The state of New York is betting USD225 million on Silicon Valley startups Soraa and Silevo to build research facilities in Buffalo. The two firms came from the solar and LED lighting industries. This was according to a report published by The Buffalo News.
New York officials chose Soraa and Silevo after nine months of researching about potential partners. Soraa is a company that manufactures premium LED lights. Silevo, on the other hand, makes highly efficient solar panels, the report said.
The governor announced on Thursday that the state is investing USD225 million to build two research, development and manufacturing facilities for the two chosen companies. This is New York's largest monetary commitment to a single local business venture. The said facilities will be built on the former Republic Steel site. This is a reclaimed brownfield site along the Buffalo River, the report stated.
Both Soraa and Silevo agreed to pitch in USD750 million each for the project. The firms will hire a total of 850 workers for the said facilities, The Buffalo News reported.
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