April 30 2021

Week in Review: April 26 – April 30, 2021

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:


Register-Star: Hudson ranked 5th for second-home buys

Albany Business Review: Execs from Capital Region Chamber and CEG discuss CapNY campaign for attracting investment and talent

Port of Albany prepares for offshore wind factory to support New York’s offshore wind industry


New York marijuana legalization presents opportunity for testing labs

“The company that owns a cannabis testing lab in Ballston Spa is prepared to expand as cannabis companies invest in New York state.

Before cannabis can be processed and sold, a lab needs to test a sample from each batch for potency and contaminants. With the demand for cannabis poised to increase now that New York is allowing recreational marijuana, testing labs will need to expand capacity.”

Rural Washington County is now a player in solar energy

“Public and private sector officials on Thursday celebrated progress on a 20 megawatt, $20 million solar farm going up in what used to an empty farm field here, but which will soon hook into the state power grid.

The Branscomb solar farm is also the first large scale solar installation in Washington County.”

GlobalFoundries moves headquarters from California to Saratoga County, New York

“GlobalFoundries has moved its headquarters from California’s Silicon Valley to Malta in upstate New York.

Twelve years after starting construction of a $15 billion computer chip manufacturing complex in Saratoga County, chief executive Tom Caulfield announced Monday that it is time for the corporate offices to be located in upstate New York.”

New Malta chip fab would require power and water upgrades

“If GlobalFoundries moves forward with a second computer chip factory at the Luther Forest Technology Campus in Saratoga County with a $1 billion incentive package from the federal government, it will also need some additional infrastructure.

CEO Tom Caulfield, who announced on Monday that GlobalFoundries had moved its official headquarters from Silicon Valley back to its Fab 8 complex in Malta, where the company originally was created, says he needs more power and water in order to build a second factory.”

HERE FOR GOOD: Guyanese entrepreneurs make mark in Schenectady business community

“The little shop is stocked floor to ceiling with beaded clothing in the profusion of colors favored by Indians for celebrations and religious ceremonies.

‘My store’s all about Indian clothing,” said Shelly Singh, owner of Shreya’s Exclusive. “And I also carry all type of supplies for puja.’”

Ecovative and Atlast’s success raising $100M shows possibilities in upstate New York

“Eben Bayer recently raised $100 million for his two Green Island companies, Ecovative Design and Atlast Food. That’s a lot of money, especially for a company based in the Capital Region.

There’s a general idea that being upstate can make it harder to raise money, but this is an example of investors seeing value in a valuable business regardless of its location, said Robert Manasier, the entrepreneur-in-residence for Innovate 518, a state-funded program that works to connect 24 member organizations focused on fostering entrepreneurial efforts.”

Largest upstate solar project nears completion in Easton

“The Branscomb Solar project, in the town of Easton, is the first utility-scale solar facility in upstate New York.

The solar project is one of over 20 large-scale renewable energy infrastructure projects that are under construction this year, according to the Cuomo administration.”

UCM Digital Health raises $5.5 million in series A round led by led by Armory Square Ventures

“The telehealth triage startup UCM Digital Health said Wednesday that it has raised $5.5 million in a series A funding round.

The fundraise for the Troy startup was led by Armory Square Ventures, a venture capital firm with offices in New York City and Syracuse that focuses on startups outside of Silicon Valley. Investments also came from Contour Ventures and River Park Ventures, both based in New York.”

Fabbro Industries developing a next-generation bicycle frame

“A startup based in Voorheesville is in the final stages of developing a next-generation bicycle frame that the founder wants to see implemented into everyday bikes.

Fabbro Industries is looking for riders to test a bike prototype that includes a frame with an integrated rear suspension, filling a gap in the market that founder Terence Musto says he learned about after speaking with countless potential customers.”


Funding Partners