NYSERDA Gives $1.5 M to Set Up Clean Energy Incubator

The New York State Energy Research and Development Authority (NYSERDA) is providing $1.5 million to establish a Clean Energy Business Incubator Program (CEBIP) on the campus of Stony Brook University.

The Long Island High Technology Incubator, Inc., which will receive this funding over the next four years, will provide business support to accelerate the successful development of early-stage, clean energy technology companies on Long Island.

"With its wealth of talent and clean energy expertise, Stony Brook makes an ideal location for a new business incubator that will help early-stage business grow, create jobs on Long Island, and compete in the national economy," said Francis J. Murray Jr., president and chief executive officer of NYSERDA. "The funding … represents Governor David Paterson's commitment to invest in the infrastructure that will help innovators develop their products, take their ideas to the market, and expand New York’s clean energy industry."

LIHTI will offer onsite and virtual business incubation services including presentation support, business planning, office and laboratory space, and access to comprehensive and professional services, among others, at its existing 62,000 square foot facility located just north of the Medical Center, as well as in incubator facilities at the Advanced Energy Center expected to open in the fall of 2010 in the Stony Brook University Research and Development Park on Stony Brook Road.

Samuel L Stanley, Jr., Ph.D., president of Stony Brook University said, "This much-needed investment will complement other resources devoted to energy technology commercialization and will help Stony Brook University nurture companies and entrepreneurs. The result will be high-paying technology jobs in New York and an industry that addresses energy needs in the region and around the world."

LIHTI's regional research partners in this initiative include Stony Brook University, Brookhaven National Laboratory, and multiple economic development partners from the private sector.

NYSERDA-funded incubator programs assist emerging clean energy technology companies and entrepreneurs through incubation, acceleration, and retention with the goal of creating new business and increased employment opportunities in the growing clean energy economy. The LIHTI is the fifth clean energy business incubator created by NYSERDA over the past year. The other incubators funded last year are located at the University at Buffalo, Rochester Institute of Technology, The Tech Garden in Syracuse, and the Polytechnic Institute of New York University in Brooklyn.

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