May 19 2017

CEG Economic Development Week in Review – May 13 – May 19, 2017

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’s Kennedy talks to Times Union about region’s chip industry taking off


SUNY Poly gets $2.25 million for workforce training

“SUNY Polytechnic Institute won a $2.25 million grant from the National Science Foundation to expand its Northeast Advanced Technology Education Center program.

The center currently provides workshops and internships in advanced manufacturing, but under the new funding it will expand to offer college-level courses through community colleges in the region.”

Secret revealed: Google buys Troy startup’s name for VR goggles

“The two-year-old Troy virtual reality startup Spaceout.VR discovered an innovative way to raise much-needed cash to sustain its operations – by selling off its name to Google.

A year ago, Spaceout.VR, which sells virtual reality goggles and has developed its own virtual reality app, sold off its original name,, to Google for $850,000.”

EXCLUSIVE: KeyBank moving more employees to downtown Albany

 “KeyBank will bring all of its business and commercial banking employees under one roof, after the teams have worked separately for months following the merger of KeyBank and First Niagara Financial Group.

Ruth Mahoney, market president for KeyBank in Albany, said 25 commercial and business banking employees will move from First Niagara’s former regional offices at Patroon Creek to KeyBank’s regional headquarters at 66 S. Pearl St. in downtown Albany by the end of June.”

Why this semiconductor executive says Albany’s industry still has potential following Kaloyeros arrest

“The president of one of the largest semiconductor trade organizations in the country said the industry is still waiting to see what happens following last year’s arrest and resignation of Alain Kaloyeros, the founding president and CEO of SUNY Polytechnic Institute in Albany, New York.

David Anderson has spent 30 years in the semiconductor industry, working for big name companies like Fairchild Semiconductor and Sematech. Today, he is the president of SEMI Americas, a trade group based in that is focused on workforce development and collaboration in the semiconductor industry.”

Propane supplier to build storage and distribution site in Hampton

“Ray Energy Corp., a wholesale fuel supplier headquartered in Troy, plans to construct a rail-side propane storage and distribution center here.

The project will cut costs and increase efficiency for the company, which now routes its rail shipments through Washington County to a facility in the Albany area, then trucks propane back north to customers in Warren and Washington counties, said Ken Ray, the company’s president.”

EDC Warren County looks to boost recreational tourism

“EDC Warren County officials are brainstorming ways to increase recreational sports tourism in the summer, fall and winter.

Interest in mountain biking is surging around the nation, said Jeffery Byrne, a board member, at the EDC Warren County board meeting on Tuesday.”

Candle factory now a hotel in Hudson

“A former Hudson candle factory will soon house hotel guests.

A ribbon-cutting ceremony is planned for 11 a.m. Friday at the Wick Hotel in Hudson. The site was once home to a historic candle factory, but was converted into a full-service, 55-room hotel this year.”

$16M port work is set

“Work is expected to begin next month on a $16.3 million project that will replace the south end of the wharf at the Port of Albany.

The project includes a roll-on and roll-off barge slip and new facilities for the Cargill grain elevators at the port.”

Hoosick farm bustling after change from dairy to beef cattle

“At 55, Dan Tilley decided he needed a change.

He’s still farming, but now instead of getting up at 5 a.m. each day to milk cows, he can rest easy for a couple of extra hours before heading out to do a day’s work.”

Driverless cars will fuel chip growth of future

“While Apple’s introduction of the iPhone in 2007 and the explosion of the smartphone market have helped to sustain the computer chip industry for a decade, industry leaders gathered in Saratoga Springs this week believe autonomous cars will fuel chip manufacturing for the next decade and beyond.

“The industry is at a new inflection point,” David Anderson, a top executive with SEMI, the chip industry’s largest supplier trade association, said, referring to the development of self-driving cars and other Internet-of-Things inventions. ‘It really positions us well for some long-term growth.’”

No layoffs at GlobalFoundries Fab 8

“GlobalFoundries said layoffs recently announced at its East Fishkill and Burlington facilities have not expanded to its Malta plant.

….No involuntary job cuts were made at the Fab 8 computer chip factory in Malta because of its success in reducing expenses and cutting costs.”

Funding Partners