$160 million is earmarked for BU battery project: Where the money's going
At a Monday morning event, Senate Majority Leader Chuck Schumer announced up to $160 million in funding for Upstate New York battery research and innovation.
The grant comes following the Southern Tier university's New Energy New York earning the designation of Battery Tech Hub last year.
Upstate New York Energy Storage Engine, a project led by Binghamton University, secured funding through the U.S. National Science Foundation's Regional Innovation Engines Competition (NSF Engines), a program created by the CHIPS & Science Law.
More: Binghamton 'Engine' wins up to $160 million from National Science Foundation
What is the goal of Upstate New York Energy Storage Engine?
Alongside an initial $15 million in funding, Upstate New York Energy Storage Engine is eligible for up to $160 million over the next 10 years. According to Schumer, NSF Engines was one of 10 programs which won in a field of hundreds, in large part due to the researchers and scientists at Binghamton University and partner schools.
"Today, the top scientific minds in America, and the federal government are saying loud and clear: 'If you want America to get ahead in battery technology, Binghamton is the best in the class,'" said Schumer.
The funding comes following last year's Tech Hub designation, which was preceded by a $113 million contribution to establish the Tech Hub in 2022.
More: Binghamton is now a 'tech hub.' How local leaders believe it will shape the future
According to a press release sent out by New York Gov. Kathy Hochul's office, the state will match up to 20% of funding for the first five years of the project through Empire State Development. In addition, the state will provide additional support through already existing programs.
According to Binghamton University Associate Vice President for Innovation and Economic Development Per Stromhaug, the funding will do more than kickstart battery production — it will lead to innovation which has the potential to change society.
Olga Petrova, director for Binghamton University's Office of Entrepreneurship and Innovation Partnerships, said the work done thus far exemplifies the collaboration between a variety of educational and industry partners. Petrova said the funding will positively influence the Southern Tier community at large, and change the future of the area.
"At the end of the day transformational innovation requires collaboration," said Petrova. "All of these elements and partners came together to work as a single engine to really elevate Upstate New York. Together, we can transform our local communities while also driving the battery industry to address the challenges of today and tomorrow."
How will this affect the Southern Tier?
Schumer said the announcement will lead to increased battery production in the area, and the funding will also help educate future pioneers who will be able to find an industry job without leaving New York. Schumer said the investment was a "once in a generation" opportunity, and would create an economic revival in the region.
The funding from NSF Engines, Schumer said, will fill the void left by large companies who left the region with thousands of jobs, and usher in a new age for upstate New York.
Over 30 tech startups have already joined efforts in the area, over 650 people have been trained for jobs in the industry and hundreds of student interns have received positions, Schumer said, and NSF Engines funding will help increase the already existing opportunities.
This article originally appeared on Binghamton Press & Sun-Bulletin: NSF Engine funding: What it means for Binghamton U., Southern Tier
