Pittsburgh, Pennsylvania–based Optimus Technologies won the $1 million grand prize in this year’s 76West clean-energy competition. The company manufactures biodiesel fuel systems for diesel trucks that reduce greenhouse-gas emissions and fuel costs. The New York State Energy Research and Development Authority (NYSERDA) on Wednesday said it is accepting applications for the next round of the 76West competition. (Photo credit: NYSERDA Twitter page)
Now in its fifth year, the 76West contest will accept applications through March 2, 2020.
About the 76West program
The program will select a group of up to 20 semifinalists who will come to the Southern Tier next spring. They’ll meet with mentors who will connect them with prospective local partners, industry leaders, potential sources of funding, and other resources within the region.
The semifinalists will pitch their companies to a group of judges, who will then recommend the four finalists to receive a total of $2.5 million in prizes. This year, competition organizers have reduced the number of finalists so award amounts could be increased for each winner.
Judges will still name a $1 million grand prize winner, and the remaining three winners will each win $500,000, NYSERDA said.
As a condition of the award, companies must either move to the Southern Tier or establish a direct connection with the Southern Tier, such as a supply chain relationship or other strategic relationships with Southern Tier entities that create jobs. If the firms are already in the Southern Tier, they must commit to substantially growing their business and employment in the region.
Administered by NYSERDA, the 76West competition was launched in 2016 as a $20 million four-year initiative to grow the clean energy ecosystem in the Southern Tier with funds from the regional greenhouse-gas initiative and the clean energy fund.
“Due to its significant positive impact for the region,” the state is continuing the competition for another four years with $20 million in funding from Empire State Development through the “Southern Tier Soaring” Upstate Revitalization Initiative, per the release.
Contact Reinhardt at ereinhardt@cnybj.com
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