February 23 2024

CEG Economic Development Week in Review February 19 – February 23, 2024

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:



Wind Systems Management: Assessment: Offshore wind at NY ports will provide many jobs

Daily Gazette: Officials react to investment in GlobalFoundries expansion

Saratogian: GlobalFoundries receives federal funding to expand and create new manufacturing fab in Malta

Troy Record: GlobalFoundries receives federal funding to expand and create new manufacturing fab in Malta

CBS 6 News: Increase in sales but drop in farms present complicated future for NYS agriculture

Saratoga Today: 10,000+ New Jobs: Federal Government Invests $1.5 Billion in Malta-Based GlobalFoundries



GlobalFoundries wins $3.1B in CHIPS Act support for new factory, upgrades

“Semiconductor manufacturer GlobalFoundries is poised to receive $3.1 billion in federal financial support to build a second factory in Malta and upgrade existing facilities, the Biden administration announced Monday.

Under a preliminary agreement, GlobalFoundries (Nasdaq: GFS) will receive $1.5 billion in direct funding through the CHIPS and Science Act to support construction of a new 300-millimeter wafer fabrication plant in Malta, expand capacity at its existing Saratoga County facility and refurbish another site in Burlington, Vermont.”

Revolutionizing transport: Albany startup developing e-bike chargers

“Electric vehicle charging stations for cars are popping up at shopping malls, convenience stores and other places where people park.

But how often do you see a public charging station for e-bikes or e-scooters? Chances are, you don’t, because they barely exist.

Despite the explosive popularity of e-bikes, or bicycles equipped with electric motors, there are few, if any, public spots to charge them up.”

Nine Pin Cider in Albany considers expanding to second location

“In 2023, Nine Pin Cider in Albany found new ways to grow. As the company looks to the future, its next step might include a second location.

Alejandro del Peral, co-founder and co-owner of Nine Pin, said the company has grown retail sales by expanding its taproom footprint to accommodate private events and venturing into nonalcoholic offerings. And on the wholesale side, more buyers are investing in larger kegs of cider.”

Schumer, Hochul celebrate $1.5 billion CHIPS grant for GlobalFoundries

“U.S. Senate Majority Leader Charles Schumer and Commerce Secretary Gina Raimondo were at GlobalFoundries’ Fab 8 computer chip factory in Saratoga County on Tuesday to celebrate the chipmaker being awarded a $1.5 billion federal grant to upgrade and expand its manufacturing plants in New York and Vermont.

“This is going to triple the capacity that GlobalFoundries has in New York,” Schumer told a crowd of GlobalFoundries employees, local business and political leaders and news media assembled inside Fab 8’s cafeteria Tuesday afternoon. “This is the future. This is the future of the Capital Region, this is the future for upstate New York. This is the future of America.”

Paul Ambrose, president of Schenectady research lab

“As customers exit Villa Italia Bakery on Broadway with packages of baked goods, they might not realize they are passing a world-class drug research laboratory right next door.

Co-founded by company President Paul Ambrose in 2004, the Institute for Clinical Pharmacodynamics utilizes pharmacokinetics and pharmacodynamics to analyze prescription drugs.”

Albany Inno – MyForest Foods just scored a deal with Whole Foods. Its CEO on where it goes next

“MyForest Foods recently scored shelf space at one of the most high-profile grocery retailers in the country. And the plan this year is to keep pushing that momentum forward.

CEO Greg Shewchuk said the plant-based bacon startup based in Green Island has two goals for 2024: Grow more mycelium — the root-like structure of mushrooms that makes up the company’s flagship product, MyBacon — and expand the company’s reach across the country.”


Funding Partners