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Press Release

The Carbon to Value Initiative announces Year 3 of the Initiative's Carbontech Accelerator Program

Published by Todd Bush on February 1, 2023

The accelerator program, focused on promoting startup-corporate collaboration, is seeking applications from innovative startups with carbontech solutions

SOMERVILLE, Mass, HOUSTON and NEW YORK CITY, Jan. 31, 2023 /PRNewswire/ -- The Carbon to Value Initiative (C2V Initiative) and its Carbontech Leadership Council (CLC), enthusiastically announce the third year of the C2V Initiative's world-class carbontech accelerator program. The program, supported by the New York State Energy Research and Development Authority (NYSERDA), aims to foster a thriving community of industry leaders and entrepreneurs focused on both reducing harmful carbon dioxide (CO₂) emissions and spurring economic development. Given the gigaton-scale need for CO₂ removal, carbon management is increasingly recognized as a vital tool in keeping global temperatures from rising 1.5°C above pre-industrial levels.

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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 CO₂ into valuable end products or services. The C2V Initiative, the CLC, and NYSERDA are welcoming applications from startups developing carbontech solutions for the accelerator's third cohort. More specifically, the program collaborators are interested in carbontech innovations that are related to the following categories:

  • Carbon Capture, such as atmospheric (e.g. DAC) or point source (esp. from hard-to-decarbonize sectors)
  • Carbon Conversion to Added-Value Products, such as CO2 mineralization into building materials, CO2 conversion to fuels (e.g. SAF), and chemicals (and related feedstocks like syngas)
  • Carbon Dioxide Removal (CDR), such as ocean alkalinity enhancement, enhanced rock weathering, etc.
  • Enabling Technologies, such as Measurement, Reporting and Verification (MRV) systems for carbontech (software and/or hardware), financing and insurance, carbon markets

These categories are not exhaustive, and overlap is possible. Startups with a novel carbontech innovation are encouraged to apply even if their technology is not listed above.

The accelerator is appropriate for startups that have a TRL (Technology Readiness Level) of four to seven and are actively investigating product-market fit and seeking partnerships.

Selected startups will work closely with the CLC and the C2V Initiative team over a six-month period to advance their commercialization efforts and mitigate risks of their carbontech innovations. They will also receive a $10,000 stipend to support their participation in the accelerator.    

The program cohort will gain access to the C2V Initiative's 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. Year 3 of the initiative will feature active involvement from all CLC member companies, offering startups exposure to a diverse array of market and business verticals in addition to tailored professional mentorship from some of the industry's leading professionals. The goal of these startup-corporate engagements is to foster collaboration opportunities across the carbontech ecosystem.

In addition to NYSERDA, current CLC members include Carbon180, Carbon Direct, CarbonPlan, Circular Carbon Network, the Consulate General of Canada in New York, CRH, Fluor, Johnson Matthey, NRG, Unilever, Gore, and XPRIZE, and the council is expected to grow in 2023.

Through its support of the C2V Initiative, NYSERDA provides funding to advance New York State's climate and clean energy goals and accelerate the development and deployment of carbontech across the state, with the aim of making it a globally recognized center for carbontech leadership.

Since the C2V Initiative's inception, the program has supported 18 groundbreaking startups—chosen from an exceptional pool of more than 230 applications—leading to partnership engagements, technology advancement, and industry growth. With the announcement of the program's third year, the C2V Initiative host organizations are thrilled to continue the program's momentum and promote the success of another exciting cohort of carbontech innovators.

"Our secret sauce is our ability to collaborate—with Tandon faculty, other incubators, with non profits and with large corporations working in this field—all in the service of these brilliant innovators," said Pat Sapinsley, Managing Director at the Urban Future Lab. "Over the last two years we nurtured more than 150 interactions between the CLC members and startups. We look forward to supporting a new cohort of innovative carbontech companies with our best-in-class incubation services. Thanks to NYSERDA's partnership and leadership, the C2V Initiative is able to meaningfully continue to grow a new carbontech industry."

"The Carbon to Value Initiative and participating companies are bringing forward the technologies New York State needs to lower greenhouse gas emissions in the hardest-to-reach sectors of our economy," said NYSERDA President and CEO Doreen M. Harris. "NYSERDA looks forward to working with our partners to accelerate carbon-management solutions as part of achieving New York's ambitious climate action goals."

"One of the key pillars behind Greentown Labs' mission is to convene innovators who can develop the right technology to solve our climate crisis," said Kevin T. Taylor, Interim CEO and CFO at Greentown Labs. "That goal is also central to the vision behind the Carbon to Value Initiative. Reducing CO2 emissions requires an 'all hands on deck' mindset, and that's exactly how this program is structured. The C2V Initiative brings together organizations from diverse industries, all with varying perspectives and levels of expertise, united around a central goal to grow the carbontech industry. We are so proud to be a part of this effort."

"C2V is much more than a carbontech accelerator and requires capable innovators who can provide technology solutions to our growing crises," said Thomas Schuelke, President of Fraunhofer USA, "Decarbonization and reducing CO2 emissions is a vital component of facing climate change head on and we're excited to provide support for this one-of-a-kind initiative."

Applications for the third cohort of the C2V Initiative are due by March 31, 2023 at 11:59 p.m. ET. Applicants may apply from anywhere. To learn more and apply, visit the C2V Initiative's website.

About the Urban Future Lab at NYU Tandon School of Engineering

The Urban Future Lab (UFL) at NYU Tandon School of Engineering is New York City's premier innovation hub for smart cities, the smart grid, and clean energy.  As an integral part of Tandon's Sustainable Engineering Initiative and NYU Tandon Future Labs network, the UFL is home to programs focused on policy, education, and market solutions for the green economy. Due to generous funding from our sponsors, 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 and follow us on Twitter and LinkedIn. For more information about NYU Tandon, visit

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 incubators in Somerville, Mass. and Houston, TX, Greentown Labs is home to more than 200 startups and has supported more than 500 startups since the incubator's founding in 2011. These startups have collectively created more than 9,000 jobs and have raised more than $4 billion in funding. For more information, please visit or Twitter, Facebook, and LinkedIn.

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 or LinkedIn and Twitter.

Greentown Labs Media Contact:
Julia Travaglini
Senior Vice President of Marketing + Communications
[email protected]

SOURCE Greentown Labs

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