POTSDAM — The New York Power Authority’s board of directors has approved a request to distribute the remaining $239,220 of an initial $10 million grant to Seaway Private Equity Corp. to be used for investments.
SPEC, a non-profit organization, provides seed capital funding to businesses in St. Lawrence County that have significant growth potential. It focuses its investments on the commercialization of new products and services in the fields of renewable energies and environmental technologies.
SPEC works with companies that meet four criteria. Among them, the company must commit to locating or operating its new technology business primarily in St. Lawrence County. They should also have a well-developed and concise business plan that makes a compelling case for success.
Additionally, companies must have full control over their technologies, such as proprietary, patented, and/or patent-pending technologies; and must offer technologies demonstrating significant advantages and differentiation to create a sustainable competitive advantage and take a leading position in its market.
The resolution NYPA trustees agreed to this week approved an amendment to the “Amended and Restated Grant Agreement” with SPEC.
A resolution that was approved on September 20, 2005, as part of the St. Lawrence License Renewal Settlement Agreement, authorized NYPA to negotiate the terms and conditions of a grant agreement with SPEC, providing a $10 million grant that would be invested by SPEC under a capital commitment agreement with Golden Technology Management. Golden, in turn, would raise an additional $20 million in private equity funds to establish an investment pool in technology companies to promote economic development and increase employment and the tax base in the county. of St.Lawrence.
Changes were made to the agreement in 2009, 2013, 2018, 2019 and 2020.
Since its inception, SPEC has invested approximately $9,760,779.78 of the initial $10 million in St. Lawrence County businesses, leaving a fund balance of $239,220.22, which includes interest-free expenses earned . NYPA and SPEC officials agreed that the remaining funding should be distributed to SPEC to be used for investments in accordance with the terms of the amended and updated grant agreement. The effective date was December 31, 2021.
Under the agreement, SPEC must submit semiannually to NYPA a written account of all investments made with the remaining grant funds to demonstrate compliance with the terms of the agreement.
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