Governor Hochul Announces NYPA Economic Development Awards That Will Drive Nearly $89 Million in Capital Investments

Governor Kathy Hochul today announced that the New York Power Authority (NYPA) approved economic development awards that will drive nearly $89 million in capital investments. The awards, approved today by the NYPA Board of Trustees, include a low-cost power allocation through the regional Western New York Hydropower program. Additionally, the NYPA board approved funding awards totaling nearly $8 million under the Western New York and Northern New York Power Proceeds programs.

"Reliable, affordable, clean energy generated by NYPA is driving economic momentum across Upstate New York, helping businesses grow, innovate and invest in communities throughout Western and Northern New York," Governor Hochul said. "Driving capital investment and supporting hundreds of jobs reinforces New York's global leadership in clean energy and economic competitiveness."

New York Power Authority President and CEO Justin E. Driscoll said, "The Power Authority's low-cost hydropower allocations and targeted Power Proceeds funding awards continue to serve as key drivers of regional economic development. The awards approved today by the NYPA Board will help businesses expand, create and retain jobs and invest in their future while supporting nearly $89 million in new capital investment and reinforcing the economic strength of communities across Western New York and the North Country."

Western New York

At today's meeting, the NYPA Board of Trustees approved 210 kilowatts (kW) of low-cost Niagara hydropower to Sigma Advanced Materials in Cheektowaga, New York.

Sigma is a precision manufacturer specializing in advanced ceramic metallization, high-temperature brazing and design consulting, serving customers across the aerospace, defense, medical and electronics industries. The firm was awarded 210 kW of Niagara hydropower to support its $238,000 expansion project that will expand the operation's processing capabilities and improve production through machinery and equipment upgrades. Sigma is an existing NYPA customer and was previously allocated 20 kW through NYPA's statewide ReCharge NY program.

Low-cost Niagara hydropower is available for eligible companies located within a 30-mile radius of the Power Authority's Niagara Power Project and in Chautauqua County.

The NYPA board also approved Western New York Power Proceeds funding totaling nearly $6.2 million to Candlelight Curated, the Jacobs Institute and Niagara Power Transformer in Erie and Niagara County.

Candlelight Curated, a custom cabinetry manufacturer, was awarded $1 million in NYPA funding to support the $4.25 million rehabilitation and modernization of a 200,000-square-foot industrial facility acquired from the former Candlelight Cabinetry facility in Lockport. The project improvements include infrastructure and workflow upgrades, new production equipment, and other essential systems that enhance material handling, improve operational efficiency and enable the firm to resume and expand its manufacturing operations. The project will lead to the restoration of 70 jobs. Empire State Development (ESD) previously awarded the firm up to $2 million in performance-based Excelsior Jobs Program tax credits.

The Jacobs Institute, a not-for-profit medical technology innovation center, was awarded $658,503 in NYPA funding to support the modernization and expansion of its facilities located on the Buffalo Niagara Medical Campus. The project will increase advanced clinical training capacity, research and development capabilities, support operational efficiency and accelerate the commercialization of new medical technologies. ESD previously awarded The Jacobs Institute a $1 million Regional Council Capital Fund Program grant.

Niagara Power Transformer was awarded $4.5 million in NYPA funding to support the firm's more than $71 million Niagara Power 50 Initiative to expand its Cheektowaga manufacturing campus. The firm manufactures large liquid-filled power and specialty transformers, which are devices used to change the voltage level of electricity as it moves through the grid. The project will expand the campus by 96,000 square feet and will increase the firm's production capacity by 50 percent. The expansion will support the retention of 146 jobs and creation of 73 new full-time permanent jobs. ESD previously awarded the firm up to $3.4 million in performance-based Excelsior Jobs Program tax credits.

New York Power Authority Chairman and Western New York Resident John R. Koelmel said, "The Power Authority continues to be a driving force behind Western New York's economic momentum. The economic development awards approved today will strengthen advanced manufacturing, expand medical innovation, and modernize critical industrial facilities. These investments support job creation, enhance regional competitiveness and deliver meaningful long-term benefits for our communities."

Niagara Power Transformer President Chris Kraft said, "NYPA's support allows us to deepen our roots in Western New York, create high-quality manufacturing jobs, and meet the growing demand for transformers from our customers in New York and across the country. We are committed to this community, and the Niagara Power 50 Initiative will position us to continue growing here for decades to come."

Northern New York

$1.8 million in Northern New York Power Proceeds funding was approved by the NYPA Board of Trustees today to Corning Incorporated.

Corning, an advanced manufacturer, was awarded $1.8 million in NYPA funding to support the conversion of an existing warehouse into a ceramic manufacturing facility. The firm specializes in glass and ceramics used across multiple industries, including telecommunications, aerospace, semiconductor, and automotive. The project will support the retention of 344 jobs and the creation of 5 new jobs. ESD previously supported Corning's growth with up to $7 million in performance-based Excelsior Jobs Program tax credits.

New York Power Authority Trustee and North Country Resident Cecily L. Morris said, "The Power Authority's support for Corning Incorporated reinforces a key advanced-manufacturing asset in the North Country. This NYPA funding will help Corning expand its operations, create and retain quality jobs, and further position the region as an essential part of New York's growing economy."

The NYPA funding awards are made possible through the Western New York and Northern New York Power Proceeds Funds, comprised of net earnings resulting from the sale of unused hydropower generated at the Power Authority's Niagara Power Project and St. Lawrence-FDR Power Project and stem from power proceeds legislation signed into law in 2012 and 2014, respectively.

Empire State Development President, CEO & Commissioner Hope Knight said, "Under Governor Hochul's leadership, New York is advancing a strategic approach to economic development that pairs clean energy resources with targeted state investments. Working with the New York Power Authority, we are giving businesses from Western New York to the North Country the facilities and competitive advantages they need to grow, innovate and create long-term economic opportunity for New Yorkers."

State Senator Kevin S. Parker said, "New York's economic development investments are creating good-paying jobs, strengthening our manufacturing base, and helping communities build a more affordable and resilient energy future. These awards demonstrate what is possible when we invest in our workforce, support local businesses and ensure that the benefits of our energy resources reach the communities that need them most. I'm proud to support this continued commitment to economic opportunity across Western and Northern New York."

State Senator April Baskin said, "Today's NYPA awards are helping drive investment, innovation, and job growth across Western New York and the 63rd District. In Cheektowaga, Niagara Power Transformer's expansion will increase manufacturing capacity and support more than 200 jobs, while Sigma Advanced Materials will invest in new equipment to strengthen its operations. In Buffalo, funding for the Jacobs Institute will expand research and clinical training and help advance new medical technologies. These investments are strengthening our economy and creating new opportunities across our region."

Assembly Majority Leader Crystal Peoples-Stokes said, "With this funding from the New York Power Authority, the Jacobs Institute will continue to be at the forefront of medical technology innovation for Buffalo and Western New York. Overall, this investment from the Power Authority will create new jobs and spur economic growth in our region."

About the New York Power Authority

The New York Power Authority is the largest state public power organization in the nation, operating 17 generating facilities and more than 1,550 circuit-miles of transmission lines. More than 80 percent of the electricity NYPA produces is clean renewable hydropower. NYPA finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. For more information visit www.nypa.gov and follow us on LinkedIn, Twitter, Facebook, Instagram and Substack.