Stevens and CO-WY Climate Resilience Engine forge groundbreaking partnership

Hoboken, N.J. and Fort Collins, CO, Mar. 20, 2024 – Stevens Institute of Technology’s Center for Research toward Advancing Financial Technologies (CRAFT) and the CO-WY Climate Resilience Engine announce the launch of a new collaboration. This strategic partnership between the CO-WY Climate Resilience Engine, headed by Innosphere Ventures, a prominent center for technology and science-based startups, and CRAFT signifies a major step forward in the development of financial technology in service of climate resilience.

As the first fintech-focused Industry-University Cooperative Research center funded by the National Science Foundation (NSF), CRAFT, which has chapters at both Stevens and Rensselaer Polytechnic Institute, focuses on innovation and excellence in the rapidly evolving landscape of financial technologies. Leveraging NSF funding, both Innosphere Ventures and Stevens Institute of Technology, as major awardees, have joined forces to amplify their impact and drive greater outcomes.

The collaboration between the CO-WY Climate Resilience Engine and Stevens’ CRAFT is poised to revolutionize the fintech landscape by merging expertise in financial technologies with deep insights from science, engineering and climate resilience. By combining these disciplines, the partnership aims to address critical challenges such as monetizing climate change mitigation efforts and to foster innovation in green finance.

A key area of focus under this partnership is the development of a Greenhouse Gas Finance Certificate Program. This program will bridge the gap between finance and science/engineering disciplines, recognizing the imperative for collaboration in tackling climate-related financial issues and the challenges posed by the often externalized costs of climate change. With Stevens' stronghold in the New York-New Jersey region and Innosphere Ventures' presence in Colorado-Wyoming, the collaboration will bring together expertise from both traditional energy and renewable sectors to address climate challenges comprehensively. Developing the Colorado and Wyoming region’s fintech acumen is an important long-term impact expected from the CO-WY Engine. A certificate program, to be offered at Stevens, will be developed from the collaboration of the respective institutions’ expert faculty and research teams.

Steve Yang, Director of CRAFT at Stevens Institute of Technology, commented, “We are very excited about this joint venture with CO-WY Climate Resilience Engine and the opportunity to leverage CRAFT’s expertise in fintech research and innovation to address emerging climate challenges faced by the regional economy. This partnership will allow us to collaborate in conducting new research and innovation with a multidisciplinary approach including engineering, social science, data science, climate science and economics; translating new research from academia to private enterprises and government; and supporting the sector in developing a workforce with expertise in climate resiliency.

Mike Freeman, CEO of Innosphere Ventures and the CO-WY Climate Resilience Engine, commented, "This partnership represents a significant step forward in our collective mission to drive innovation at the intersection of technology, finance and sustainability. By combining our strengths with Stevens Institute of Technology's CRAFT sector, we are poised to make meaningful strides in addressing pressing challenges such as climate change."

"Through our partnership with the CO-WY Climate Resilience Engine, we envision a future where fintech innovations become powerful tools for climate action. By integrating insights from science, engineering and finance, we are poised to drive innovation that not only addresses pressing climate challenges but also fosters sustainable economic growth,” noted Ed Synakowski, Vice Provost for Research and Innovation at Stevens Institute of Technology.

“As an NSF center, engaging with an NSF Engine to expand the scope of CRAFT is a most valued partnership. The pressing challenges of climate change need a multi-faceted, multidisciplinary coordination of research and research translation with a particular sense of urgency,” said Aparna Gupta, co-director of CRAFT. “With the CO-WY Engine partnership, RPI, Stevens and CRAFT industry members have a great opportunity to do just that.”

The partnership between CRAFT and the CO-WY Climate Resilience Engine signifies a powerful synergy between academia and industry, paving the way for transformative advancements in fintech and climate resilience.

– Stevens –

About CRAFT (Center for Research toward Advancing Financial Technologies)

CRAFT is the first fintech-focused industry-university Cooperative Research center funded by the National Science Foundation. Led by Stevens Institute of Technology and Rensselaer Polytechnic Institute, CRAFT is dedicated to advancing research and innovation in financial technologies to address contemporary challenges in the finance sector.­­

About Stevens Institute of Technology

Stevens Institute of Technology is a premier, private research university in Hoboken, New Jersey, overlooking the Manhattan skyline. Since our founding in 1870, technological innovation and entrepreneurship have been the hallmark of Stevens’ education and research. Within the university’s schools, Stevens prepares its more than 8,000 undergraduate and graduate students for an increasingly complex and technology-centric world. Our exceptional students collaborate closely with world-class faculty in an interdisciplinary, student-centric, entrepreneurial environment, readying them to fuel the innovation economy. Academic and research programs spanning finance, computing, engineering and the arts expand the frontiers of science and leverage technology to confront the most challenging problems of our time. Stevens is consistently ranked among the nation’s leaders in ROI and career services and is in the top 1% nationally of colleges with the highest-paid graduates.

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About Rensselaer Polytechnic Institute

Founded in 1824, Rensselaer Polytechnic Institute is America’s first technological research university. Rensselaer encompasses five schools, 32 research centers, more than 145 academic programs, and a dynamic community made up of more than 7,600 students and more than 100,000 living alumni. Rensselaer faculty and alumni include more than 145 National Academy members, six members of the National Inventors Hall of Fame, six National Medal of Technology winners, five National Medal of Science winners, and a Nobel Prize winner in Physics. With nearly 200 years of experience advancing scientific and technological knowledge, Rensselaer remains focused on addressing global challenges with a spirit of ingenuity and collaboration.

About CO-WY Engine

The Colorado-Wyoming Climate Resilience Engine (CO-WY Engine) is a collaborative initiative focused on driving innovation in climate resiliency and sustainability across the Colorado-Wyoming region. Supported by the U.S. National Science Foundation (NSF), the CO-WY Engine brings together a diverse network of partners to develop and commercialize technologies that address critical environmental challenges, foster economic growth and enhance community well-being. Visit http://www.co-wyengine.org for more information.

About Innosphere Ventures

Innosphere Ventures is a leading incubator and accelerator focused on supporting technology and science-based startups. With a mission to accelerate the success of entrepreneurs and innovators, Innosphere provides comprehensive support through its incubation programs, facilities, and venture capital funds.