Economic Development Week in Review: October 1 – October 5, 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 IN THE NEWS
REGIONAL ECONOMIC DEVELOPMENT NEWS
“The Capital Region Economic Development Council’s list of 2018 priority projects in line for tens of millions of dollars in funding from the state include a $29 million renovation of the Palace Theatre in Albany, a $56 million pharmaceutical plant in Rotterdam, a $2 million artificial intelligence center in Troy and a $4.1 million slope-side inn at Gore Mountain in North Creek.
A copy of a report listing the requests and many of the details is here. This year’s requests begin on page 60.
The Capital Region council is one of 10 regional councils across the state that are seeking a share of $750 million in state economic development awards this year.
“Heidi Knoblauch pulled out an envelope filled with a stack of receipts a few inches high.
The pile of receipts was how many transactions her downtown Troy restaurant, Plumb Oyster Bar, closed in the last week.”
“A medical marijuana company is asking for $2 million in state money to use toward a $9.39 million expansion project in Warren County.
Etain LLC plans to build a new manufacturing facility at Tech Meadows Industrial Park in Queensbury and a greenhouse in Chestertown. Etain is one of 10 medical marijuana companies licensed to operate in New York state.”
“Plans are moving forward on a new $2 million artificial intelligence center in downtown Troy that is bringing together local and national business leaders to research and develop new AI technologies.
The AI Center of Excellence is applying for a grant of $381,000 from Empire State Development as part of Gov. Andrew Cuomo’s annual state money competition. It is a priority project for the Capital Region.”
“Passport for Good, a software startup that makes it easier for students and businesses to track community service hours, has raised more than $500,000.
The company was started by Gayle Farman in 2015. Farman got the idea when her daughters were preparing to apply to college, and there was no easy way to track community service hours.”
“Fluor Marine Propulsion LLC, a wholly-owned subsidiary of Fluor Corp., will replace Bechtel Marine Propulsion Corp. as the manager and operator of the Knolls Atomic Power Laboratory in Niskayuna, New York, and the Kenneth A. Kesselring Site in West Milton.
The sites belong to Naval Reactors, a joint program of the U.S. departments of Energy and the Navy. The program’s previous contracts for the Naval Nuclear Laboratory with Bechtel ended on Sunday.”
“Drug makers Regeneron Pharmaceuticals and Sanofi have won federal approval to make a skin cancer medication for patients who do not respond to surgery or radiation.
The U.S. Food and Drug Administration approved Libtayo on Friday for use on patients suffering from a skin cancer known as metastatic cutaneous squamous cell carcinoma. It is the second most common form of skin cancer, according to the FDA, and responsible for roughly 7,000 deaths a year.”
“Plans for a $66 million bio-pharmaceutical factory in Rotterdam are among the projects being recommended for state grant assistance by the Capital Region Economic Development Council.
The council said in a report released Tuesday that it is requesting a $5 million Empire State Development grant toward the potential PiSA Biopharm manufacturing pilot plant in the Rotterdam Corporate Park. It is the most-expensive recommended project in the eight-county region, and the remaining $61 million would come from private equity. If the plans were to go forward, 100 new jobs could be created.”
“The new field of photovoltaic panels off River Road is neither the biggest nor the most powerful solar farm in the Capital Region, but it is unique among the 9,000-plus solar arrays in the area.
It’s not only generating up to 240 kilowatts of electricity, it’s providing a test bed for power storage on an industrial scale, which will keep the lights on after the sun goes down.”
“ikram and Vikash Agrawal have made their first investment in a local software company since starting a venture fund, Vik Brothers, a few years ago.
The Agrawals’ are investing $600,000 in Ithos Global, a software firm based in downtown Troy that helps cosmetics companies manage regulatory compliance and product safety.”
“GE Global Research scientists and engineers are leading three projects with the U.S. Department of Energy to develop stronger cybersecurity protections that mimic the human body’s immune system detecting and fighting viruses.
The cybersecurity technologies will be able to detect, locate and neutralize attacks on critical power systems, including wind turbines, national gas compression systems and other technologies.”
“After spending 25 years building windows for mansions and vacation homes between the Caribbean and Martha’s Vineyard, Case Window and Door is ready to enter a new market.
Russ Brooks, a principal with the Green Island, New York, custom window manufacturer, is about to invest $2.5 million to add traditional wood-framed windows to his product portfolio. The move will open up opportunities to work with a new batch of clients including Ivy League universities and other schools along the East Coast.”