Economic Development Month in Review: November, 2020
For the Top Economic Development News of the Month, CEG selects news articles about projects or developments that promise to improve and/or transform the Capital Region’s economy, particularly those that related to manufacturing and initiatives outlined in, Capital 20.20, a five-year, multi-pronged plan for bringing economic prosperity to the entire region.
To learn about more the Capital Region’s economic development news from the past month, see CEG’s Economic Development Week in Review posts:
Vyv’s antimicrobial LEDs coming to Delta planes and NJ Transit trains
“The LED antimicrobial lights made by Vyv, formerly Vital Vio, will be installed in onboard lavatories on the Delta Airlines 757-200 fleet.
The airline said last week it will begin installing the lights above lavatory sinks and countertops in mid-November and through early 2021.”
Cree ramps hiring in Utica, Albany as production start is a year out
“Cree Inc., the North Carolina semiconductor manufacturer building a new $1 billion factory near Utica, has started to hire for more positions in both Utica and Albany.
The company has more than 20 jobs posted, including for a facilities operation manager, senior process engineers, equipment technicians, as well as interns. About 80% of staffing in Utica will be engineering and technical jobs.”
Scannell plans to invest up to $255 million in Luther Forest
“Scannell Properties could spend up to $255 million to construct five buildings, bringing an estimated 2,500 jobs to the region, according to plans filed with the town of Malta.
New details of the Indianapolis real estate investor’s plans have emerged after the company confirmed last week that it is negotiating to purchase 245 acres in the Luther Forest Technology Campus near the GlobalFoundries computer chip manufacturing complex.”
IBM Research installs expensive chipmaking tool at SUNY Poly for AI research
“IBM Research has installed an expensive new machine at SUNY Poly that could pave the way for the next step of AI development.
The machine is part of the more than $2 billion investment from IBM Research at SUNY Poly and elsewhere to research and develop artificial intelligence technology, according to Mukesh Khare, vice president of hybrid cloud research at IBM Research.”
Kirsh Helmets’ new motorcycle helmet heading to store shelves
“A startup that’s designed a safer motorcycle helmet is ready to sell its product.
The half-shell helmet by Kirsh Helmets is making its way to dealers throughout the country beginning this month, said Donnie DeVito, the company’s president and chief operating officer. It’s also available online.”
Made in the Capital Region: COVID-19 treatments and vaccines hoping to get to market
“A month or so from now, first responders across the country could be receiving the first batches of a promising COVID-19 vaccine made by drug giant Pfizer that was found to be 90 percent effective protecting against the coronavirus in a clinical trial.
A new COVID-19 antibody drug designed to help people recover from the virus — the same one that President Donald Trump’s doctors gave him during his stay at Walter Reed Military Medical Center in October — could also soon receive emergency federal approval.”
Towers for offshore wind farm could be built in Port of Albany
“A Norwegian firm seeking to develop an offshore wind farm south of Long Island would build a wind tower manufacturing plant in the Port of Albany as part of the deal.
Equinor has submitted a bid to the New York State Energy Research and Development Authority for the wind energy project, which would be rated at up to 2.5 gigawatts of electrical generation capability.”
GlobalFoundries wins $400 million federal contract expansion
“GlobalFoundries has won a $400 million contract expansion to make computer chips for the U.S. Department of Defense and other federal agencies.
The expansion increases the overall value of GlobalFoundries’ federal contract from $715 million to $1.15 billion. The contract was announced by the defense department on Nov. 12.”
Manufacturing operation bringing 50 jobs to Schenectady
“A longtime Schenectady entrepreneur will bring a Colorado-based manufacturing operation he owns to Schenectady, creating up to 50 jobs locally, according to the Schenectady County Metroplex Development Authority.
David Dussault will move the P1 Ventures manufacturing line from Louisville, Colo., to an 18,000-square-foot space at 1910 Maxon Road. The Colorado site will remain open as a sales and marketing operation and a service shop.”
Halfmoon LED maker joins Start-Up NY
“G&G Industrial Lighting, a Halfmoon company that makes LED lighting devices, is joining the University at Albany’s Start-Up NY program. The company plans to invest $2 million and create seven jobs over the next five years.
The 20-person company will be moving into new space managed by he Saratoga County Prosperity Partnership, which is working with UAlbany on the project. G&G’s presence will provide internship and research opportunities for UAlbany students.”
Schenectady’s Mill Lane project nearly complete, nearly full
“he price tag kept climbing and the finish line kept getting moved, but the first and biggest piece of the Mill Lane Artisan District is done.
More important, and perhaps more remarkable given the events of this year, the huge building stretching along State Street between Church and Ferry streets is almost entirely spoken for: All but one apartment and all but 2,000 square feet of commercial space are leased.”
Regeneron Covid-19 cocktail gets emergency authorization from federal government
“Regeneron Pharmaceuticals received emergency authorization to use its experimental antibody cocktail to treat adults and some children suffering with mild to moderate cases of Covid-19.
The U.S. Food and Drug Administration issued the limited approval Saturday, less than two weeks after fellow drugmaker Eli Lilly won emergency approval for its antibody treatment.”
Free Form Fibers raises $2.5M to scale up production of ceramic fibers
“The Saratoga Springs startup Free Form Fibers recently closed on a $2.5 million fundraising round.
The company’s technology creates ceramic fibers that can be used to make durable parts for the nuclear and aviation industries. Just about ready to sell the product it has been developing since 2009, the company expects to begin placing large orders in the next several months as a handful of companies finish testing the product.”
Rotterdam project targets a booming sector of region’s economy
“The 200,000-square-foot building that Galesi Group is developing at its Rotterdam Corporate Park is intended to meet growing demand for warehouse and distribution space in the Capital Region. The more than $10 million project doesn’t yet have tenants lined up, but as consumers do more online shopping, the whole retail supply chain is undergoing changes.
Galesi recently completed a 250,000-square-foot building at the Rotterdam Corporate Park whose tenants are FedEx and Home Depot, according to the Schenectacy County Metroplex Development Authority.”
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