Week in Review: February 7 – February 11, 2022
Stay up-to-date on business and economic development happenings in the Capital Region with the CEG Economic Development Week in Review. Don’t miss out on the developments that are transforming the region by following us on:
CEGIN THE NEWS
Times Union: ides align on under-the-Hudson power line to NYC
REGIONAL ECONOMIC DEVELOPMENT NEWS
Spa City business using genetics, genealogy to solve crimes
“Tobi Kirschmann describes learning of the Golden State Killer’s identity as a “gut punch.”
She was thrilled the serial killer and rapist had been caught, but because she worked as a DNA analyst for the California DNA Databank, she was disappointed neither she nor the hundreds of detectives who worked on the case could’ve found Joseph James D’Angelo Jr. sooner.”
Albany Inno – Troy software startup Ithos Global acquired by Raleigh-based Permanent Group
“The Troy-based startup Ithos Global, which makes software to manage regulatory compliance for the cosmetics industry, has been acquired by Raleigh-based Permanent Group.
The takeover allows Ithos to leverage the operational expertise and financial resources of Permanent to scale more quickly, the companies said Monday. Founded in 2021, Permanent Group says it is dedicated to acquiring business-to-business software-as-a-service companies in order to help them scale.”
Albany Inno – Albany investment group acquires the Larry’s All Natural salsa company
“When the owner of salsa company Larry’s All Natural received a call from someone interested in buying the business, he reached out to Todd Kletter via Linkedin to seek advice.
Larry Sombke, owner of the brand, was looking for an investor to manage operations and scale the company. And at age 71, he was looking for a long-term exit strategy.”
Bethlehem approves 1,600-job Plug Power project
“The Bethlehem Planning Board Monday night approved Plug Power’s plans to build a 350,000-square-foot fuel-cell factory in the towns of Bethlehem and New Scotland.
“This is one of the most exciting projects I’ve seen come to Bethlehem in the last 20 years,” said Supervisor David VanLuven.”
“Regeneron Pharmaceuticals will spend between $650 million and $730 million in capital expenditures this year as it continues construction of a syringe packaging plant in East Greenbush and expands its Tarrytown research complex.
The New York drug developer invested $552 million in capital improvements in 2021. And Regeneron has spent an average of $532 million per year on construction and equipment over the past three years.”
