BROOKLYN, N.Y., Dec. 8, 2016 /PRNewswire-USNewswire/ -- The New York University Tandon School of Engineering has received a $100,000 grant from Wells Fargo to support early-stage companies in New York City's hub for smart cities, smart grid, and clean energy through its ACRE incubator.
Housed at the Urban Future Lab (UFL) at NYU Tandon, the internationally recognized ACRE is a cleantech incubator that supports startup ventures with innovative technologies and new business models for a greener, smarter, and more connected world. ACRE is uniquely poised to engage the next generation of engineers in developing solutions for one of the most pressing problems of the 21st century, climate change.
"This grant will help the ACRE to support early-stage business ventures and to continue providing the services young businesses need to scale up and find solutions to issues of sustainability," said
Pat Sapinsley, managing director of cleantech initiatives at the UFL. "We're honored to have Wells Fargo supporting our program and to count them among a growing number of our private and public supporters dedicated to making a difference in climate change. Such collaboration is essential if we're going to create, innovate, and solve the world's pressing energy challenges."
Since 2007, Wells Fargo has provided more than $27 billion in financing for environmentally sustainable businesses, including $4 billion in solar and wind project investments and $9 billion to support LEED-certified and other green buildings. The company is also an active industry participant and sponsor of several cleantech initiatives, including a $10 million environmental grant program for clean technology startups called the Innovation Incubator.
"Wells Fargo is proud to provide financial support and industry expertise to the NYU – ACRE program supporting clean technology entrepreneurs," said Ashley Grosh, vice president, Wells Fargo Environmental Affairs. "We are dedicated to supporting organizations like the ACRE and the Urban Future Lab that are redefining what's possible in the cleantech sector. We're confident the impact of this grant on New York's cleantech economy and beyond will multiply through of our collaboration."
The UFL is a part of the NYU Tandon School of Engineering Future Labs ecosystem, which also includes the Data Future Lab in Manhattan's SoHo neighborhood, as well as the Digital Future Lab and a veterans' entrepreneurial support program, both in Brooklyn's DUMBO neighborhood. The Future Labs were the first university-public-private incubator partnership with New York City and are tasked with creating a sustainable program that helps new ventures succeed and generate positive economic impact.
Since launching in 2009, the Future Labs at NYU Tandon have helped companies create more than 1,250 jobs, raise more than $245 million in capital, and generate a local economic impact of
$352 million. Named among the Top 10 Idea Labs in the United States by Worth magazine, the Future Labs are counted among the many ways the NYU Tandon School of Engineering supports technology in service to society.
About the NYU Tandon School of Engineering
The NYU Tandon School of Engineering dates to 1854, when the New York University School of Civil Engineering and Architecture as well as the Brooklyn Collegiate and Polytechnic Institute (widely known as Brooklyn Poly) were founded. Their successor institutions merged in January 2014 to create a comprehensive school of education and research in engineering and applied sciences, rooted in a tradition of invention, innovation, and entrepreneurship and dedicated to furthering technology in service to society. In addition to its main location in Brooklyn, NYU Tandon collaborates with other schools within the country's largest private research university and is closely connected to engineering programs in NYU Abu Dhabi and NYU Shanghai. It operates business incubators in downtown Manhattan and Brooklyn and an award-winning online graduate program. For more information, visit http://engineering.nyu.edu. www.facebook.com/nyutandon. @nyupoly
About the NYU Urban Future Lab and ACRE
The Urban Future Lab (UFL) at the NYU Tandon School of Engineering is New York City's premier innovation hub for smart cities, the smart grid, and clean energy. The UFL is home to programs focused on policy, education, and market solutions for the green economy. ACRE, the UFL's flagship program, is a business incubator that supports the growth of high-impact early-stage venture companies addressing climate change. ACRE incubator companies receive 24/7 access to desk space and conference rooms at an office in Downtown Brooklyn, in addition to professional business advisory and support services (legal, accounting, design) and introductions to ACRE's network of market partners, investors, mentors, and startup resources. The UFL and all its programs are supported by New York State Energy Research and Development Authority (NYSERDA), New York City Economic Development Corporation (NYCEDC), National Grid, Cushman & Wakefield, and Lowenstein Sandler. More at ufl.nyc.
About Wells Fargo CleanTech Group
Since 2005, Wells Fargo has provided more than $52 billion in environmental finance, supporting sustainable buildings and renewable energy projects nationwide. This includes investments in more than 300 solar projects and 47 wind projects that generate enough clean, renewable energy to power hundreds of thousands of American homes each year. For more information, please visit www.wellsfargo.com/about/csr and the Wells Fargo Environmental Forum.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune's 2016 rankings of America's largest corporations. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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SOURCE NYU Tandon School of Engineering