Economic Development Month in Review: September 2017
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:
Capital Region dreams of Amazon’s $5 billion HQ2
“Could the Capital Region compete for Amazon’s HQ2?
It sure is going to try. The Seattle-based online retailer and high-tech juggernaut has announced a public competition for a second headquarters location somewhere in North America. It’s called HQ2 and would cost $5 billion.”
Machine shop planned for Wemple Road in Glenmont
“A 6,000 square-foot machine shop is being planned along Wemple Road in Glenmont.
The proposed site is located along a mostly undeveloped area near the train tracks and the union laborers training center.”
Moreau grain hub would connect brewers, farmers and beer lovers
“A new grain hub in Moreau could help connect New York’s thriving craft beer industry with farmers looking to sell barley, hops and other ingredients needed for beer-making.
The hub, a project spearheaded by Schaghticoke native Rachel Czub, would buy, process and store crops from farms and sell them to breweries and distilleries, streamlining the process for both parties. The facility would contract directly with farms to grow certain grains and breweries would be able to place custom orders for specific crops.”
Improvements will help keep port in ship shape
“Site work is under way for a new climate-controlled warehouse, dock and a roll-on, roll-off ramp at the Port of Albany as it prepares to handle bulkier, heavier cargoes as well as a wide range of commodities.
The work is part of $49 million in improvements at the port, according to Rich Hendrick, the general manager.”
NY investing $1 million in N. Greenbush LED firm
“New York state’s venture capital fund is investing $1 million in Vital Vio, an LED maker that has been one of the region’s most promising startups.
The investment, approved Tuesday, is being made by the New York State Innovation Venture Fund, a $100 million venture capital fund created several years ago by the Cuomo administration.”
Defense contractor Espey gearing up for $2.5 million investment
“Espey Mfg. & Electronics Corp. plans to invest $2.5 million over the next year on equipment and upgrades at its 150,000-square-foot factory in Saratoga Springs, New York.
The 89-year-old company designs and manufactures rugged power supply equipment for ships, missile defense systems, fighter jets and freight locomotives. Espey (NYSE: ESP) builds transformers and power converters that are capable of withstanding heavy wind, excessive heat and bumpy rides over tough terrain.”
SUNY Poly prof gets $750,000 for power chips research
“Woongje Sung, an associate professor at SUNY Polytechnic Institute, has won a $750,000 grant from the U.S. Department of Energy to develop next-generation power electronics chips used in electric vehicles, the power grid and other renewable energy and power technologies.
Sung’s research focuses on silicon carbide chips that can be made smaller and more efficient than silicon-only chips. SUNY Poly is working with General Electric Co. on a $500 million power electronics manufacturing consortium focusing on silicon carbide chips as well.”
Capital Region telemedicine firm grows along with field
“A local provider in the rapidly growing field of telemedicine will be pitching its services next week as human resource managers from across the state gather for their annual conference in Albany.
United Concierge Medicine is offering its virtual employee health care clinic with the promise of health and convenience for employees and lower insurance costs for employers.’
Lafarge unveils new plant after $400M modernization project
“It’s been a project roughly $400 million and 10 years in the making, and on Thursday the new Lafarge plant in Ravena was unveiled during a special ceremony.
Modernization of the plant, then 50 years old, began in 2008, with the goal of reducing demand for fuel resources, cutting plant emissions, and making the facility more energy efficient and state-of-the-art.”
Developer details $60 million plan for waterfront across from Troy
“Peter Luizzi’s vision for an island in the Hudson River across from downtown Troy includes apartments, restaurants, retail stores, offices, an amphitheater and marina.
‘We think we’re going to develop a product unlike any other,’ said Luizzi, a road paving contractor in Albany who has invested heavily in apartments, warehouses and land in the area.”
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