NY To Invest $280M In Energy Storage Projects

ALBANY, N.Y. (AP) — New York state is making a big investment in energy storage.

The state's Energy Research and Development Authority announced the funding on Thursday. Developers of large-scale projects can apply for a piece of the funds to reduce the cost of energy storage systems.

The systems are seen as vital to the further development of renewable energy sources such as wind and solar power, as they use industrial-size batteries to capture excess energy for later use when demand is higher.

Officials say there are now nearly 100 energy storage companies in New York specializing in the design and creation of storage systems.