The matching investments will be non-dilutive (i.e. companies will not have to transfer shares or control of their companies to NYSERDA) and range from $150,000 to up to $500,000 based on a minimum 2:1 ratio of qualifying private capital investment to NYSERDA dollars.
Companies interested in applying for the Co-Investment Fund support should visit NYSERDA’s website.
Investors interested in becoming qualified for the Co-Investment Fund can apply through NYSERDA’s Request for Qualifications.
In total, NYSERDA is deploying $800 million over 10 years to support early-stage companies so they can de-risk technology, validate markets and define customers, and build teams.