The Carbon to Value Initiative and Fluor Announce Year Two of the Carbontech Accelerator Program
SOMERVILLE, Mass. and NEW YORK, Feb. 8, 2022 /PRNewswire/ — As public and private sector stakeholders around the world increasingly recognize the climate imperative of carbon dioxide removal and the economic opportunity the growing carbontech industry represents, the Carbon to Value Initiative (C2V Initiative) together with Fluor Corporation, a leading global engineering, procurement and construction (EPC) company, enthusiastically announce the second year of the C2V Initiative’s world-class carbontech accelerator program. The program is also supported by the New York State Energy Research and Development Authority (NYSERDA).
The C2V Initiative, a unique partnership among the Urban Future Lab at NYU Tandon School of Engineering (UFL), Greentown Labs, and Fraunhofer USA, is driving the creation of a thriving innovation ecosystem for the commercialization of carbontech—technologies that capture and convert carbon dioxide (CO₂) into valuable end products or services.
The C2V Initiative, Fluor—Cohort Champion for year two of the initiative—and NYSERDA are welcoming applications from startups developing carbontech solutions for the second cohort of the accelerator. More specifically, the program collaborators are uniquely interested in carbontech innovations that are related to:
- carbon capture, carbon utilization and conversion into value-added products; as well as carbon sequestration and removal;
- solutions that utilize operational waste streams from heavy industries (e.g., mine tailings, slag, fly ash);
- solutions focused on blue carbon—carbon captured by the world’s ocean and coastal ecosystems (e.g., seaweed); and
- solutions for net-zero steel and/or low-carbon cement.
The accelerator is appropriate for startups with a Technology Readiness Level of four to seven that are actively investigating product-market fit and seeking partnerships. Selected startups will work closely with Fluor over a six-month period to advance their commercialization efforts and mitigate risks of their carbontech innovations. With more than 100 years of operation, Fluor brings depth of experience in designing and building global projects. As an EPC company that is also a technology licensor, Fluor has the distinct ability to evaluate how new technologies can be brought to market, as well as a comprehensive understanding of what it takes to create new technology and market that technology as a licensed process.
“This new role as Cohort Champion further demonstrates Fluor’s commitment to support carbontech innovators with a shared focus on decarbonization,” said Al Collins, Fluor’s group president for Corporate Development and Sustainability. “Decarbonization efforts reach across Fluor’s clients and industries, and we look forward to leveraging our experience to advance new technologies through our partnership with C2V.”
Through its support of C2V, NYSERDA provides funding to advance New York State’s climate and clean energy goals and accelerate the development and deployment of carbontech in New York State, with the aim of making it a globally recognized center for carbontech leadership.
Doreen M. Harris, President & CEO, NYSERDA said, “We are proud to support the Carbon to Value Initiative and bring resources to companies commercializing innovations that can help decarbonize New York State and communities across the globe. Together, we are advancing technologies that turn emissions into usable products, a crucial step in our fight against climate change that can benefit all New Yorkers with a more sustainable, resilient future.”
Cohort startups will gain access to the C2V Initiative’s Carbontech Leadership Council (CLC), an invitation-only group of corporate, nonprofit, and government thought leaders across diverse industry sectors who foster commercialization opportunities and identify avenues for technology validation, testing, and demonstration. In addition to Fluor and NYSERDA, CLC members include BHP, Carbon180, Carbon Direct, CarbonPlan, Circular Carbon Network, ConEdison, Consulate General of Canada in New York, Johnson Matthey, NRG, Unilever, Gore and XPRIZE. In addition, selected startups will receive $10,000 in nondilutive funding to support their participation in the accelerator.
On the heels of a successful first year of the C2V Initiative that attracted more than 130 startup applications, supported the first cohort of 10 groundbreaking companies, and led to partnership engagements, technology advancement, and industry growth, the C2V Initiative host organizations are eager to support another cohort of carbontech innovators.
