Gov. Hochul Announces M-Corps Program to Bring Climate Technology to New York State
On November 9, 2022, Governor Kathy Hochul announced that more than $3.7 million would be allocated to bring innovative climate technology, manufacturing and products to New York State. According to the Governor’s press release, this initiative, known as the M-Corps Program, “will connect startups scaling goods that lower greenhouse gases or reduce energy consumption with local supply chain partners, manufacturers, and suppliers, while prioritizing connections in underserved communities.” The M-Corps Program will be run through the New York State Energy Research and Development Authority (NYSERDA) and will further New York State’s Climate Leadership and Community Protection Act of 2019 (CLCPA). The CLCPA requires statewide greenhouse gas (GHG) emission reductions of 40% by 2030 and 85% by 2050.
NYSERDA’s strategy through the M-Corps Program is to:
- provide operational and programming support to organizations offering services to manufacturers and climate tech startups to achieve key manufacturing milestones;
- accelerate the time it takes to move from a prototype to a commercial product; and
- facilitate connections and agreements between in-state manufacturers and innovative climate tech companies.
The initiative will be funded by New York State’s ten-year, $5.3 billion Clean Energy Fund (CEF). The CEF was established in 2016 by the New York Public Service Commission (PSC) to promote scaling of clean energy and efficiency measures to address environmental and energy challenges while creating economic opportunity.
NYSERDA will competitively select an M-Corps Program Administrator to guide startups through key decisions related to the manufacturing development process. The Administrator will facilitate supply chain relationships and partnerships, provide operational and programming support to climate tech startups, and connect them with local resources. The Administrator will be awarded up to $3.7 million in funding to assist in successfully bringing new products to market.
In its solicitation for applications to serve as the M-Corps Program Administrator, NYSERDA noted that the agency had “conducted extensive customer discovery and research at the intersection of hardware startup companies, manufacturers, and investors, and has determined there is an increased likelihood the startup will successfully scale by evolving the nature of engagements between these three entities.”
A webinar for the M-Corps Program will be held on November 30, 2022, and NYSERDA will accept M-Corps Program Administrator applications from qualified organizations through January 4, 2023.