New York State has unveiled $280 million (£217m) of new funding for battery storage projects.
Governor Andrew M. Cuomo has announced the new wave of financing to accelerate growth within the industry and drive down energy storage deployment costs – the state has a target to deploy 3GW of energy storage by 2030.
The Governor says storage technologies, which capture surplus power from wind and solar energy sources and store it in industrial-sized batteries for later use, are vital to transitioning to a carbon-neutral economy because they enables renewables to meet periods of peak demand.
Around $150 million (£116m) of the funding will be granted to bulk storage projects with more than 5MW of capacity – these will primarily be used to provide wholesale market energy and distribution services.
The other $130 million (£101m) will be offered to smaller retail storage projects, which will generally be paired with onsite generation such as rooftop solar panels.
Governor Andrew M. Cuomo said: “While the federal administration denies the devastating reality of climate change, New York continues to invest in its future by building a more efficient clean energy system.
“Energy storage is vital to our resiliency work and this funding will enable us to grow the industry and create jobs while we continue on our path toward meeting the country’s largest energy storage target.”