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NYSERDA awards EMPEQ $100,000 in seed capital

By Eric Reinhardt

Date:

ITHACA, N.Y. — The New York State Energy Research and Development Authority (NYSERDA) has awarded EMPEQ, Inc. $100,000 “to support the next stage of growth” for the startup company.

EMPEQ says it is an Ithaca–based, energy-efficiency financial-technology (fin-tech) company. EMPEQ is short for “Empower Equity,” per the company’s website.

EMPEQ contends it provides “swift, safe, and simple” financing for small and medium-sized businesses, nonprofits, and municipalities for building-equipment upgrades.

NYSERDA provided the funding through its “ignition grants.” The grants are available for client companies of NYSERDA-sponsored clean-energy incubators that require seed capital to reach “technical or commercialization objectives that will help achieve near-term outcomes.”

“Receiving the ignition grant contract propelled EMPEQ into the next stage of growth allowing for increased capacity in all facets of the business,” Herbert Dwyer, CEO of EMPEQ, said in a news release.

NYSERDA uses its ignition-grants initiative to make “highly targeted, timely” seed investments in incubator-client companies that will “directly impact near-term outcomes for these ventures, such as raising investment capital, securing corporate/strategic partnerships, and engaging potential customers/partners,” per the EMPEQ release.

EMPEQ says it allows small to mid-sized businesses in any sector to upgrade their essential building equipment, such as HVAC or lighting, with “quick and easy” financing through its fin-tech subscription model. HVAC is short for heating, ventilation, and air conditioning.

Contact Reinhardt at ereinhardt@cnybj.com

 

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