CEG Economic Development Week in Review July 27 – July 31, 2026
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:
REGIONAL ECONOMIC DEVELOPMENT NEWS
What’s next at Albany NanoTech
“It’s hard to keep up with all that’s happening at the Albany NanoTech Complex.
A nine-figure construction project is wrapping up, a double-decker-bus-sized tool is being installed and tenants are scaling up their presences at the 72.5-acre semiconductor research site off Fuller Road.”
RNA Institute gets $7.3 million from NIH for studies
“Researchers at the University at Albany’s RNA Institute revealed they have been awarded $7.3 million in federal research grants ahead of World RNA Day on Wednesday.
The money is coming from two separate grants for research projects being led by Thomas Begley, the Williams-Raycheff endowed professor of biology at UAlbany and associate director of the RNA Institute.”
GlobalFoundries wins $300 million CHIPS Act silicon photonics award
“GlobalFoundries announced Wednesday that it has signed a letter of intent with the U.S. Department of Commerce for a $300 million CHIPS Act award to advance silicon photonics research and development.
Silicon photonics transmits data via light rather than electricity, which allows AI systems to achieve greater bandwidth while drawing less power. Among the technologies the funding will support is co-packaged optics, an approach that places silicon photonics circuitry in direct proximity to processors, along with next-generation optical materials, wafer technologies, and advanced packaging, all with the goal of improving interconnect performance and reducing energy use.”
NanoTech owner sets up for-profit subsidiary Quantum Forge LLC
“The owner of the Albany NanoTech Complex has set up a for-profit subsidiary as the organization positions the semiconductor research hub for future growth.
The board of NY Creates, the state-backed nonprofit that oversees the Fuller Road campus, authorized the limited liability company’s creation at its July 14 meeting.”
Jetty Extracts opens $2M cannabis facility in Albany
“A California-based cannabis processor has set up a manufacturing outpost in Albany.
Jetty Extracts has invested $2 million in its new facility in Albany’s Warehouse District, CEO Ron Gershoni said.”
Washington County drainage gets $25.9 million state award
“The state will invest $25.9 million in stormwater and sewer drainage projects in Fort Edward and Hudson Falls, moves officials hope will reinvigorate manufacturing in Washington County.
Assemblywoman Carrie Woerner, D-Round Lake, who represents the area, said the investment is “huge” and will help the county’s faltering economy.”
