CEG Economic Development Week in Review October 23 – October 27, 2023
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CEG IN THE NEWS
REGIONAL ECONOMIC DEVELOPMENT NEWS
“Schenectady-based medical device startup Epic Airway Systems is moving ahead with a new round of investment.
The company opened a pre-seed round of $1.5 million, said Dr. Eric Moses, Epic Airway’s chief medical officer. It has already raised $100,000 and has $300,000 committed for next year.”
As General Electric readies spinoff of GE Vernova energy unit
“General Electric Co. says it will spin off its GE Vernova energy unit into a standalone public company during the second quarter of 2024.
Shares of the new, independent company will trade on the New York Stock Exchange under the symbol GEV, company officials said this week as the company also unveiled highly positive financial results for the third quarter of 2023 that ended last month.”
“When James G. Newbury founded Newbury Ironworks on South River Street more than a century ago, he surely never imagined that the property would someday be reimagined into one of the region’s most luxuriously unique hotels and event centers. But with a lot of vision and capital that is exactly what happened, transforming the long-abandoned foundry into a premier riverfront destination.
Thursday was the official grand opening of the James Newbury Hotel and The Wire event center. The nearly $11 million redevelopment project transformed two former factory buildings into a 47-room boutique hotel and a 15,000-square foot event space with a waterfront bar and multiple community rooms.”
“State records show that lobbyists for General Electric Co. had meetings earlier this year with top officials at the Port of Albany regarding a “prospective onshore wind manufacturing facility.”
GE’s energy division, GE Vernova, has publicly revealed plans for offshore wind turbine parts manufacturing at the Port of Coeymans and for a new onshore wind turbine blade manufacturing facility to be built at its historic factory complex in Schenectady.”