NEW YORK, Nov. 22, 2011 /PRNewswire/ -- Rentricity, one of the original start-up companies in the New York Accelerator for a Clean and Renewable Economy (NYC ACRE) cleantech support system, has been named a Later Stage Global Top 10 greentech company – chosen from a field of 4,000. The award by the Global Cleantech Cluster Association (GCCA) also named Rentricity as the winner of the "Best of Water" category for 2011.
Rentricity recovers energy from excess water pressure in pipes to produce clean, renewable electricity. It targets water, wastewater and industrial infrastructure to produce electricity that can be sold into the electric grid or used behind-the-meter.
As one of the Global Top 10, GCCA recognized Rentricity for winning access to sources of growth capital and management guidance. GCCA also cited Rentricity for significant success in growing the cleantech industry in New York City and for its support of green job growth in the region.
"Our Top 10 winners are truly the best in class and companies to watch," said Ben Taube, chairman of the GCCA. "In each category, these companies are making both broad strides in their global industries as well as working closely with their regional cleantech clusters to build sustainable green economies and jobs. We are thrilled to name Rentricity among the GCCA Global Top 10 for 2011."
Rentricity became a commercial venture in 2008 and joined NYC ACRE the following year. Founder and President Frank Zammataro kept the young company self-funding, and last year it generated $500,000 in revenue. Rentricity has completed two commercial projects and has four other projects in development. Among them is a project funded by the New York State Energy and Research Development Authority (NYSERDA) to develop wastewater solutions for New York City.
"This international recognition gives us inspiration, and we hope to use it as a springboard to find our first project outside of North America," Zammataro said. "NYC ACRE's nomination of Rentricity for the GCCA award has now expanded its support for us beyond New York City and the State of New York to the global cleantech community."
The Global Cleantech Cluster Association also named another NYC ACRE company, SyntheZyme, among its Global Top 30. SyntheZyme, founded and operated by Polytechnic Institute of New York University (NYU-Poly) Professor Richard Gross, develops biobased industrial chemicals from natural renewable feedstocks.
NYC ACRE joined the Global Cleantech Cluster Association in 2011 to expand the scope and breadth of its offerings to member companies and New York City. NYC ACRE at NYU-Poly is New York City's first cleantech incubator, seeded by a grant from NYSERDA, supported by the New York City Economic Development Corporation and the New York City Investment Fund, and operated by NYU-Poly. In addition to supporting start-up companies, NYC ACRE provides development services to expand the city's nascent cleantech sector.
"We are very proud of both Rentricity and SyntheZyme," said Micah Kotch, director of NYC ACRE at NYU-Poly. "This recognition validates our role in helping them create sustainable solutions with strong commercial value. Through these prestigious awards, they are giving New York City and NYU-Poly international visibility as an emerging hub of cutting-edge cleantech activity."
Francis J. Murray Jr., President and CEO, NYSERDA said: "NYSERDA congratulates Rentricity and SyntheZyme on these prestigious awards. NYSERDA is proud to support them and NYC ACRE in our efforts to help New York meet its energy goals. Such global recognition illustrates the value of supporting startup companies that are in the forefront of developing technology that protects the environment, promotes renewable energy sources and reduces energy consumption."
The GCCA Later Stage Award Top 10 winners were selected from an original pool of 4,000 eligible companies represented by the GCCA's 33 member clusters. Each cluster conducted evaluations to nominate companies in the 10 award categories. In total, these member clusters nominated 185 companies for the 2011 Later Stage Award. That number was later narrowed to the Global Top 30 semi-finalists and to the final Global Top 10 winners. Head Judge Dr. Peter Adriaens of the University of Michigan and CleanTech Acceleration Partners lead the evaluation and judging process, along with 28 leading venture capital investors and cleantech serial entrepreneurs.
Rentricity Inc. is a renewable energy company that uses unique energy recovery configurations to transform the untapped energy in various man-made processes into electricity. Rentricity Flow-to-Wire(SM) systems have no environmental impact and represent a new class of clean, renewable hydrokinetic energy. Rentricity Inc., established in 2003, is based in New York City with offices in New Jersey, Connecticut and Pennsylvania. For more information, visit www.rentricity.com/index.html.
SyntheZyme is a privately-held sustainable chemical company commercializing the technology developed in the laboratories of Professor Richard A. Gross at the Polytechnic Institute of New York University (NYU-Poly). Dr. Gross is the Herman F. Mark Professor of Polymer Science and head of the Center for Biocatalysis and Bio-processing of Macromolecules at NYU-Poly. Located in Brooklyn, N.Y., SyntheZyme uses the understanding of biocatalysis to replace petrochemical-based industrial chemicals with biobased and biodegradable alternatives. It focuses on chemicals for plastics, pesticides, cosmetics and personal care product ingredients. Nature's chemistry shows the way and provides the tools that are used by SyntheZyme. For more information, visit www.synthezyme.com.
About NYC ACRE at NYU-Poly
NYC ACRE at NYU-Poly is New York City's first cleantech incubator, seeded by a four-year, $1.5 million grant from NYSERDA and operated by Polytechnic Institute of New York University. NYC ACRE is growing an ecosystem of entrepreneurs, international companies and innovative local businesses that provide solutions to climate and energy issues. NYC ACRE works with its partners to create a robust cleantech cluster in New York City, helping create jobs and transitioning New York to a low-carbon future. Its startup companies work from offices in the Varick Street Incubator, operated by NYU-Poly in partnership with the New York City Economic Development Corporation and Trinity Real Estate. For more information, visit www.nycacre.com and www.poly.edu.
About the Global Cleantech Cluster Association
The Global Cleantech Cluster Association creates conduits for companies to harness the tremendous benefits of international cleantech cluster collaboration in an efficient, affordable, and structured way. Global Cleantech provides a gateway for established and emerging cleantech companies to gain exposure to potential investors, new markets, influential networks, innovative technologies and best practices. GCCA was founded by swisscleantech, the Finnish Cleantech Cluster, and Watershed Capital Group. The GCCA Later Stage Award is sponsored by Grant Thornton International. For more information about Global Cleantech, please visit www.globalcleantech.org.
|SOURCE Polytechnic Institute of New York University|
Copyright©2010 PR Newswire.
All rights reserved