CEG Economic Development Week in Review – November 5 – November 9, 2018

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:

CEG IN THE NEWS

REGIONAL ECONOMIC DEVELOPMENT NEWS

How this tolling tech company has grown 150 percent in 3 years (and plans to grow more)

“Bestpass Inc., the Albany company that uses technology to make tolling and weighing easier for truck companies, is expanding its office after attracting two major new clients.

John Andrews, CEO of Bestpass, said AT&T and Spectrum are the latest clients fueling the company’s growth.”

Diverse economy helps grow area employment

“Two of the Capital Region’s largest private sector employers are going through a rough patch, but other employers remain upbeat.

While General Electric Co. undergoes a restructuring at its Schenectady operations, and GlobalFoundries steps back from efforts to develop the next generation of semiconductors, a wide range of Capital Region employers remain in growth mode.”

Glens Falls officials OK plans for medical marijuana packaging facility

“Etain officials hope to get started as soon as possible on their project to build a manufacturing facility at Tech Meadows park to expand its medical marijuana operations, after city economic development boards on Thursday voted to sell them the lot and agreed to a package of tax breaks.

The Chester-based company is purchasing Lot 4 for $210,000 and planning to build a 16,000-square-foot facility on the site.”

StoredTech expanding HQ, plans to spin off new division

“Stored Technology Solutions is expanding its headquarters in Queensbury, New York, after deciding against moving to a larger site off the Interstate 87 Northway.

President and founder Mark Shaw is renovating and adding 5,000 square feet to his main office after the information technology company started a new division and more than doubled revenue between 2015 and 2017.”

PrimaLoft launches biodegradable fabric line

“PrimaLoft, the Colonie-based company that produces insulation and fabrics used in outdoor clothing and equipment, is launching a new line called PrimaLoft Bio Performance Fabrics that are biodegradable.

PrimaLoft already had launched an award-winning line of biodegradable insulation material, and now it is making fabrics so that entire pieces of clothing can now be made that will be biodegradable.”