Kim Stevenson, Manager, New Technologies, Connecticut Innovations Inc. | A boost for clean energy
Q. The Connecticut Clean Energy Fund (CCEF) has launched a new Operational Demonstration Program. What is this?
A. It provides financial support to demonstrate the commercial viability of emerging clean energy technologies at customer sites that are representative of typical customers. The program provides support at a critical point when entrepreneurs often find themselves in a Catch-22. Even though their new product may offer compelling benefits, potential customers need a higher level of confidence before they will purchase the product. Potential investors are sitting on the sidelines waiting for further commercial validation and customer orders before the risk profile is low enough for them to invest in the enterprise. The entrepreneur has a great product but can't yet secure the early stage funding needed to begin going to market. This is where the Op Demo Program comes in. It is one of three clean energy technology investment programs offered by the Connecticut Clean Energy Fund (CCEF) and Connecticut Innovations (CI). The other two programs are a new Alpha Program, which funds for earlier-stage, high-potential technologies that require further testing and development at the prototype stage, and the Clean Tech Fund, which makes equity investments in clean energy, clean water and environmental remediation technologies. (The new Alpha Program will be launched later this fall.)
Q. Is the thinking behind this new program to make the state a center of clean energy technology?
A. Connecticut is already an emerging center of clean energy technology. Some of the top companies in this sector include: United Technologies, Fuel Cell Energy, Sensor Switch, Schuco USA, US Insulation Corp, Trane, and Alliance Energy Solutions. Connecticut also has a vibrant group of small businesses and emerging clean energy technology companies. These companies are national and global leaders in energy efficiency and energy management, fuel cells, lighting control, solar energy products and services, and other areas.
The thinking behind this new program is to continue building on this base and to leverage Connecticut's core industries with transferrable skills and transferable necessary to build the clean energy sector. One example is the mechanical and electrical disciplines required to manufacture aerospace products can be applied to power generation from waste heat recovery or for wind energy products. Other examples include software design and IT disciplines required for integrated building systems and controls; biotechnology disciplines required for the development and production of biofuels; and the finance and insurance industry that will be increasingly critical as the clean energy industry grows and matures.
Q. How big is the clean energy technology business in Connecticut? Are there any projections on how big it can get?
A. Connecticut's clean energy industry, excluding the transportation sector, is estimated to represent approximately 1 percent of total employment in the state and more than $780 million in direct revenues. The jobs number includes approximately 4,500 direct jobs and 7,300 indirect jobs associated with products and services that support the clean energy industry.
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