May 10, 2022 08:00 ET | Source: For ClimateTech For ClimateTech

ROCHESTER, N.Y., May 10, 2022 (GLOBE NEWSWIRE) -- Twelve companies have been selected for the second cohort of Venture For ClimateTech. Launched in December 2020, Venture For ClimateTech is supported by the New York State Energy Research and Development Authority (NYSERDA) and offers each company accepted into in the program up to $100,000 in non-dilutive funding throughout a seven-month virtual accelerator. The three-phase program provides support and mentorship for customer discovery, investor pitching, business validation, team development, and charting a pathway to scale.

Venture For ClimateTech is a global non-profit venture studio + accelerator that identifies the most promising climate tech innovators from around the world and provides hands-on support and early funding to help companies reach their first customers, pilot runs, and further investment. In its first year, Cohort 1 raised $4 million in grant funding and $6 million in startup capital, secured two technology licenses with the National Renewable Energy Laboratory (NREL) and one paid pilot, and (on average) tripled company team sizes, from 1-3 people per team pre-program to 6-9 people post-program.

This year, the program received 220 applications from 35 countries for Cohort 2—the most diverse applicant pool yet—with 54 percent of applicant founders identified as diverse (defined as African American, Asian, Latinx, Middle Eastern, Native American, female, non-binary, immigrants, refugees, or persons living with disabilities), compared to 40 percent of applicants for Cohort 1.

Cohort 2 entrepreneurs were selected based on a series of criteria by a panel of technical experts, investors, board members, and program staff. The panel evaluated each company’s potential to reduce greenhouse gas emissions, its impact on underserved communities, market size, scalability, competitiveness, team strengths, and growth potential.

The companies selected for Cohort 2 of Venture For ClimateTech are:

“Our goal is two-fold: to be intentional with our community outreach to ensure we attract diverse, high-quality applicants, and second, to identify the most innovative ideas for addressing climate needs,” said Jacqueline Ros Amable, Managing Director of Venture For ClimateTech. “It’s clear there’s demand for the early support our program offers, and Cohort 2 is a promising mix of climate solutions and founders that have a high likelihood of significant impact.”

Katie MacDonald, NYSERDA’s Director of Technology to Market, said, “We are excited to build on the past success of the Venture for ClimateTech program by welcoming this next cohort of climate innovators into our ecosystem in New York. Accelerating transformative technologies to market is critical to meet our climate and clean energy goals, and we look forward to working with NextCorps and SecondMuse to support these entrepreneurs.”

Venture For ClimateTech is a non-profit global venture studio + accelerator program. It sources the most promising climate tech innovators from around the world and offers them hands-on support until they are ready for first customers, pilot runs, and investment. Venture For ClimateTech is supported by the New York State Energy Research and Development Authority (NYSERDA) and administered by NextCorps and SecondMuse.

For more information, media, or digital content, please reach out to our Media Relations Support, Shannon Wojcik.

Shannon Wojcik 585-831-6267 shannon@rkgcomms.com

Chris Carpenter 585-683-2188 chris.carpenter@nextcorps.com