State officials are celebrating the first anniversary of an incubator within an incubator that continues to hatch new companies.
The New York State Energy Research and Development Authority or NYSERDA today marked one year since the establishment of the Clean Energy Incubator inside the Koffman Southern Tier Incubator in downtown Binghamton.
The Clean Energy operation is home to 19 start-ups, 10 of which were participants of NYSERDA’s annual 76West Clean Energy Competition which offers funding for energy entrepreneurs.
B.U. President Harvey Stenger says, “We’re starting our 4th cycle right now, companies are starting to apply for that 4th cycle. And the competition is significant competition, but it’s not just about winning and losing. It’s about gaining mentoring, developing your product and the products are all within the clean energy space.”
Last year’s winner, Irish-based Hub Controls is the latest tenant.
The one year-old company won $500,000 to establish a US foothold for its energy waste reduction device.
The home utility bill controller is like a thermostat that uses data to alter energy usage from heating and air conditioning.
Hub Controls General Manager Brian Cregan says, “Residential homes use 40% of their energy on H-VAC alone. That’s one of the big contributors to greenhouse gas emissions and energy waste in New York State. With the Hub Controller, we will be able to reduce that by 29% to 30%.”
Cregan says Hub plans to hire 5 engineers by the end of this year and hopes to mine talent from Binghamton University.
The plan is to pilot 5,000 units in Greater Binghamton homes in the first year.
He says the long term goal is to establish a permanent American headquarters in our area and even manufacture the plastic casings or assemble the products locally.
The 76West competition requires winners to make a 2-year commitment to staying within the area.