Gov. Andrew Cuomo’s office announced Thursday that NYPA’s Board of Directors has awarded reduced electricity rates to 11 Long Island companies through ReCharge NY, which Cuomo signed into law in 2011 to provide low-cost power to businesses that commit to job creation and new capital investments.
The Long Island power allocations will help retain or create a total of 1,100 jobs and spur more than $78 million in regional investments, according to the governor’s office. Among the Island firms accepting offers for cut-rate power are Farmingdale-based biotech Modern Meadow, a synthetic leather specialist, and WHTB Glass, a Chinese fabricator that this year opened its first U.S. facility in Brookhaven.
In return, Modern Meadow will retain 40 jobs, create 160 more and make $25 million in capital investments, according to NYPA, while WHTB Glass is projected to create 143 positions and invest roughly $18.9 million.
Also on NYPA’s nice list, among others: Melville’s Comtech Telecommunications Corp., which is expected to create six new jobs, and Plainview aerospace manufacturer Cox & Company, which is projected to create 30.
“Utility costs are one of the largest expenses for many businesses, and the ReCharge NY program is often the main reason they choose to stay in New York and grow their presence,” noted Kevin Law, president and CEO of the Long Island Association. “When they have access to low-cost power, companies know the state is listening to their concerns and wants them to succeed.”
Thursday’s allocations will dish out 8.5 megawatts of low-cost power to 27 businesses in seven of the state’s 10 economic development zones. In addition to retaining thousands of existing jobs, the 27 businesses have committed to creating 647 new positions and making some $167 million in new capital investments.
All told, including the allocations announced Thursday, ReCharge NY has provided more than 749 megawatts – enough juice to power about 600,000 typical homes – to 677 commercial operations and 70 nonprofit organizations.
A full list of Thursday’s ReCharge NY recipients, including their job-creation and capital-investment commitments, is available here.
“ReCharge NY has been incredibly effective in helping businesses remain competitive and expand their operations in communities across the state,” Cuomo said in a statement. “This latest round of low-cost power allocations will build on this program’s success and help ensure that enterprises and nonprofits remain in New York, create jobs and help drive economic growth.”