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Cleantech Open Academy

Cleantech Open Academy . Emerging Technology Funding Opportunities in Connecticut Kim Stevenson Manager, New Technologies June 27, 2011. CEEF Overview New Technology Investment Funding Programs Investment Priorities Program Eligibility Evaluation Criteria Funding Terms. Overview.

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Cleantech Open Academy

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  1. Cleantech Open Academy Emerging Technology Funding Opportunities in Connecticut Kim Stevenson Manager, New Technologies June 27, 2011

  2. CEEF Overview • New Technology Investment Funding Programs • Investment Priorities • Program Eligibility • Evaluation Criteria • Funding Terms

  3. Overview • Created in 1998 (P.A. 98-28), launched in 2000, to be reconstituted on July 1, 2011 (S.B. 1243) • Mission: Promote, develop and invest in clean energy sources for the benefit of CT ratepayers • Funding: • Primary – Connecticut - surcharge on electric utility bills ~ $28 million/year • RGGI proceeds & miscellaneous ~ $4 million/yr • New – Federal American Recovery & Reinvestment Act of 2009 ~ $20 million between September of 2009 through March of 2012 • Methods: Grants and other funding for renewable energy projects…will be changing to finance! 3

  4. Goals • Create a supply of clean energy (installed capacity) • Foster the growth, development and commercialization of clean energy technologies • Stimulate use of clean energy by increasing public awareness

  5. CCEF Program Areas New Technology Programs (grants, debt, equity) Adoption & Education (grants) Generating Capacity (grants, financing)

  6. Public Policy Investment in the Future • Senate Bill 1243 passed the Connecticut State Senate by a vote of 36-0, and cleared the Connecticut State House by a vote of 139-8 • Creation of DEEP (Section 1) for the purposes of energy policy and regulation…(3) increasing the use of clean energy and technologies that support clean energy • $3.5 billion investment in clean energy and energy efficiency over a 10-year period Votes in the Connecticut Senate Votes in the Connecticut House

  7. New Technology Investment StrategyOverarching Goals • Accelerate the incubation and commercialization of technologies that will become the future engine of CT’s clean energy industry • Economic development and job creation • Cost reduction/ improve scalability • Energy security and diversity • Environmental impact • Establish a self-sustaining early stage fund 2025 2020 2015 2010

  8. We help bridge the “valley of death” where others are unwilling or unable to invest

  9. New Technology Investment Programs Summary Alpha Program Op Demo Program Clean Tech Fund Program Goals Identify and advance promising early stage technologies Funding Objectives Support proof of concept and projects to overcome specific technology hurdles Level of Development Early stage product development TRL Level 4-6 Risk Focus Technology High (unqualified) Program Goals Identify and advance technologies on threshold of commercial application Funding Objectives Support development and qualification of operational (pre-production) prototypes Level of Development Design qualification Pre-production prototype TRL Level 6-8 TRL Level 9 (for technologies not yet commercially deployed in CT) Risk Focus Product (engineering/operation) High/ moderate (qualified) Program Goals Identify and Invest in companies with promising technologies/ products Funding Objectives Support commercialization of “field proven” products Level of Development Product launch Fully qualified production prototypes TRL Level 8-9 Risk Focus Business and execution Moderate (qualified)

  10. New Technology Investment StrategyWhat we did . . . . . . . • Inventoried clean energy technology landscape • Analyzed and ranked based on prioritized criteria: • Identified approximately 80 potential opportunities that fall within 5 investment themes

  11. New Technology Investment StrategyResulting Priority Investment Areas Industrial Energy Efficiency/ Management High Efficiency Building Systems Distributed Clean Energy Systems Utility Power Generation & Management Renewable Fuels Production Source: Navigant Consulting (www.ctcleanenergy.com/Navigant)

