BINGHAMTON, N.Y., Oct. 30, 2024 (GLOBE NEWSWIRE) -- New Energy New York (NENY) has opened applications for the second cohort of ChargeUp. The six-month accelerator program is designed to support startups working on battery innovations to help them advance their technology development and their business. Early-stage U.S. companies that are working on battery innovations anywhere in the supply chain are encouraged to apply. Companies accepted into the accelerator will receive $25,000, connections to investors, and opportunities for follow-on investment, including up to $100,000 in vouchers for technical development. Each month, participation in the Binghamton-based accelerator includes one week of in-person instructional workshops and regional tours of supply chain partners and three weeks of virtual activities, such as instruction provided by industry and business experts, pitch coaching, regional showcases, and building out each company's data room so they are ready for investment.
The program follows the success of the inaugural cohort of companies that includes Ateios Systems, Fermi Energy, MITO Materials and Standard Potential.
"ChargeUp stands as a flagship accelerator for battery startup companies. Completing the program, we emerged with significant tasks ahead but equipped with essential know-how. Additionally, the ChargeUp network proved tremendously beneficial, enabling us to establish pivotal business relationships. I strongly recommend this program to any battery startup considering joining an accelerator to enhance their growth and success,” said Ray Xu, Co-Founder and CTO of Fermi Energy.
The initiative is part of a $4.5 million grant awarded to NextCorps from the U.S. National Science Foundation (NSF-2334103) to test an accelerator model focused on technology commercialization for early-stage, deep-tech businesses, and strengthen economic development within region-specific technology hubs located across the U.S. The accelerator is based on curriculum and learnings from two of NextCorps’ proven accelerators: Luminate, the world’s largest accelerator for startups developing technologies enabled by optics, photonics and imaging, and the Manufacturing Accelerator, which helps early-stage companies reduce the risk, waste, and cost associated with getting hardware from prototype to mass production. The methodology used by both programs leverages university, community, and industrial involvement to guide and speed the delivery of emerging technologies.
ChargeUp will follow a similar format, and will be run by Binghamton University’s Koffman Southern Tier Incubator. During the program, companies will receive over 200 hours of curriculum that will prepare them to become investment-ready by mastering business due diligence, design for manufacturing, complex supply chains, product pricing, and other topics. The accelerator also will connect them to resources within the region’s rapidly growing battery industry cluster, which has been federally designated as a battery tech hub, and New York State’s efforts to pioneer critical energy storage technologies through the NENY project.
“The Binghamton region and our network of partners are internationally recognized for its expertise in energy storage. This accelerator will continue to attract the best startups and talent to the region, and connect them to the benchmark assets and expertise available here to change the trajectory of their business and technology commercialization. We had a very successful inaugural cohort and plan to build off the first year of running this program,” said Bandhana Katoch, Assistant Vice President, Office of Entrepreneurship and Innovation Partnership at Binghamton University.
Since 2017, the Southern Tier Clean Energy Incubator program has fostered over 60 startup companies. Binghamton University, through its Office of Entrepreneurship and Innovation Partnerships, is leading the NENY initiative, with the cornerstone project, Battery-NY, for the development of a battery technology and prototyping center in the Southern Tier of NY.
Startups applying to ChargeUp must be incorporated, have at least two people working full time on the business, and should have proven their core technology, preferably having developed a working prototype. ChargeUp Cohort 2 begins in April 2025 and concludes in October 2025. Virtual info sessions will be held November 13 and December 10, 2024 and on January 8, 2025, to help companies assess if the program is right for their business.
To apply to ChargeUp, go here.
“Our world is facing energy storage issues that are affecting almost every industry. Testing our proven accelerator methodologies within battery innovation to solve these pressing challenges, and doing so within a rich, industry-leading battery ecosystem makes perfect sense,” said Dr. Sujatha Ramanujan, Managing Director, Luminate NY. “We’re eager to support the ChargeUp accelerator and to assess the impact it has on improving success rates for bringing novel technologies to market.”
For more information on ChargeUp, visit https://newenergynewyork.com/programs/chargeup-accelerator/
For more information about Binghamton University’s Koffman Southern Tier Incubator, visit thekoffman.com.
For more information on NextCorps, visit nextcorps.org.
For more information about Binghamton’s New Energy New York initiative, go to newenergynewyork.com.
For more information about NSF grants, visit nsf.gov.
Media Contact
Kari Bayait
kbayait@binghamton.edu
607-725-5975
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9af0d78d-54d3-4f3b-8e9c-da6eedf25490
