NEW YORK (WWTI) — A new progressive program has been implemented in New York State to help lower carbon emissions and new technologies.
Governor Andrew Cuomo has announced the $10 million New York Climate Progress Program. The Program is set to provide capital investments to support low-carbon goods and service startup companies. According to the Governor, this investment will help them to scale decarbonization products in market.
The $10 million Climate Progress program will be open to early-stage startup firms focused on climate technologies. Firms are eligible for the program if they have raised less than $25 million in private capital, have less than $10 million in annual revenue and fewer than 50 employees.
Additionally, applicants to the program must have a product in market that aligns with the goals of the state’s Climate Leadership and Community Protection Act. Products must also demonstrate one of the following:
- New York State-based supply chain partners, vendors, investors or service providers in the state
- New York State-based research, development, manufacturing or sales operations
- A current or future market of customers within New York State
“A greener future is a brighter one, and New York is leading the way forward on protecting our environment while creating new jobs and bolstering our economy,” stated Governor Cuomo. “The New York Climate Progress Program will help us support innovative startups that are generating new economic activity with clean, low-carbon products and services. The technologies created by these companies can help us fight climate change and support New Yorkers’ livelihoods as we work to make communities across the state more resilient.”
Those interested in applying for the program must do so by January 6, 2021, and are able to ask for up to $500,000. Funding is available per project.
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