CEG Economic Development Week in Review October 7 – October 18, 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:
CEG IN THE NEWS
Albany Business Review: What’s So Cool About Manufacturing’ to help grow Albany region workforce
Albany Business Review” Regeneron grows to become major employer in Albany region
WRGB CBS 6: Capital District sees surge in new businesses, adding over 5,600 jobs
REGIONAL ECONOMIC DEVELOPMENT NEWS
New Leb downtown project to go to referendum
“The town will be holding a special election in January on its contribution toward a project to revitalize its downtown, the town supervisor said.
At the New Lebanon Town Board’s Sept. 10 meeting, it approved a measure to hire a bond attorney to oversee the town’s $500,000 contribution to the project, Town Supervisor Tistrya Houghtling said.”
NY CREATES gets $4.7 million National Science Foundation grant
“NY CREATES, the nonprofit that operates Albany NanoTech, was awarded a $4.7 million grant from the National Science Foundation for a workforce development program for the computer chip industry.
The money will fund a program that NY CREATES calls the Education Alliance for Semiconductor Experiential Learning, or EASEL.”
Water management company Soleno opens in Saratoga Springs
“Canadian water management company Soleno has opened its Saratoga Springs facility — its first in the United States — to create pipes and other products to collect, convey, treat and store water for various types of infrastructure.
‘With this new plant, Soleno affirms its position as a leader in North America’s water management sector,’ company President Alain Poirier said in a press release. ‘This project reflects our commitment to offer cutting-edge solutions tailored to the specific needs of North American markets while strengthening our production and distribution capacities. We see this expansion as an opportunity to push the boundaries of innovation for more resilient and sustainable infrastructure.’”
Inovabed opens Murphy bed showroom at Newton Plaza
“Guilderland furniture manufacturer Inovabed has opened a showroom in Latham as it seeks to grow its nascent direct-to-consumer business.
The 1,300-square-foot space at Newton Plaza on Loudon Road will allow prospective commercial and retail customers to get an up-close look at the company’s Murphy beds, cabinetry and other products.”
Regeneron’s Quad plant purchase in Saratoga among biggest deals of the year
“Biotech firm Regeneron Pharmaceuticals Inc. paid $42.5 million for the massive complex previously occupied by printing company Quad in Saratoga Springs, according to a deed recently filed with the Saratoga County clerk’s office.
No mortgage was filed contemporaneously, indicating the company paid cash, according to county records.”
Philips seeks power upgrades in Latham near Route 7
“Health technology company Philips wants to bolster the power supply to its manufacturing facility off Old Niskayuna Road in Latham where it makes magnets for MRI systems.
Kevin O’Connor, CEO of Advance Albany County Alliance, the county’s economic development arm, said in a recent interview that the Dutch conglomerate is interested in potentially expanding operations at the site but is constrained by the availability of power.”
VoyceMe hits $10M in funding for its manga and webtoon platform
“VoyceMe grew out of founder Dylan Telano’s Skidmore College dorm room.
Five years later, the company has raised a total of $10 million, hired a former Netflix executive, has 40 full-time employees and draws 8 million monthly user visits.”
Schenectady company introduces new tech to fight blood infections
“A Schenectady-based drug research firm is teaming up with a Massachusetts blood diagnostics company on a new way to fight infections.
pRxcision Inc., which is located on Broadway in Schenectady, uses a software tool that provides doctors with personalized regimens for each patient based on the available data.”
City of Rensselaer has 18 projects in line for state DRI grant
“The city has 18 projects included in its application to become the latest Capital Region city to be selected for a $10 million Downtown Revitalization Initiative grant from the state.
The projects submitted by the city involve $16 million in funding requests, but Thomas E. Hulihan, the city’s director of planning and economic development, said the state likes to see a larger amount requested.”
Irr Supply Centers expands to Albany area
“Irr Supply Centers Inc., a distributor of plumbing, heating, cooling, electrical and refrigeration products based in suburban Buffalo, received approval to open its first warehouse in the Albany region.
The Rotterdam Planning Commission on Wednesday waived site plan review as the company requested for the warehouse at 51 Opus Boulevard off Burdeck Street.”
Kru Coffee plans new production facility in Glens Falls
“Kru Coffee is planning to double its production space to capitalize on the growing market for cold-brew coffee.
The family-owned roaster, which operates cafes in Saratoga Springs, Glens Falls and Burlington, has outgrown the 2,600-square-foot space within the W.J. Grande Industrial Park in the Spa City that it has leased as production space for nearly five years, said Kyle Brock, managing member of the brand’s parent company.”
