CEG Economic Development Week in Review October 30 – November 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

Times Union: Economic leaders push back on state Senate’s IDA investigation

Albany Business Review: Port of Coeymans in line for major electrical service upgrade

REGIONAL ECONOMIC DEVELOPMENT NEWS

Lexxel Infrastructure Partners grows to $50 million in revenue through acquisitions

“Peter Tortorella and Mike Codi see America’s crumbling infrastructure — and the push toward clean energy — as twin pipelines for growing their business.

Tortorella and Codi recently formed Lexxel Infrastructure Partners Inc. at the Port of Coeymans.”

Work Begins to Merge Glens Falls Transit Into CDTA

“The Capital District Transportation Authority (CDTA) has begun installing CDTA bus stop signs along Greater Glens Falls Transit routes. This is the first step in a phased approach to integrate and introduce CDTA to the Warren County community.

‘We are excited to be taking this first visible step in bringing CDTA to Warren County,’ said CDTA CEO Carm Basile. ‘Over the next several weeks, the community will start to see more of CDTA as we transition the service network. I want to thank the Warren County Board of Supervisors and the Mayor of Glens Falls for helping to make our service a reality for the North County. We look forward to getting to know our customers and the community as we roll out the CDTA welcome.’”

NY CREATES ramps up budget to prep for possible research center

“Y CREATES, the state-run nonprofit that operates the Albany Nanotech complex on Fuller Road, is ramping up spending in anticipation of possibly being named the headquarters for a new federal computer chip research center.

The new research center is being created as part of the $52 billion CHIPS and Science Act. NY CREATES and a consortium of private companies and academic institutions are vying for the facility.”

Regeneron seeks expansion into Menands site

“Regeneron  Pharmaceutical seeks to expand on an 18-acre site in the village of Menands, the Albany County executive’s office said Wednesday night. 

Earlier in the day, the Albany County Industrial Development Agency considered an application and scheduled a public hearing for the proposed expansion at 431 Broadway, recently acquired by the company. The $27 million investment will lead to the creation of 80 full-time positions in the county, County Executive Dan McCoy said in a statement.”

UAlbany, IBM announce new $20 million AI research collaboration

“The University at Albany and IBM have launched the Center for Emerging Artificial Intelligence Systems (CEAIS), a $20 million collaboration that will power new AI research projects with the help of advanced cloud computing and emerging hardware out of the IBM Research AI Hardware Center.

The new research collaboration was announced by Gov. Kathy Hochul at the inaugural SUNY AI Symposium at ETEC, which convened leading AI researchers from across SUNY and featured a keynote address by Mukesh V. Khare, general manager, IBM Semiconductors, and vice president, Hybrid Cloud at IBM Research.”