June 7 2024

CEG Economic Development Week in Review June 3 – June 7, 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:



FuzeHub awards $75K grants to Clarkson, Alfred State

Albany Business Review: The 2024 Albany Business Review Power 50 list of influential women



Japan’s Rapidus Dispatches 100 Employees to IBM-associated Research Lab for 2-nm Development

“Japan’s Rapidus, a semiconductor contract manufacturing company established with the aim of restoring the nation’s semiconductor competitiveness, has sent 100 employees to the U.S. IBM Research Lab to develop advanced semiconductor technology. With a goal to produce 2-nanometer (nm) semiconductors domestically by 2027, Japan is actively leveraging U.S. technology.

On May 28, Nihon Keizai Shimbun reported that around 100 Rapidus employees are focusing on 2-nm semiconductor technology development at the IBM Research Lab in Albany, New York.”

Cost for Dollar General cold storage facility town of Florida nearly doubles

“Discount retailer Dollar General expects to invest $70.4 million — nearly double an earlier estimate -— to build a perishable food distribution center off Route 5S in the town of Florida, according to Montgomery County Industrial Development Agency documents.

Developing the 167,500-square-foot facility previously was expected to cost $35.4 million, according to the company’s July 2022 application to the IDA for financial assistance.”

$10M Queensbury cannabis facility planned for growing and processing

“Nick Chiaravalle and his company, Prime Arrow LLC, are looking to build a proposed 30,000-square-foot marijuana growing and production plant in Queensbury.

He wants to build an $8 million to $10 million indoor cannabis growing facility on 9 acres on Stone Quarry Road, near the Queensbury Army National Guard. The site is off Queensbury Avenue, about 2 miles south of The Floyd Bennett Memorial Airport.”

Developers eye Malta racetrack for homes, shops amid housing shortage

“The constant need to build housing for the burgeoning Globalfoundries chip-fab complex is at the heart of a just-revealed plan to replace a popular local stock car racetrack with housing and stores along Route 9.

Five Corner Development, a Saratoga Springs-based company, and its national partner, The NPR Group, on Monday, presented plans to the town board that would transform the Albany-Saratoga Speedway into “hundreds of units of housing” and retail space on the 50-acre plot that has hosted the racetrack for nearly six decades.”

Atlas Copco plans $40M expansion at Voorheesville facility

“A subsidiary of Swedish industrial conglomerate Atlas Copco is seeking local approvals to build a 64,438-square-foot addition to its existing warehouse off School Road in Voorheesville.

The project is estimated to cost approximately $30 million to $40 million, according to Randy Dirlam, the Voorheesville plant’s general manager. The company stands to recoup 30% of the project cost through federal tax incentives established by the Inflation Reduction Act.”

TransTech Systems acquires Ames Engineering in Iowa

“TransTech Systems Inc. has completed is first-ever acquisition.

The Latham-based company acquired Ames Engineering out of Ames, Iowa, in May. David Apkarian, CEO of TransTech, said the acquisition was a buyout situation, so the total cost will range from $1.5 million to $2.5 million depending on sales.”

NY CREATES helps AI chipmaker TetraMem with manufacturing

“Technologists with NY CREATES, the nonprofit that operates the Albany Nanotech complex on Fuller Road, are working with a Silicon Valley firm called TetraMem to ramp up production of next-generation artificial intelligence chips.

TetraMem makes computer chips that combine both computing power and memory into one device. The company previously made its chips on 8-inch, or 200 millimeter, silicon wafers.”

RPI aims to open new startup incubator in downtown Troy

“RPI President Martin Schmidt has already helped grow one of the world’s great centers of innovation. Now he wants the same for Troy and the region.”

UAlbany’s new engineering building opens in the heart of Albany

“The University at Albany’s yearslong investment in a new College of Nanotechnology, Science and Engineering is making more engineering degrees affordable to students, and revived an old public school building.

For UAlbany President Havidán Rodríguez, putting a modern engineering program into a renovated, majestic structure 3 miles east of the sprawling uptown campus is a way of further integrating the college with the city it calls home.”

Mohawk Harbor arena is new link for Union College and Schenectady

“In the next few years, men’s and women’s Division 1 ice hockey games at Union College will look a lot different.

A $50 million public-private deal to build an arena at Mohawk Harbor in Schenectady will provide a new home for the college’s ice hockey teams. The project will feature a 2,200-seat ice hockey rink with capacity expanding to 3,600 for other sporting events, trade shows, special events and conventions.”


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