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BROOME COUNTY, N.Y. -- Binghamton University received some good news Wednesday. Governor Andrew Cuomo approved the university's NY SUNY 2020 application, which includes the development of a $70 million Smart Energy Research and Development Facility on the Innovative Technologies campus.

The new center is expected to create more than 840 university and private sector jobs and foster economic development in the region.

At the facility, students and faculty will continue to focus on green technologies like solar and lithium power.

"It's a little more costly in the beginning, that's why it takes research to lower these kinds of energy technologies and the research that goes into that is the type of research we'll be doing here, reducing the cost of those renewable sources," BU President Harvey Stenger said.

"Binghamton is one of the top research facilities not only in the state, but in the country and they are going to be doing some of the top notch state of art energy research that will build our energy future, it’s very, very exciting," Assemblywoman Donna Lupardo said.

In addition to the Smart Energy Center, new tuition revenue will allow BU to increase enrollment by 2,000 students and hire an additional 150 faculty members.