November 17 2023

CEG Economic Development Week in Review November 13 – November 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:



Times Union: Capital Region sites get $22 million to fast-track development

NY.Gov: Governor Hochul Announces New Rendering of a Reimagined Albany International Airport

Troy Record: GlobalFoundries donates $1M to HVCC for new Applied Technology Education Center

Saratogian: GlobalFoundries donates $1M to HVCC for new Applied Technology Education Center



Capital Region BOCES proposes expansion on on Watervliet-Shaker Road campus

“Capital Region BOCES wants to build a 46,000-square-foot addition on its Colonie campus to provide even more career and technical education to high school students and adults.

BOCES — which opened a $30 million, 167,000-square-foot Career and Technical Education Center on Watervliet-Shaker Road just prior to the 2022-23 school year — continues to see strong demand for its classes.”

Albany Inno – Capital Region startup founder starts second company backed by local investors

“Startup founder Sean Austin is continuing to bet on the Capital Region as a place to grow innovation after starting a second artificial intelligence-based company.

Austin co-founded Saratoga-based Helios Life Enterprises in 2019, which is developing technology to analyze and derive meaning from tonal shifts in speech, specifically in the comments made by executives during earnings calls.”

David Anderson of NY CREATES sees Albany’s potential for semiconductor growth

“David Anderson has been all over the country during his career in semiconductors. And in his opinion, there’s no facility in the United States like the Albany Nanotech Complex.

Anderson is the president of NY CREATES, the state-backed organization that manages the semiconductor research complex. He joined the organization in April 2022, and he sees Albany Nanotech as a big opportunity for the region.”

Proposed Mohawk Harbor arena receives conditional approval

“Plans to construct an ice hockey arena and events center at Mohawk Harbor received conditional approval Wednesday night, though the developer behind the project must still clear a few hurdles before the project is official.

The city’s Planning Commission awarded Maxon Alco Holdings, LLC, a subsidiary of the Galesi Group, conditional site plan approval and special-use permit necessary to construct a 97,178-square-foot arena between Mohawk Harbor and Rivers Casino & Resort following a lengthy meeting where planners discussed everything from parking to ways on mitigation traffic away from the historic Stockade neighborhood following large events.”

Global Companies proposes biodiesel facility near Port of Albany

A Massachusetts-based fuel company is proposing to build a biodiesel facility near the Port of Albany as part of what observers say has been a boom in that type of fuel.

Global Companies LLC earlier this year applied to the state Department of Environmental Conservation for modifications to its existing air emissions permit that would allow the installation of boilers to process the fuel.”

GE Vernova completes first turbine components in Schenectady

“GE Vernova announced Thursday that its newly established assembly line in Schenectady has produced its first batch of key components for an onshore wind turbine.

The company spent $50 million to establish the assembly line, which is located in the same building where the company makes steam turbines and generators. The move, announced in May, is expected to lead to the hiring of 200 new full-time employees in Schenectady.”

Schenectady-based DSD Renewables lands $250M investment from Cox

“Schenectady-based solar company DSD Renewables received a $250 million investment to further its growth.

The company announced the investment from Cox Enterprises Tuesday. Cox Enterprises’ subsidiaries include Cox Communications and Cox Automotive.”


Funding Partners