Week in Review: November 16 – November 20, 2020
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
Times Union: Wind developer has eyes on Port of Albany tower assembly site
The Maritime Executive: Equinor Unveils Proposal for Offshore Wind Plant at Port of Albany
Times Union: Capital Region led business creation in state
Saratoga Business Journal: Center For Economic Growth Names New Chief Economic Development Officer
WTEN News 10: Port of Albany proposed as wind tower manufacturing site
Energy Live News: Equinor to build ‘US first’ offshore wind tower manufacturing facility in New York
Saratogian: Capital Region leads state in growth application for business formation
Troy Record: Capital Region leads state in growth application for business formation
Times Union: Most Capital Region SUNY school graduates stay in New York, study finds
REGIONAL ECONOMIC DEVELOPMENT NEWS
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.”
Lake Luzerne sees influx of women-owned businesses
“LDespite the ongoing pandemic, four new businesses opened in town in the last four months, and all are owned by women.
Cre Whitty opened Cre’s Closet and Kayla Jenkins opened Chops Salon on School Street. Gina Pidgeon opened Gina’s Gems, and Jonie McCleary opened Something Secret Boutique in a building on Bridge Street, across from Stone Pharmacy.
Colorful Banners, Sidewalk Markers Appear As Arts District Of Glens Falls Takes Shape
“The Arts District of Glens Falls is beginning to roll out physical markers as well as colorful banners and numerous sidewalk markers featuring the Arts District logo.
In addition, branded bicycle racks are also in production and will be installed at key arts institutions to facilitate bike traffic from the nearby Warren County and Feeder Canal trails, officials said.”
Black Sheep Quilts Customized Designs Can Be Unique Gifts Of Art For Any Time, Season
“Black Sheep Quilts LLC founder Adam Hoffman, turned a passion for fabric art into the business of crafting custom quilts for gifts and occasions of all kinds.
Hoffman grew up in Pennsylvania Dutch country, where one could be accustomed to seeing quilts hanging out on the line and where people go to purchase hand-made items, he said.”
Woman Goes From Baking At Home To Opening Abby’s Cookie Jar On Glen Street
“A new cookie shop, Abby’s Cookie Jar, opened in October at 128 Glen St. in Glens Falls.
Owner Ashley Kopf said during the first weekend “we had a hard time keeping up with inventory… Many were curious about the new store front.”
When she was a little girl, Kopf watched her grandmother bake. Ultimately, she went into education, taught music for three years, then completed a master’s degree. Kopf was cooking out of her home kitchen when she decided to take specialty cookies to the next level.”
Pearl-Mansman Turns At-Home Baking Business Into ‘Darling Doughnuts’ Storefront
“After a series of delays related to the COVID-19 pandemic, Darling Doughnuts opened at 441 Broadway in Saratoga Springs at the end of July.
Natascha Pearl-Mansman, co-owner of the shop, said they have been making and selling 1,000 doughnuts a day.”
Plug Power announces $750 million stock offering
“Latham fuel cell maker Plug Power is kicking off a $750 million stock offering after its strongest quarter for gross billings in the company’s 23-year history.
Morgan Stanley is underwriting the stock sale and has been granted a 30-day option to purchase an additional $112.5 million in common stock. Plug Power’s stock price has risen from just under $1 in February 2017 to more than $25.”
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.”
How these Capital Region tech companies have thrived during the pandemic
“While the Covid-19 pandemic has been devastating for some industries, companies in certain markets have seen an explosion of activity.
Since March, the Business Review has interviewed several Capital Region tech companies that have been able to grow during this difficult time. Though the companies are spread across varying industries, they’ve each found themselves in a position to meet a surge in demand prompted by the pandemic.”
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.”
Local dry ice manufacturer gears up for COVID-19 vaccine
“The increase demand for dry ice and freezers comes as Americans gear up for two COVID-19 vaccines that have shown promise. Noble Gas Solutions in Albany says they are ready as they already distribute dry ice to pharmaceutical companies.
Noble Gas Solutions is the only manufacturer of dry ice, onsite, within 120 miles of Albany. They offer delivery services for high-volume users, and pick-ups are welcome at their Albany and Kingston locations. They provide FDA approved dry ice for the food and beverage industry.”
Troy farmers market to be in former Lansingburgh Price Chopper for winter
“The Troy Waterfront Farmers Market will be along a different part of the waterfront when it moves to new winter quarters in December: the former Price Chopper supermarket at 865 Second Ave. in Lansingburgh, a property on the Hudson River that has been vacant since the grocery store closed at the end of February.
Full details of plans for the new location will be released soon, said the market’s manager, Steve Ridler.”
Saratoga Springs possible site for drone coronavirus test delivery
“Medicines delivered by drone might be on its way to the Spa City.
Big Rock Technologies, a finalist in the NATO Innovation COVID Challenge, received a thumbs up from City Council on Tuesday night, allowing the city to be the testing grounds for contactless delivery of COVID tests and medicine.”
GE Research wins $1.6 million to make new turbine materials
“The U.S. Department of Energy announced it is awarding GE Research in Niskayuna a $1.6 million grant as part of a $16 million research program to make new high-temperature materials for gas-powered turbines used in aircraft and power plants.
GE Research is working on a new alloy that uses niobium to protect gas turbine blades to up to 3,272 degrees Fahrenheit. The new materials being funded are expected to help increase thermal efficiency in combined cycle power plants by seven percent.”
