CEG Economic Development Week in Review August 26 – August 30, 2024
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:
REGIONAL ECONOMIC DEVELOPMENT NEWS
Applied BioPhysics awarded $1.8 million for cell assurance monitor
“Applied BioPhysics received a two-year, $1.8 million grant from the National Institutes of Health to fund its continued research and cultivation of advanced biomedical instruments.
The manufacturing firm, based in Rensselaer Technology Park, was founded by Nobel Laureate Dr. Ivar Giaever and Dr. Charles Keese in 1991, after they invented a method to examine living cells called the Electric Cell-substrate Impedance Sensing.”
Galesi Group seeks tax breaks for new $112M NYSIF building in Latham
“The developer of a $111.5 million headquarters for the New York State Insurance Fund in Latham is seeking planning board approval along with tax exemptions to offset the cost of the project.
The Galesi Group of Schenectady, which won the bid last fall to construct the four-story, 136,400-square-foot headquarters, is asking the Colonie Industrial Development Agency for financial assistance.”
‘Invent the future’: one man’s dream of making upstate New York the next Silicon Valley | Technology
“The “quantum chandelier” that sits within a glass box in the chapel at Rensselaer Polytechnic Institute’s campus in Troy, New York, is the symbolic centerpiece of an ambitious effort to turn upstate New York into an advanced technology center – what Silicon Valley is to social media or Cambridge, Massachusetts, is to biotech.
The silver sci-fi object, named for interior gold lattices that suspend, cool and isolate its processor, is the heart of a “quantum computing system” that could herald a new age of computing. It’s the centerpiece of the dream Curtis Priem, a co-founder of Nvidia, the $2.8tn artificial intelligence hardware and software company, has of turning Rensselaer, or RPI, into an advanced computing hub and refashioning this area of upstate New York into a new Silicon Valley.”
Via Ravioli: An authentic Italian pasta shop in Coxsackie
“Fresh ravioli made on-site daily! That is the promise Kate Galassi and her husband Steve Gonzalez deliciously deliver at Via Ravioli.
Located at 11865 State Route 9W, Via Ravioli is more than a market, but not a sit-down eatery, the couple says. It’s a pasta shop with a small Italian machine and a huge selection of everything you need to make your own delicious Italian dinner at home.”
MyForest Foods increases production of its vegan MyBacon
“Green Island’s MyForest Foods now has its flagship vegan bacon product in 1,000 stores — and the company can’t make enough to meet demand.
To change that, MyForest quadrupled the vegan bacon production capacity at its facility on Cohoes Avenue in Green Island this month. The company converted space that had been used by parent company Ecovative to make packaging material.”
Klocke Estate soil-to-glass brandy distillery opens in the Hudson Valley
“Standing on the gravel drive leading up to the hilltop restaurant, John Frishkopf looked out at the rows of grapevines.
“I don’t know of anything like this in the Northeast.”
This summer, after six years of planning, planting, growing, building and distilling, the $21 million Klocke Estate opened in Claverack this July.”
IBM leases more space at Albany Nanotech’s ZEN Building
“IBM will lease more space at the Albany Nanotech Complex, bringing its total to 100,000 square feet.
The board of NY CREATES, the organization that operates the Albany Nanotech Complex, approved a lease with IBM Thursday for an additional 30,000 square feet in the ZEN Building. IBM already leased 70,000 square feet for its 700 employees on site.”
Schenectady aquatic center gets $10 million in state funding
“Plans to build an aquatic center in downtown Schenectady just got a $10 million boost thanks to New York state.
The latest source of public funding for the long-discussed Capital Region Aquatic Center was announced Thursday by Gov. Kathy Hochul as part of the New York Statewide Investment in More Swimming (NY SWIM) initiative, a $150 million program included in this year’s state budget to bolster access to safe swimming opportunities throughout the state. A total of 35 projects were awarded funding throughout the state.”
