Micron Technology Inc. (NASDAQ: MU) and Lotte Biologics USA, LLC are among the firms securing low-cost power allocations from the New York Power Authority (NYPA).
NYPA also awarded a power-allocation recommendation to a third firm in the Central New York region — N.E.T. & Die, Inc. of Fulton, NYPA said in its Wednesday announcement.
The NYPA board awarded more than 150 megawatts (MW) of low-cost power under its ReCharge NY program, including a 140-MW low-cost power allocation for Boise, Idaho–based Micron. Additionally, the NYPA board approved 404 MW of high load factor power that NYPA will procure for Micron on the energy market.
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With the power award, Micron plans to create more than 2,300 jobs when it comes to Clay with an initial capital investment of more than $19.3 billion.
Micron Technology plans to invest up to $100 billion over the next 20-plus years on a semiconductor manufacturing campus at the White Pine Commerce Park in the town of Clay, company, state, and local officials said in their announcement at Syracuse University on Oct. 4, 2022.
Besides the Micron award, NYPA awarded Lotte Biologics USA, LLC more than 2,800 kilowatts of low-cost power.
Lotte Biologics of Seoul, South Korea bought the manufacturing facility at 6000 Thompson Road in DeWitt from Bristol Myers Squibb Co. (NYSE: BMY) a global biopharmaceutical company headquartered in Lawrence Township, New Jersey. Bristol on Jan. 3 announced the companies had completed the transaction.
The NYPA data indicates that Lotte Biologics plans a $48 million investment in the facility, creating 70 jobs and retaining 428.
At the same time, NYPA awarded N.E.T. & Die, Inc. of Fulton a power allocation of 56 kilowatts in exchange for a $7.3 million capital investment that’ll create seven jobs and retain 17 positions, per the NYPA data.
About ReCharge NY
On its website, NYPA describes ReCharge NY as “one of the signature economic development initiatives” in New York State.
Through the ReCharge NY program, qualifying businesses and nonprofits statewide can potentially lower their energy costs by using specially allocated NYPA power which is set aside by the state government and the NYPA board for economic support.
Recipients of allocated power have made commitments such as remaining in the state, keeping or growing employment, expanding operations, and/or making significant local investments in their businesses.
