Governor Kathy Hochul of New York has announced economic development awards under the state’s ReCharge NY program. The New York Power Authority (NYPA) Board of Trustees approved these awards for 21 companies, aiming to instigate more than $800 million in capital investments and support around 4,500 jobs. Low-cost power from Niagara was also granted to a Buffalo-based company to encourage $8.6 million in regional capital investments. Furthermore, $670,000 in funding was approved for three firms via the Western New York Power Proceeds Fund.
Governor Hochul lauded the awards, saying they bolster New York’s transition to a clean energy economy. The ReCharge NY program allocations will go to companies in the Capital District, Central New York, Finger Lakes, Southern Tier, Hudson Valley, New York City, Western New York, and Long Island. By leveraging low-cost power, the program aims to revitalize communities across the state and stimulate job growth.
Two examples of these allocations include Cummins, an engine and power generation product manufacturer, and iSpice Foods, an international herb and spice supplier. Cummins received a 450-kilowatt ReCharge NY power allocation for a $452 million investment in its Chautauqua County site, creating 90 jobs and supporting an additional 1,280. iSpice Foods received a 2.25-MW low-cost power allocation for a $25 million investment in a new facility in Cortland County, creating 350 jobs.
In other development, the NYPA board approved $670,000 in funding awards for Buffalo enterprises, including $250,000 for Launch, a startup support nonprofit, and $120,000 for the Buffalo Niagara Convention & Visitors Bureau. A significant $300,000 was awarded to the Hispanic Heritage Council of Western New York for a cultural and educational center. These initiatives exemplify the Power Authority’s wider impact on the Buffalo-Niagara area and demonstrate how low-cost hydropower is being utilized to improve both the economic and cultural welfare of the region.
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