State power board aids three WNY companies

April 29, 2014 Updated Apr 29, 2014 at 9:31 AM EDT

By Business First

...

State power board aids three WNY companies

April 29, 2014 Updated Apr 29, 2014 at 9:31 AM EDT

Three businesses will receive $1.72 million in Western New York Power Proceeds, including We Care Transportation Services, which plans to convert fuel for its vehicles into compressed natural gas.

The fund were approved Monday afternoon by the Western New York Proceeds Allocation Board and collectively, the three projects represent $23.25 million in private-sector investment with a promise to create 128 new jobs.

Proceeds allocations come from New York Power Authority funds and all companies must be within a 30-mile radius of the Niagara Power Project. NYPA, recently, added another $8.8 million to the proceeds fund pool.

Funds are derived from net earning NYPA receives from sale of hydropower from the Niagara plant. All dollars must be allocated to Western New York regional economic development projects.

"The projects will have a significant impact on the Western New York economy, driving economic development growth for the future and creating much-needed jobs," said Buffalo attorney Anthony Colucci III, allocation board chairman.

Companies awarded funding:

$1 million to We Care Transportation to help finance the conversion of its vehicles to compressed natural gas and retrofitting its Buffalo maintenance garage to accommodate those vehicles.

We Care is investing $14.97 million in the project and said it will create 100 new jobs.

Nexus Natural Gas LLC of Tonawanda received a $570,000 allocation that will help finance the construction of a compressed natural gas fueling station for the seven companies that make up the partnership.

The project carries a $2.8 million development price tag.

Innomotive Solutions Groups LLC was approved for a $150,000 allocation to purchase a Lancaster building where it will manufacture roll-away doors specifically for emergency vehicles. The company plans to hire 28 people and has pledged to invest $5.5 million in the project.

To submit a comment on this article, your email address is required. We respect your privacy and your email will not be visible to others nor will it be added to any email lists.