NY-BEST News: Press Releases

NATIONAL GRID AWARDS $ 242K GRANT TO NY - BEST TO ASSIST ENERGY STORAGE START - UP COMPANIES

Thursday, October 20, 2016  
Posted by: Denise Sheehan
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Syracuse, New York - October 20, 2016 – National Grid today announced a $242,000 clean tech incubator grant to the New York Battery and Energy Storage Technology Consortium (NY-BEST) at NY-BEST’s 6nd Annual “Energy Storage Technology Conference”. The grant will fund NY-BEST’s new virtual clean tech incubator for battery and energy storage technology start-up companies in New York State.     “We are excited to support NY-BEST’s new virtual clean tech incubator for battery and energy storage technology," said Ken Daly, president of National Grid in New York. "National Grid supports innovation through programs like NY-BEST to provide emerging start-ups with an opportunity to grow in New York.  The company’s support of programs like this helps to sustain a thriving entrepreneurial ecosystem that is the backbone of a clean tech economy. And it’s another way National Grid gives back to the communities it serves."   Advanced batteries and energy storage products are changing the way energy is used on the electric grid and in transportation. Batteries and other storage devices are being used on the electric grid to store energy from intermittent renewable energy sources, like wind and solar, and to make the electric grid run more efficiently. Fuel cells and batteries are powering new vehicles. Entrepreneurs are developing these energy storage technologies here in New York where new companies are emerging with innovative products for the changing demands of the marketplace.   “NY-BEST thanks National Grid for recognizing the great potential of the energy storage technology industry in New York and the importance to our economy of supporting start-up companies in bringing new innovative technologies to the marketplace.” said NY-BEST Executive Director, William Acker. “This National Grid funding will be instrumental for NY-BEST to assist energy storage start-ups in commercializing their technologies, validating their technical solutions and helping to raise important investor capital for these promising entrepreneurs.”   The $242,000 National Grid CleanTech program incentive will be used by NY-BEST to create a new virtual incubator called, “NY-BEST Business Resources to Innovate, Develop, Grow and Excel (NY-BEST-BRIDGE)”. With the grant funds, NY-BEST will deliver direct business assistance and guidance, technical expertise, mentoring, access to capital and other funding sources, and access to other technical resources; all tailored to the needs of energy storage businesses. NY-BEST plans to use the funds to increase the number of new energy storage start-ups in New York and accelerate the path to commercial success for these companies.   -more- NATIONAL GRID AWARDS $242K GRANT TO NY-BEST Page 2 of 2   National Grid since the inception of the program in 2003 has provided over $790,000 in clean tech incentives to 10 upstate New York organizations.   National Grid’s CleanTech Incubation grant program supports the development of a self-sustaining entrepreneurial and innovation “ecosystem” in upstate New York that will stimulate and support high growth new businesses generating new jobs and new investment. For more information and program descriptions, visit National Grid’s website at: http://www.shovelready.com/grants.asp     About NY-BEST The New York Battery and Energy Storage Technology (NY-BEST) Consortium is a non-profit corporation established in 2010 to position New York State as a global leader in energy storage technology including applications in transportation, grid storage, and power electronics. An industry-led consortium with more than 150 organizational members, NY-BEST’s mission is to catalyze and grow the energy storage industry and establish New York State as a global leader in the energy storage industry. Visit us on the web at www.ny-best.org.   About National Grid National Grid (LSE: NG; NYSE: NGG) is an electricity and natural gas delivery company that connects nearly 7 million customers to vital energy sources through its networks in New York, Massachusetts and Rhode Island. It is the largest distributor of natural gas in the Northeast. National Grid also operates the systems that deliver gas and electricity across Great Britain. Through its U.S. Connect21 strategy, National Grid is transforming its electricity and natural gas networks to support the 21st century digital economy with smarter, cleaner, and more resilient energy solutions. Connect21 is vital to our communities' long-term economic and environmental health and aligns with regulatory initiatives in New York (REV: Reforming the Energy Vision) and Massachusetts (Grid Modernization). For more information please visit our website: www.nationalgridus.com, or our Connecting website. You can also follow us on Twitter, watch us on You Tube, Friend us on Facebook and find our photos on Instagram.       NY-BEST Contact: Denise Sheehan denise@caphill.com 518.429.6924  


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