Hartford Business Journal

19 HARTFORDBUSINESS.COM | MAY 17, 2021 the projects should be. We actually want the state helping catalyze it but really filling in the capital structure, not driving it." Other aspects of the governor's proposal hit on themes of transit- oriented development, worker retraining and equity, including the creation of a "Future Fund" that will set aside 50% of $150 million for businesses owned by women and minorities. The potential of sustainability is the focus of another key element, a "Greentech Fund" fueled by $50 million in federal funds plus $150 million from the private sector with the goal of creating at least 2,000 jobs. The intellectual property coming out of Connecticut's universities like Yale and UConn can help fuel a greentech boom in the state in areas like battery technology and recycling, Lehman said. "This is an industry we need to lean on more and we think it's more important for the future," Lehman said. The governor's pledge for the state to go carbon-neutral by 2040 can help spark development, he added. Ecosystem tests commercial potential Pending moves by regulators could set the stage for an "innovation ecosystem" in greentech that expedites the development of new technologies, said Bryan Garcia, president and CEO of the Connecticut Green Bank. The Public Utilities Regulatory Authority is considering a plan that would allow new technologies to be tested by utility companies and their residential, commercial and industrial customers. "To the extent that the technologies coming through this program can demonstrate the benefit to those end- use customers through pilots, those technologies can be scaled up for market," Garcia said. The Green Bank plans to allocate some of the federal relief funding toward programs helping energy customers modernize and become more efficient in their usage. It will also work with Connecticut Innovations on commercializing green technology in its role as a commercial lender. "It's important that we take measurable risk and try to realize the future gains from the green economy locally," Garcia said. He added that Connecticut's Green Bank served as a model for the Biden administration's $27 billion Clean Energy and Sustainability Accelerator program. "That's where a small state punching above its weight creates an example for the nation for how state and local government can mobilize private investment and build out the green economy," Garcia said. Banking on past successes Connecticut Innovations, the state's quasi-public venture capital arm, is slated to play a key role in administering both the Innovation Corridor and greentech investment efforts, said CEO Matthew McCooe. "We've done really well with the Connecticut Bioscience Innovation Fund — the seeds that we planted there have taken root," McCooe said. "It's time for us to expand and look at other categories where we can have a similar impact. We have successes to build upon." Promising opportunities in the green space include technology around Vineyard Wind and other wind-energy projects, along with fuel cells and green chemistry. That sector is already showing promise: Enko, a green agrotech company, recently moved from Massachusetts to open a new headquarters and research facilities in Mystic. Companies that want access to the federal relief in the form of venture capital should connect with Connecticut Innovations or local accelerators now to position themselves for the coming cash, McCooe said. "Approach us, start a conversation," McCooe said. "That's why we're here." Matthew McCooe Economic development stimulus funding Gov. Ned Lamont's administration has allocated hundreds of millions of dollars in federal stimulus funding to support economic development efforts. Here are some of the broad funding categories: Support to unemployment insurance fund and business $50M Support to arts and cultural institutions $6.4M CRDA economic support for venues $7.5M CT brand, hospitality business supports $45M Workforce development initiatives $103.2M Source: Gov. Lamont's office

• Cover