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NYSERDA Awards $1.5 Million to Establish Clean Energy Business Incubator Program at Stony Brook University

Written by Stony Brook University on 25 February 2010.

New York State Energy Research and Development Authority (NYSERDA) today announced it is providing $1.5 million to establish a Clean Energy Business Incubator Program (CEBIP) on the campus of Stony Brook University.The New York State Energy Research and Development Authority (NYSERDA) today announced it 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. (LIHTI, www.LIHTI.org), 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 CEO of NYSERDA. "The funding we announce today 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."

SUNY Chancellor Nancy Zimpher said: "The Long Island High Technology Incubator will leverage the university's expertise to support economic growth and create new job opportunities for our graduates. Stony Brook has been a national leader in energy research, and this new incubator will help expand the university's impact on Long Island and all of New York State."

LIHTI will offer on-site 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 (AERTC, www.AERTC.org) expected to open in the fall of 2010 in the Stony Brook University Research and Development Park on Stony Brook Road.

Dr. Samuel L Stanley, Jr., 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."

Dr. Yacov Shamash, Vice President for Economic Development at Stony Brook and Co-Director of the Advance Energy Center, said "NYSERDA deserves much credit for investing in NYS clean energy incubation programs; Stony Brook is are thrilled to be part of this, and we look forward to working together."

Dr. Anil Dhundale, Executive Director at LIHTI and Project Manager for the CEBIP said, "Thanks to Stony Brook University and Vice President Shamash for his vision, leadership, and network of partnerships that created the path to clean energy technology development. The new CEBIP will depend heavily upon all of our economic development partners and we are grateful for their participation. This investment is critical to stimulating our economy, both through installation of current technologies, and with novel technologies development and commercialization. With the later we have an opportunity to share our discoveries with the region, and the world."

LIHTI's regional research partners in this NYSERDA-funded 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.

For more information, visit www.nyserda.org.

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