Somerville’s Greentown Labs, which bills itself as the country’s largest incubator for cleantech startups, is partnering with a like-minded incubator from New York University to build a network of East Coast startups dedicated to sustainable technology.
Greentown Labs is teaming up with the New York City Accelerator for a Clean and Renewable Economy, or NYC ACRE, which is run by NYU’s Tandon School of Engineering.
The partnership, announced Tuesday, aims to give startups from Greentown Labs and NYC ACRE opportunities to network in each other’s cities.
“Deepening our ties throughout the Northeast region—specifically between Massachusetts and New York—will benefit both of our innovation ecosystems and play an important role in helping bring new clean technologies to market faster,” said Greentown Labs Chief Executive Emily Reichert.
ACRE, like other incubators, offers startups office space, mentorship, and a network of contacts. Its startups, which are largely focused on agriculture, data analysis and clean energy, have raised $88 million in private funding to date.
As sea levels keep rising, it’s no surprise the market for green technology is opening up, inviting record investment from all four corners of the globe.
Global investment clean energy grew 4 percent from 2014 to reach $329 billion, according to data from Bloomberg New Energy Finance, a research unit of Bloomberg LP, the financial news and information company.
In late January the Massachusetts Institute of Technology said it plans to spend $300 million building eight new “energy centers” on its Cambridge campus dedicated to devising and commercializing technologies related to sustainable energy.
Greentown Labs expects to complete a 53,000-square feet expansion by the end of this year. The new space will allow the incubator to more than double the number of startups they can support.
The $11 million project received a $2 million loan from the publicly-funded Massachusetts Clean Energy Center and the City of Somerville, and was announced at an October ceremony attended by Governor Baker.