  12. Alpha Program Process Overview PHASE DESCRIPTION OF PHASE 1 The first step in the application process is to complete the Pre-Qualification Survey to determine if your project meets minimum eligibility requirements. The survey can be accessed at: www.ctcleanenergy.com/newtech. If you meet eligibility requirements for the Alpha Program, you will be encouraged to download program documentation and application materials from the Alpha Program Web page, www.ctcleanenergy.comm/alpha, and submit a full application by one of two application submission deadlines each year. APPLICATION INITIAL ASSESSMENT Based on the Alpha Program evaluation criteria detailed in the Program Guidelines, the CCEF New Technology Programs staff evaluate and select the 10 top applications from the submission pool and forward these proposals to a panel of five judges with appropriate technology and business expertise including one CCEF staff member. Notification is provided to all applicants. 2 Top applicants are asked to give short presentations to the judging panel and are evaluated based on the Alpha Program evaluation criteria. The judging panel selects and recommends the finalists. Finalists become eligible for funding awards pending a technical viability and business merit review performed by an external expert, approval from the CCEF Board of Directors and a basic background check. If review and approval criteria are not fully satisfied, the next-ranked finalists become eligible for the award. JUDGING & EVALUATION 3 Upon final review and approval, Alpha Program funding award winners are publicly announced. Each winner signs a Phase 1 contract with CCEF and participates in an awards presentation. The first disbursement of Phase 1 funding is provided after contract signing. AWARD & CONTRACT 4 ALPHA PROJECT PHASES 1 AND 2 The Alpha Project is structured in two phases. Phase 1 is funded through a grant of up to $50,000 for completing an engineering design developed to achieve performance and cost metrics necessary for success in your product’s target market. Phase 2 is funded as a loan of up to $150,000 which can be used to fund: prototype construction and testing; further product/process design refinements; target market definition; business plan development; and preparation of a final Alpha Project Report and presentation conveying implications for product/process commercialization). 5 6 POST ALPHA & CLOSE-OUT After completion of Alpha Project Phases 1 and 2, each award recipient submits annual financial statements reflecting the commercial status of their product and the overall financial health of their company. Upon reaching commercial success or a liquidity event, the recipient repays CCEF twice the awarded loan principal or another appropriate amount as described in the AlphaProgram Guidelines. Upon loan repayment or 10 years after execution of the contract (whichever comes first), the project is closed out. Repaid loan amounts are reinvested into New Technology Programs. See the Alpha Program Guidelines (access at www.ctcleanenergy.com/alpha) for additional details about the program process.

  13. Alpha Program Overview • Designed to help technology innovators and entrepreneurs move highly promising, early stage technologies towards commercialization by validating technical viability and commercial potential. • The Alpha Program has two phases. • Phase 1 – Engineering Design and Development: Complete engineering design explicitly developed to achieve performance and cost metrics necessary for success in target markets. • Phase 2 – Prototype Construction and Testing: Construct and test prototype, further refine product/process design and market specifications, establish next steps required for commercialization.

  14. Eligible Technology Areas • Electricity generation from RE sources (e.g, solar, wind, biomass, small hydro, wave and tidal, geothermal, other sources defined as RE in CT; see http://www.ct.gov/dpuc/cwp/view.asp?a=3354&q=415186) • Electricity generation from waste energy recovery (for example, waste heat, unused system pressure) • Electricity generation from non-RE energy sources using high-efficiency methods (e.g., high-efficiency internal combustion engines) • Combined heat and power • Geothermal (ground source heat pumps) and solar thermal for heating/cooling • Advanced EE and/or energy management systems for buildings and/or industrial processes (e.g., HVAC systems, lighting, continuous commissioning, monitoring, control systems) • Building envelope technologies • Electricity infrastructure improvements, including energy storage for the electrical grid • Fuel cells and hydrogen production • Biomass and biofuel production for stationary electricity generation • Ineligible technology areas: RE fuel production for transportation, MSW to energy, fossil-fuel based technologies, nuclear technologies, environmental remediation and water treatment technologies.

  15. Technology Readiness Levels

  16. Alpha Program Evaluation Criteria

  17. Funding Terms

  18. Kim Stevenson: 860-257-2890 Kim.Stevenson@ctcleanenergy.com Visit us online ctcleanenergy.com/newtech 865 Brook Street Rocky Hill, CT (860) 563-0015

  19. Op Demo ProgramTest Plan Purpose and Requirements • Test plan purpose • Qualify (meaning install, test and validate) a product/process for commercial application • Qualify the product/process to be commercially viable by proving out the competitive value proposition and the technology’s operational status • Test plan requirements • Test and verify competitive value proposition including quantitative performance and cost characteristics and competitive advances/advantages • Test and verify technology development status including remaining technical and operational hurdles • Test and verify other functional elements critical for qualifying product for commercial application • Funding released at completion of well-defined milestones

  20. Recently funded projects and prospects Solar Thermal Small Hydro Waste Heat to Electricity Fuel Cell Backup Power Small Biomass to Electricity

  21. S.B. 1243 (Clean Energy Finance) • Section 99 – Clean Energy Investment and Finance Authority • Section 103 – CHP and anaerobic digestors • Section 106 – 30 MW of residential solar by 2022 • Section 107 – zero emissions renewable energy credit (i.e. solar, wind, hydro, etc.) for behind the meter installations up to $0.35 per kWh additional support • Section 110 – low emissions renewable energy credit (i.e. fuel cells) for behind the meter installations up to $0.20 per kWh additional support • Section 111 – condominium program • Section 127 – 30 MW of grid-tied clean energy

  22. S.B. 1243 (Clean Energy Finance cont’d) • Section 100 – property assessed clean energy • Section 121 – virtual net metering • Section 123 – energy savings performance contracting • Section 124 – Green Loan Guaranty Fund • Section 125 – energy consumption data • Section 126 – aggregate town consumption data • Section 135 – DEEP to establish natural gas and heating oil conservation fund

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