Week in Review: November 15 – November 19, 2021
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
SUNY: Gov Hochul Unveils ETEC Complex at UAlbany
REGIONAL ECONOMIC DEVELOPMENT NEWS
Green Moutain Electric of Vermont awarded tax incentives for Clifton Park expansion
“Green Mountain Electric Supply of Vermont was awarded $338,329 in tax incentives as they convert a 64,000-square-foot warehouse in Clifton Park into a wire cutting, storage and assembly plant.
The family-run electric, lighting and alarm system supplier plans to purchase the warehouse at 823 Main St. in Clifton Park from developer Mark Rekucki and M.J. Properties.”
Albany Inno – Exergame startup in clinical trials in move toward commercialization
“After a series of research projects that began in 2008, a medical startup born at Union College is in some of the final steps before commercialization.
The startup iPACES — Interactive Physical and Cognitive Exercise System — is conducting clinical trials to test the efficacy of an “exergame” device meant to slow cognitive decline in early dementia patients, according to Cay Anderson-Hanley, Union College professor and founder of the startup.”
Troy awarded $10 million in New York state’s Downtown Revitalization Initiative
“The city of Troy is the latest winner in the state’s Downtown Revitalization Initiative program. It will be getting $10 million.
Gov. Kathy Hochul made the announcement in downtown Troy Saturday afternoon.”
Port of Albany revives barge service to ease congestion downriver
“Ports in New York City and New Jersey are experiencing congestion, but the smaller Port of Albany has a solution that could help alleviate some of that pressure.
The Port of Albany is looking to revive an old barge service that leaders there believe will offer an alternate channel for shipments and get some of the overwhelming truck brigades off of metro roads.”
Startup firm working out of Union College among commercialization competition winners
“A local startup firm was honored this week for the progress it’s making toward commercializing a new way to insulate windows.
SunThru was one of seven winners in the 2021 Commercialization Competition held by FuzeHub on Monday and Tuesday at the Turning Stone Resort in Verona. Entrepreneurs from across the state pitched their ideas for new technologies to a live audience for a share of $350,000 in prizes; seven walked away with $50,000 prizes.”
Theater exits COVID pause with ‘Journey’
“As the Bridge Street Theatre in Catskill emerges out of the long shadow of the pandemic, the theater company is taking on one of its most daunting challenges ever: a revival of Eugene O’Neill’s ‘Long Day’s Journey Into Night.’
The classic American drama marks the third production the theater has staged since it reopened in September with theater co-founder Steven Patterson performing in the one-person show ‘Miss Gulch Returns!’”
Plug Power wants to build fuel cell plant in Bethlehem
“Fuel cell maker Plug Power wants to build a 350,000-square-foot building that would include a fuel cell assembly plant, a warehouse and offices at the Vista Technology Campus in Slingerlands that would employ nearly 700 people.
Columbia Development, the Albany real estate development firm that created the tech park more than a decade ago and still owns 214 acres, has submitted an application to the town planning board to build the large manufacturing complex on 26 acres.”
Albany Inno – Behavioral health telemedicine startup Aptihealth raises $50M
“The behavioral health telemedicine startup Aptihealth said Wednesday morning that it has raised $50 million in a series B round of funding.
The fundraise comes from Takeda Digital Ventures, Pivotal Life Sciences, Vista Credit Partners, Olive Tree Ventures, Claritas Capital and What If Ventures.”
Saratoga County builder picks new location for $4 million Moreau cannabis factory
“Cerrone Builders has selected a new site for its proposed 30,000-square-foot marijuana growing and production plant, a vacant lot in the Moreau Industrial Park on the northeastern tip of Saratoga County.
The third-generation home builder wants to construct the $4 million indoor cannabis growing facility on a 2.71-acre lot near the Hexion formaldehyde factory and a proposed carbon fertilizer manufacturing plant off Bluebird Road in the town of Moreau.”
UAlbany’s new $180M ETEC building tackles existential problems
“hen Preston Paige was at Schalmont High School in Rotterdam trying to figure out where he should go to college, he toured the University at Albany.
Paige was interested in UAlbany’s Department of Atmospheric and Environmental Sciences, a nationally known program for weather and climate research and forecasting that has long had a partnership with the National Weather Service.”
Ford partners with GlobalFoundries to increase chip supplies
“Ford Motor Co and chip manufacturer GlobalFoundries Inc on Thursday said they plan to work together to boost supplies for the automaker’s vehicles and the broader U.S. auto industry but gave few details about what the deal entails.
The two companies announced a non-binding agreement that could involve increasing production capacity for Ford’s current lineup and performing joint research and development on several categories of chips that are likely to be key to future cars, such as battery-management systems and self-driving systems.”
GB Logistics grows as it makes deliveries for Amazon
“Trent Griffin-Braaf started Tech Valley Shuttle in 2016, and then formed GB Logistics in 2020 to partner with Amazon for deliveries.
The past year has seen a boom in shipping, and GB Logistics has been a beneficiary. The company added more jobs than any other company on the BIPOC-Owned Companies List over the past year (see the List below) and is now at 100 employees. Griffin-Braaf’s company works out of a last-mile warehouse operated by Amazon (Nasdaq: AMZN) in Colonie, and delivers extra-large packages within a 150-mile radius.”
