January 5 2024

CEG Economic Development Week in Review January 1 – January 5, 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:



Times Union: Offshore wind projects on Hudson expected to create 3,200 new jobs

ABC News 10: Offshore wind facility economic impact report released for Ports of Albany, Coeymans


Launchbox is Rosenblum’s new co-warehousing project

“Think of a self-storage facility where you can do business 24/7 inside extra-large, climate-controlled rooms along with storing stuff.

Now add amenities such as a communal kitchen-cafe, a meeting room with video conferencing technology, photo studio and showers.”

Lake George wins $10M via New York’s Downtown Revitalization Initiative award

“Lake George is the latest Capital Region winner of the state’s Downtown Revitalization Initiative, which issues $10 million awards to municipalities in each of New York’s 10 regions for public and private projects.

This year’s winning application submitted by the town and village of Lake George focused on Canada Street and the adjacent waterfront, according to an announcement from Governor Kathy Hochul’s office. Possible projects being considered by the town include housing opportunities, broadband expansion and tourism-related improvements.”

New EUV center at Albany will help make case for federal chip lab

“As the U.S. Commerce Department refines its list of places where it might want to locate its new $11 billion federal computer chip manufacturing research center, it is going to have a hard time not including Albany among its top choices.

While U.S. Senate Majority Leader Charles Schumer of New York may be most responsible for putting Albany near the top of the list – after all, he authored the $52 billion CHIPS and Science Act that will pay for the new chip center – New York Gov. Kathy Hochul significantly enhanced Albany’s candidacy on Dec. 11 when she announced plans for a new, $10 billion computer chip lithography center at Albany Nanotech.”

Batteries tied to electric grid make money for Albany firm

“Key Capture Energy, a battery-storage firm based in Albany and Houston, says it has sold off the tax benefits from three of its industrial battery projects that tie into the electrical grid for an undisclosed sum.

Key Capture Energy was started in 2016 to build grid-tied battery storage projects across the country. One of its first projects was in Stillwater in Saratoga County. The company has since built or is building of 623 megawatts of energy storage across the U.S. and had another 9,000 megwatts of projects in development.”

Funding Partners