CEG Economic Development Week in Review February 27 – March 3, 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:
CEG IN THE NEWS
Albany Business Review: Katie Newcombe receives 2022 Empire Whole Health Heroes award
REGIONAL ECONOMIC DEVELOPMENT NEWS
Albany Inno – Troy startup sees profitability ahead after overcoming supply chain crunch
“Troy startup Vara Safety is back on a growth trajectory and headed for profitability this summer.
The company makes a mounted handgun holster called Reach 2 that locks the gun in place and unlocks it with a fingerprint.”
Latham developer targets Rotterdam location for construction of 6 warehouses
“Latham-based developer is seeking to construct six warehouses on a vacant plot of land along Mariaville Road.
The BDC Group submitted an application to rezone just over 15 acres of a more than 65-acre plot of undeveloped land at 676 Mariaville Road from its current multi-family residential zoning use to light industrial in order to construct six 12,000-square-foot warehouses, according to plans submitted to the town.”
Albany airport awarded $2 million through federal grant program
“The Albany International Airport has been awarded $2 million of funding through the Bipartisan Infrastructure Law to rehabilitate its traffic control tower.
Albany International is one of four upstate airports that have been awarded nearly $25 million in funding from the Federal Aviation Administration’s Airport Terminal Program, U.S. Senate Majority Leader Charles Schumer and Sen. Kirsten Gillibrand said Thursday. The awards come as the latest round of funding for the program, created under the Bipartisan Infrastructure Law, which seeks to boost development projects that address the aging infrastructure of the nation’s airports.”
RPI awarded two technology projects from Advanced Robotic in Manufacturing
“Rensselaer Polytechnic Institute (RPI) was recently awarded two of 11 new technology projects from the Advanced Robotics and Manufacturing (ARM) Institute.
The new investment totals more than $7.9 million across the 11 projects. ARM selects projects that address critical needs within the manufacturing sector and aims to combine resources and research of industry, academia, and government to advance critical manufacturing technologies.”
Plug Power looking to double revenue as it continues to build hydrogen plants
“Plug Power quadrupled its workforce to 3,353 employees over the past four years as the Latham manufacturer continues to add scale, spending $1 billion a year building factories and hydrogen plants to grow its top line and push the 26-year-old business toward profitability.
Annual revenue increased nearly 40% last year to $701.4 million, falling well short of the $900 million-plus that Plug anticipated at the start of 2022. The company attributed the lower revenue tally to construction delays for some of its hydrogen plants, higher-than-expected natural gas prices and challenges in bringing some new products to market.”
