NYSERDA Awards $11.3M for 25 Innovative Renewable Energy and Energy Storage Projects

The New York State Energy Research and Development  Authority awarded $11.3M to help develop and commercialize 25 innovative renewable energy and energy storage projects.

The NYSERDA funding supports technological advances that could benefit a variety of applications including mass transit, farming, small- and large-scale electric generators, hand-held electric devices, and others.  To finance the projects, NYSERDA will use $4 million of funds from proceeds from the Regional Greenhouse Gas cap and trade auctions, and $7 million of Systems Benefit Charge funds.  These resources will leverage $11 million of private sector investment to bring total funding for these projects to $22 million.

The funds will support demonstration projects, new product development, and feasibility studies.  Funded initiatives include seven photovoltaic and solar projects, seven electric storage projects, five wind power projects, two waste-heat reuse projects, and one project each in fuel cell and kinetic hydropower.

The twenty-five proposals were selected from 71 proposals submitted.  Co-funding is required of each of the participants, with specific funding for each project to be determined in the coming months through final contract negotiations with each partner.

Read the press release.

Source:  NYSERDA Press Release May 3, 2010

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