Economic Development Month in Review: October, 2020
For the Top Economic Development News of the Month, CEG selects news articles about projects or developments that promise to improve and/or transform the Capital Region’s economy, particularly those that related to manufacturing and initiatives outlined in, Capital 20.20, a five-year, multi-pronged plan for bringing economic prosperity to the entire region.
To learn about more the Capital Region’s economic development news from the past month, see CEG’s Economic Development Week in Review posts:
Bette & Cring wins $23.1 million co-generation plant contract
“Bette & Cring LLC of Latham beat out three companies to win a $23.1 million contract to build a co-generation power plant at the Naval Research Laboratory in Washington, D.C.
It will be the 10th combined heat and power system built by the Latham bridge, hotel and apartment builder since it started a co-generation business in 2007.”
Hochul visits South River Street project
“A multi-million-dollar project in downtown Coxsackie is “transformative,” Lt. Gov. Kathy Hochul said during an upstate tour Tuesday.
Hochul visited development sites in Coxsackie, Hudson, Fort Edward and Lake Placid.”
Galesi Group wants to build another big warehouse in Rotterdam
“The Galesi Group wants to construct a 200,000-square-foot building at the Rotterdam Corporate Park, the latest investment in response to the strong demand for distribution and warehouse space.
The Schenectady-based company, which owns more than 12 million square feet of warehouse and distribution space in the region, is seeking approval from the Rotterdam Planning Commission for the building on 12 acres on the eastern side of the industrial park at 55 Duanesburg Road.”
Albany region companies landed $11.3 million in innovation grants last year
“Kitware got $3.8 million in federal Small Business Innovation Research funding last year, more than any other company in the Capital Region.
Thirteen companies in the Albany region got Small Business Innovation Research and Small Business Technology Transfer funds in 2019, for a total of $11.3 million. The SBIR program helps small businesses meet the federal government’s research and development needs, while the STTR program advances technology transfer from research institutions to startups.”
Researchers show Crystal IS’s lighting tech inactivates Covid-19 virus
“Research at Boston University’s National Emerging Infectious Diseases Laboratories has shown the Klaran UVC LEDs made by Crystal IS can inactivate the SARS-CoV-2 virus, which causes the Covid-19 disease.
“It’s not much of a surprise for us, but UVC LEDs are new, and the virus is a big problem, so people needed that assurance. So now we’ve got that,” said Larry Felton, president of Crystal IS, which is based in Green Island.”
GE Research developing new MRI tech to detect brain injuries
“General Electric Co., in partnership with the Department of Defense, is developing a new, more advanced magnetic resonance imaging, or MRI, machine that can better detect mild brain injuries.
The Defense Department is providing a $5.6 million grant to fund the research and development project, which GE is doing in partnership with the Uniformed Services University, a research and health sciences university run by the federal government.”
How Vicarious Visions is helping build a pipeline of video game design talent
“Steve Derrick of video game development studio Vicarious Visions is among a group of professionals that’s working to help prepare the next generation of STEM professionals in the Albany region.
Derrick, director of organizational development for Vicarious Visions, has led a group of staff for the past two summers helping six teachers from East Greenbush, Schodack and Averill Park Central school districts develop basic video game design curriculum.”
ReVivo Medical preparing device for $2.5B market
“The startup ReVivo Medical is preparing for possible clinical trials in 2021 following nine years of work.
The company, which is based in the Albany Medical Center Biomedical Acceleration and Commercialization Center, makes two titanium alloy implants that are used together to hold vertebrae in place following spinal surgeries.”
Ecovative to debut world’s first whole-cut mushroom ‘meat’ in Capital Region
“The world’s first whole-cut mushroom meat, created by local company Ecovative, is set to debut soon in the Capital Region.
MyBacon, the premiere product by MyEats, is launching on Monday, Nov. 9 at Honest Weight Food Co-op in Albany. It will be available in six-ounce packages for $5.99 each.”
CDTA preparing for second bus rapid transit line to start operation in November
“The Capital District Transportation Authority is launching its newest bus rapid transit line Nov. 8, marking the completion of a $42 million project.
The new line, known as the River Corridor or “Blue Line,” connects Albany to Troy, but also stops in Waterford, Cohoes, Lansingburgh, Watervliet, and Menands. It will be the region’s second BusPlus rapid transit line — the existing line runs along the Route 5 corridor between Schenectady and Albany.”
How the Tech Valley Center of Gravity has been rethinking its role in the startup community
“The past eight months have been a tumultuous time for many people, including the startup community in the Albany region. The disruption has prompted the Tech Valley Center of Gravity to spend this time working to enhance its role in the community.
The Center of Gravity is a 15,000-square-foot makerspace, prototype center, and manufacturing incubator in downtown Troy that serves about 50 small businesses. That includes 17 that operate from the building and seven based in the manufacturing incubator.”
UAlbany’s upcoming $180M ETEC building will include space for industry partner research
“The University at Albany plans to reserve space for industry partners in its upcoming $180 million Emerging Technology and Entrepreneurship Complex in Albany.
The 245,000-square-foot building, which will be UAlbany’s second-largest, will have about 6,000 square feet of space for collaborating companies, according to Matt Grattan, director of community and economic development for UAlbany’s Division for Research.”
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