“After our success in year one where we nurtured 70 interactions between the CLC members and the cohort members, we look forward to supporting a new cohort of innovative carbontech companies with our best-in-class incubation services,” said Pat Sapinsley, Managing Director at the Urban Future Lab. “Thanks to NYSERDA’s partnership and leadership, the C2V Initiative is able to meaningfully continue to grow a new carbontech industry.”
“It’s been impressive to see how quickly the carbontech ecosystem has grown in year one of the C2V Initiative, which brought together more than 120 stakeholders from across the corporate, financial, non-profit, and public sectors,” said Dr. Emily Reichert, CEO of Greentown Labs. “I’m especially excited to see an industry leader like Fluor deepen its engagement for year two of the initiative. This will enable the company to more directly engage with carbontech startups and increase the likelihood of commercializing and scaling new solutions for climate impact.”
“We could not be happier with the success the C2V Initiative found in its inaugural year,” said Dr. Thomas Schuelke, President of Fraunhofer USA. “Our goal was to create a diverse ecosystem of companies looking to utilize the carbon that they capture. The technologies and applications from the first cohort addressed this need perfectly. We are excited to see how this next cohort continues this success.”
Applications for the second cohort of the C2V Initiative are due by April 29, 2022 at 11:59 p.m. ET. Applicants may apply from anywhere. To learn more and apply, visit the C2V Initiative’s website.
Fluor Corporation is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 44,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $14.2 billion in 2020 and is ranked 196 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has been providing engineering, procurement and construction services for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.
About the Urban Future Lab at NYU Tandon School of Engineering
Founded in 2009, the Urban Future Lab at NYU Tandon School of Engineering is New York City’s longest running cleantech startup incubator. Due to generous funding from NYSERDA, UFL provides unmatched access to industry stakeholders, strategic advice, marketing and branding support, investor networks, and a community of like-minded founders. Our portfolio includes industry-leading startups in the areas of renewable energy, smart buildings, transportation and resource-efficiency. The Urban Future Lab is leading the way to a more sustainable world by connecting people, capital, and purpose to advance market-ready solutions to address climate change. For more information about UFL, visit ufl.nyc and follow us on Twitter and LinkedIn. For more information about NYU Tandon, visit engineering.nyu.edu.
About Greentown Labs
Greentown Labs is a community of climate action pioneers working to design a more sustainable world. As the largest climatetech startup incubator in North America, Greentown Labs brings together startups, corporates, investors, policymakers, and many others with a focus on scaling climate solutions. Driven by the mission of providing startups the resources, knowledge, connections, and equipment they need to thrive, Greentown Labs offers lab space, shared office space, a machine shop, an electronics lab, software and business resources, and a large network of corporate customers, investors, and more. With its headquarters in Somerville, Mass. and a recently opened incubator in Houston, Greentown Labs is home to more than 180 startups and has supported more than 400 startups since the incubator’s founding in 2011. These startups have collectively created more than 8,400 direct jobs and have raised more than $2.2 billion in funding. For more information, please visit www.greentownlabs.com or Twitter, LinkedIn and Facebook.
About Fraunhofer USA
Fraunhofer USA, Inc. is a 501 (c) (3) non-profit organization that is dedicated to the advancement of applied research. Fraunhofer USA was founded in 1994 to conduct applied R&D for customers from industry and state governments and the federal government in the United States. Fraunhofer USA develops and validates scientific applications and technologies for industrial innovation in the USA. Fraunhofer USA’s research centers in the United States and the Fraunhofer institutes of Fraunhofer-Gesellschaft in Germany work together to provide the most versatile cutting-edge technologies to a global market. Fraunhofer USA offers unique transatlantic business opportunities to close the innovation gap from the lab to the real market. The research centers of Fraunhofer USA pursue strategic alliances with one or more of the numerous Fraunhofer institutes of Fraunhofer-Gesellschaft in Germany and with major research universities in the USA. For more information, please visit www.fraunhofer.org or LinkedIn and Twitter.
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