Modern Meadow to receive cheap electricity

United States
Published:  22 December, 2016

Modern Meadow the Brooklyn biotechnology startup, which is hoping to make the first genuinely 'synthetic leather' without killing animals, has been awarded low-cost electricity by New York State in hopes of persuading the company to expand in Farmingdale rather than New Jersey.

Modern Meadow Inc. is among 11 businesses with Long Island projects to receive discounted electricity from the state Power Authority in its latest allocations under the ReCharge NY program. The U.S company received 1,050 kilowatts for a proposed factory and research laboratory at the Broad Hollow Bioscience Park on the campus of Farmingdale State College.

Earlier in December, it won US$1 million from Empire State Development, the state’s primary business-aid agency, toward the local facility. In return for the aid, the company would move 40 jobs from Brooklyn to Suffolk County, add 160 more and invest US$25 million in equipment and other improvements. It would also remain in the Start-Up NY tax-free zones program, where participants don’t pay state and local taxes for as long as 10 years. However, Modern Meadow is weighing whether to expand in New Jersey instead.

“We’re impressed with what we have seen at Farmingdale State College,” said Andras Forgacs, CEO, in a June meeting in Melville. “But this is not in the bag yet. We are looking at New Jersey.”

Source: Newsday

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