March 7 2018

Economic Development Month in Review: February 2018

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:



Hacker to sell boats in Southeast Asia

“Hacker Boat Co., the classic mahogany motorboat maker, announced last week it will carry the Hacker-Craft line in Southeast Asia.

Classic Boats Lifestyle Ltd. is the official dealer for the new markets in Thailand, Laos, Cambodia, Vietnam, Malaysia, Singapore and Myanmar, according to a news release.”

23 companies selected for Start-Up NY program

“Twenty-three businesses will partner with local colleges and universities to create jobs in upstate New York through Gov. Andrew Cuomo’s highly touted Start-Up NY program.

The companies, spread across seven regions, plan to create nearly 300 new jobs and invest about $9.8 million over the next five years, according to a release by Empire State Development. Company industries include biotechnology, craft beverage production and manufacturing.”

Troy-based startup raises $100K, makes plans with Zogby

“Our.News, a Troy-based startup on a mission to combat fake news with its crowdsourced news validation platform, has some big plans for 2018.

The Our.News platform allows anyone to participate in the news by simplifying fact-checking, and letting users rate news content on various factors.”

The U.S. Already Has Bleeding Edge Technology Manufacturing With GlobalFoundries Fab 8 In Malta, NY

“There has been more talk than ever in the past 18 months about the lack of high tech manufacturing in the US. This was highlighted in the recent election, and Apple was dragged through the mud a bit afterward with its China-only iPhone manufacturing. I was reminded last week that there is, in fact, bleeding edge technology manufacturing done in the US. I had the unique chance to tour the secret insides of GLOBALFOUNDRIES aka “GF” Fab 8 in Malta, New York, and want to share with you some of the key takeaways. After touring the facilities and meeting with senior executives, I can safely say the company’s claim of “the most advanced pure-play semiconductor factory campus in the U.S.” is accurate.”

Albany tech companies join forces in $14 million acquisition, plan hires

“Two blockchain companies based in Albany are joining forces and planning to hire around 130 people by the end of 2019.

HashChain Technology Inc. (TSXV:KASH) (OTCQB: HSSHF) is acquiring NODE40 for $14 million in cash and stock combined, a move that will allow both companies to diversify and expand their services. HashChain is a cryptocurrency mining company, while NODE40 provides dash masternode services and cryptocurrency reporting software that helps assess gains, losses and other information for tax purposes.”

Fast-growing Schenectady startup expanding into new office downtown

“The Jahnel Group is preparing for the next stage of its fast-paced growth with a new office space in downtown Schenectady, New York, that will let the company grow to 100 employees.

The software company signed a lease for 11,000 square feet of space in what will be the new top floor of 134 State St., which was historically a Breslaw’s department store. The renovations are part of downtown Schenectady’s Mill Artisan District development.”

Beer boom: New York state says it now has record number of breweries

“New York state is now home to more breweries than at any time in its history, Gov. Andrew Cuomo announced today, citing licenses issued by the State Liquor Authority.

The number of breweries now tops 400, a figure that has more than doubled in the past five years.”

OUTLOOK: AngioDynamics plans a year of training

“With more than 50 job openings, big improvements in research and development, and new product lines moving to the Queensbury and Glens Falls plants, this is going to be a big year for AngioDynamics.

Last year was more difficult for the small company, which was founded in Queensbury in 1988. New CEO Jim Clemmer decided to close two of the company’s plants, in Manchester, Georgia and in the United Kingdom. He consolidated all of the company’s manufacturing in Queensbury and Glens Falls, which now has 563 employees.”

Just Water is more than just water

“Just Water has changed just a little bit.

Three new flavors with new colorful packaging will be on displays in stores later this month; yellow for lemon, orange for tangerine and red for apple cinnamon. The package has more graphics, less text and now offers a mini, 330-milliliter container along with the traditional 500-milliliter container.”

SUNY Poly signs new leases with IBM, Research Foundation

“SUNY Polytechnic Institute has signed new leases with both IBM and the Research Foundation for SUNY at its Albany campus.

The leases were approved Monday afternoon by the Fuller Road Management Corp., SUNY Poly’s nonprofit real estate arm.”

Tech firm backed by GE Ventures leasing space at SUNY Poly in Albany

“Five leases have been approved for lab or office space at SUNY Polytechnic Institute in Albany, New York, including one with a company spun out of GE’s Global Research Center in Niskayuna.

Menlo Micro Inc. is leasing just under 1,400 square feet on the first floor of NanoFab East, a 250,000-square-foot building on the college campus.”

NEPSI enjoying best year ever, doubling workforce

“A family-owned industrial company is riding a surge of business into the best year they’ve had since 2012.

Northeast Power Systems Inc., based on Carey Road, already has $28 million in orders for this year. In their last best year, they had $24 million in orders for the entire year.


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