Funding Recommended for New York CNG Equipment Manufacturing Project
On Monday, the Western New York Power Proceeds Allocation Board (WNYPPAB) recommended an award of $183,950 to Cobey Inc., a manufacturer of air and gas compression equipment, to expand its equipment manufacturing process to manufacture CNG equipment to serve the Western New York market. Cobey’s $919,750 project will create a CNG manufacturing, testing and training process in Tonawanda, NY, in concert with NOCO, a family-owned energy company operating in the Northeast. The Western New York Power Proceeds Allocation Act authorizes “net earnings” from the sale of unused hydropower from New York Power Authority’s (NYPA) Niagara Project to be deposited into the Western New York Economic Development Fund to support economic development in Western New York. The Fund has accrued approximately $37 million to date, and approximately $14.2 million has been approved for awards by the NYPA Trustees on the basis of earlier recommendations of the proceeds Allocation Board. The most recent recommendations are expected to be considered by the NYPA’s Board of Trustees at its Oct. 15th board meeting.