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.