May 11 2018

Economic Development Week in Review – May 7 – May 11, 2018

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 the Daily Gazette about the “importance Fab 8 has to the parent organization and the industry”


New organization to lead high-tech economic development

“State university and development leaders have created a new organization to lead high-tech research and economic development and have named an industry veteran to run it.

New York Center for Research, Economic Advancement, Technology, Engineering and Science, or NY CREATES, is a 501(c)(3) non-profit. It is expected to build on reforms at two nonprofits affiliated with SUNY Polytechnic Institute, which was rocked by the September 2016 arrest of its president on bid-rigging charges.”

GlobalFoundries’ Abu Dhabi owners visit Saratoga County on national tour of U.S. investments

“GlobalFoundries’ Abu Dhabi owners visited the plant in Saratoga County on Monday at a critical time for the company, and the region’s nanotechnology industry.

To meet global demands and pressures for faster technology and smaller computer chips, GlobalFoundries has invested significant money into developing the next generation of computer chips to power smartphones, video games and microprocessors. GlobalFoundries this year has named a new CEO, Tom Caulfield, is increasing production of its Malta factory by 20 percent and expects to have 7 nanometer chips in production by the end of the year.

Khaldoon Al Mubarak, CEO and managing director of Mubadala Development Company, highlighted these developments during a tour of GlobalFoundries with Yousef Al Otaiba, the United Arab Emirates’ ambassador to the United States. It was part of a week long tour to visit several of Mubadala’s U.S. investments and talk with officials.”

SUNY Poly hires former GlobalFoundries CEO

“Former GlobalFoundries CEO Doug Grose will lead research operations and economic development projects through a new nonprofit at SUNY Polytechnic Institute.

Grose will be president of a new nonprofit called the New York Center for Research, Economic Advancement, Technology, Engineering and Science, or NY CREATES. It will replace Fuller Road and Fort Schuyler Management Corps., the two nonprofits that have been handling the college’s real estate holdings across the state, from Albany to Buffalo.”

Plug Power says new technology will put it on par with Toyota’s hydrogen fuel cell car

“Plug Power is focused on driving down costs of its fuel cell technology, to increase revenues and create more potential to expand into new markets.

The Latham, New York, fuel cell manufacturer said that it is focusing on improving its stack technology to be two times as powerful and 25 percent cheaper to make. Improving this technology will mean new opportunities in more markets, including ground support equipment, delivery vans, buses and trucks, as well as material handling. It will be comparable to the technology in Toyota’s Mirai, one of the first commercially sold hydrogen powered cars.”

Employers scramble to fill jobs

“The Spa City’s vibrant economy is something akin to a giant magnet that attracts job-seekers from throughout the region.

But to some degree, it’s also a victim of its own success as there simply aren’t enough people to fill all the available job openings, area employers say.”

After Fab 8 visit, Mubadala busy in Washington

“The Abu Dhabi delegation that visited GlobalFoundries’ Fab 8 computer chip factory in Saratoga County on Monday has been busy the last two days in Washington, D.C. as part of a well-orchestrated effort to forge deeper ties with the federal government.

Khaldoon Al Mubarak, the CEO of Mubadala Investment Co., the Abu Dhabi investment fund that owns GlobalFoundries, has been leading the delegation on a week-long trip in the U.S. He has been accompanied by Yousef Al Otaiba, the United Arab Emirates ambassador to the U.S., and other Abu Dhabi and Mubadala officials.”

These brothers made a big bet when the economy was at its worst. It’s paying off

“Unemployment was rising and the Albany, New York, region was scrambling to pull itself out of the worst recession in 50 years when brothers John and Mike Munter made one of the biggest bets of their career.

The owners of Munter Enterprises, a Middle Grove general contracting firm, spent $1.9 million in December 2009 to buy 195 acres of undeveloped property in the W.J. Grande Industrial Park in Saratoga Springs. A month later, the region’s unemployment peaked at 8.1 percent, and it wouldn’t dip below 7 percent for almost three years.”

Death Wish Coffee continues to grow

“Death Wish Coffee Co. of Round Lake burst on to the national scene with a 30-second TV ad during the 2016 Super Bowl. Next month, it will help meet the resulting demand in far-flung places like Arizona and Ohio in a new brick-and- mortar way: on Walmart store shelves.

Both steps in its story came from competitions: It won a small-business contest sponsored by Intuit QuickBooks to appear in a Super Bowl ad; it then won space on Walmart’s shelves through its Open Call program, a pledge by the retail giant to add more Made in America products.”

Fort Miller asking to expand mining near Ridge Road homes

“Fort Miller is asking to expand mining behind Dream Lake Road, but residents are crying foul.

A zone change request would allow the company to expand mining to be near residents on Ridge Road. They are currently much more than 1,000 feet from the active mine.”

Farm built Australian beef herd by helping customer

“An area firm’s act of kindness to a cash-strapped customer is still paying dividends almost 25 years later.

Murray Grey is a somewhat rare breed of beef cattle, developed in Australia and first imported to the U.S. in 1970.”

State will build 5 miles of bike trail

“A 5-mile gap in the Erie Canalway Trail between Amsterdam and Pattersonville will be closed this summer, the state Canal Corp. has announced.

Work has begun on a $1.75 million project to pave the former railroad bed on the south side of the Mohawk River — for a distance of 4.75 miles — from where the trail now ends, east of Amsterdam, to a railroad bridge just west of Pattersonville.”


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