February 17 2023

CEG Economic Development Week in Review February 13 – February 17, 2023

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:


Stewart’s Shops will triple the size of its commercial kitchen, spend $50 million on store construction, again

“Stewart’s Shops Corp. is about to triple the size of its commercial kitchen at its Greenfield dairy, bottling plant and distribution center as the convenience store chain scrambles to stay ahead of the growing demand for soup, salad, sandwiches and chicken alfredo.

“The variety of food-to-go items that people are looking for — everything from chili to hot dogs and stews — has been growing for a long time, but it really accelerated because of Covid,” said Stewart’s chairman Bill Dake. “Covid made the process of eating out of our shops more logical.”

Espey Mfg. of Saratoga Springs wins $7.4 million to assist with U.S. Navy work

“Espey Mfg. & Electronics Corp. has been awarded $7.4 million in military defense funding that will help cover factory investments necessary for the Saratoga Springs manufacturer to conduct testing for the U.S. Navy.

The contract, which is equivalent to one-quarter of the company’s annual sales, was announced by Espey on Feb. 9.“

Helios Life Enterprises To Showcase Voice Tone Technology At South By Southwest

“Capital Region-based startup Helios Life Enterprises continues to make waves, earning an invitation to the 2023 South By Southwest Conference and Festivals to showcase technology that can analyze voice tones.

Helios CEO and co-founder Sean Austin said the invitation is “the biggest nod” the company has received, saying roughly 800 companies apply before the field is narrowed down to 40.”

Manufacturing space planned near CSX rail yard in Selkirk

“A group of investors sees so much opportunity to bring a manufacturing company next to the CSX Corp. railroad yard in Selkirk that they could build a $17 million warehouse before securing any tenants.

The group wants to construct a 123,200-square-foot industrial building on a vacant 10.8-acre parcel on the east side of West Yard Road.”

Albany Inno – Velan Studios is expanding its capabilities with new game

“Troy video game developer Velan Studios’ next opportunity is on the horizon as it prepares to sunset one of its own titles.

Velan Studios is launching Hot Wheels: Rift Rally in partnership with the toy company Mattel in March. It’s the studio’s first foray into direct publishing.”

Funding Partners