CEG Economic Development Week in Review March 6 – March 10, 2023
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
Albany Business Review: Katie Newcombe receives 2022 Empire Whole Health Heroes award
PWRGB New 6: Plug Power quadruples staff; plans to increase revenue
Renewable Energy News: TotalEnergies JV chooses GE’s New York turbine facility
Times Union: General Electric is poised to be a player in offshore wind
Developer Says Offshore Wind Project Could Bring USD 25+ Billion in Benefits to US State
REGIONAL ECONOMIC DEVELOPMENT NEWS
Plug Power looking to double revenue as it continues to build hydrogen plants
“Plug Power quadrupled its workforce to 3,353 employees over the past four years as the Latham manufacturer continues to add scale, spending $1 billion a year building factories and hydrogen plants to grow its top line and push the 26-year-old business toward profitability.
Annual revenue increased nearly 40% last year to $701.4 million, falling well short of the $900 million-plus that Plug anticipated at the start of 2022. The company attributed the lower revenue tally to construction delays for some of its hydrogen plants, higher-than-expected natural gas prices and challenges in bringing some new products to market.”
Brown’s Brewing Co. plans expansion in Troy
“Hours before 500 people were expected to show up to celebrate Brown’s Brewing Co.’s 30th anniversary last month, Garry Brown was on the roof of Revolution Hall.
The heat had gone out in his buildings on River Street in Troy, an ice storm was coming, the maintenance guy wasn’t answering, and the service company was charging overtime for a weekend visit.”
State pours money into Cohoes, Cambridge, Coxsackie, Kinderhook
“After Gov. Kathy Hochul announced the city was awarded $10 million Friday in state Downtown Revitalization Initiative funds, Mayor Bill Keeler said the city was at the tipping point — when the money would make possible the residential and commercial development needed to restore the Remsen Street business district to its historic grandeur.
“This ($10 million) really gives us the pop we’ve been waiting for for years,” Keeler said at the Cohoes Music Hall. He said the money will bring on a “transformational change” for downtown.”
Biden has big plans for ‘semiconductor clusters’ — will companies play along?
“The Biden administration recently has laid out ambitious plans to use government money to spur at least two new large-scale clusters of semiconductor manufacturing and research in the years ahead.
In an interview this week, Deputy Secretary of Commerce Don Graves outlined his department’s ambition for these projects. He said the application process for the money is designed to prod companies to ‘express to us their vision for how we drive economic development, how we drive competitiveness, not just at a local level, not just at a state level, but at a regional level.’”
