The New York State Energy Research and Development Authority (NYSERDA) has announced $11.3m funding to help develop and commercialize 25 renewable energy and energy storage projects.

The funds will support demonstration projects, new product development and feasibility studies. Funded initiatives include seven photovoltaic and solar projects, seven electric storage projects, five wind power projects, two waste-heat reuse projects, and one project each in fuel cell and kinetic hydropower.

To finance the projects, NYSERDA will use $4m of funds from proceeds from the Regional Greenhouse Gas cap and trade auctions, and $7m of Systems Benefit Charge funds. These resources will leverage $11m of private sector investment to bring total funding for these projects to $22m.

Francis Murray, president and CEO of NYSERDA, said: “The extraordinary quality of the proposals submitted for this program signals exciting progress in the development of New York’s clean energy economy.

“The public private partnerships we are forming and strengthening with these funds will help create jobs, solidify New York’s standing as an energy leader, and develop the tools New York will need to achieve the ambitious energy-reduction goals set by Governor David Paterson.”

The 25 proposals were selected from 71 proposals submitted. Co-funding is required of each of the participants, with specific funding for each project to be determined through final contract negotiations with each partner.