Earlier this month, Key Capture Energy hosted a congressional clean energy champion – Representative Paul Tonko – at the 20 MW (megawatt) KCE NY 1 just north of Albany. American Clean Power presented Rep. Tonko with a “Clean Power Champion” award as part of ACP’s Clean Power Week, showcasing how clean energy is building a better future in America.. With strong support by Rep. Tonko, the Inflation Reduction Act will have an immensely positive impact on the clean energy transition not just in New York, but nationwide as the bold work to decarbonize our society takes a major step forward. The inclusion of a first ever stand-alone energy storage investment tax credit will help unleash the full potential of renewable energy by bridging the intermittency gap for when the the sun is not shining and the wind is not blowing. This significant tax credit will aid New York in their state target of energy storage to 6000 MW of energy storage by 2030, supporting New York’s goals of 70% renewable energy by 2030 and a carbon-free grid by 2040.
Constructed in 2019, KCE NY 1 was Key Capture Energy’s first large-scale battery system in New York, and was supported by the New York State Energy Research & Development Authority (NYSERDA). So far, Key Capture Energy has invested more than $20 million in New York with approximately 900 megawatts of additional battery storage projects in development, including the operational KCE NY 3 and the under construction KCE NY 6. With substantial investment in wind and solar power over the next decade, battery storage projects like these will provide resiliency and the round-the-clock reliability needed for the clean energy transition.
Rep. Tonko’s work on this climate legislation helps sets the stage for the clean energy revolution and buildout to come. The Inflation Reduction Act will help to alleviate supply chain challenges and allow companies like Key Capture Energy to deploy storage solutions quickly and effectively at scale.
We look forward to continued support from clean energy champions in Congress like Representative Tonko and were honored by his presence at KCE NY 1 for the award ceremony.