April 8 2022

Week in Review: April 4 – April 8, 2022

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:


National Grid: National Grid Supports Albany Distilling’s Relocation in City 

WNYT News 13: Data shows Capital Region population growth during COVID 

Times Union: Fighting supply chain issues, distiller moves to larger digs



UAlbany looking to make AI part of everything it does

“In the not-to-distant future, artificial intelligence, or AI, is likely to be ubiquitous in almost every device and system we use in both our professional and everyday lives.

And Thenkurussi “Kesh” Kesavadas wants to make sure that the University at Albany – and the Capital Region – take full advantage of all the opportunities and technological advances that are coming with the widespread use of AI in society – a tech revolution that is  taking place whether we are ready or not.”

Albany Distilling Co. opens new production facility in Albany

“Albany Distilling Company has opened its new production facility in Albany’s West Hill neighborhood at 718 Third Street.

For Bethlehem, rotting food has become serious business

“The town unveiled their new technology for food scrap composting Wednesday afternoon that is unique to municipalities in the Capital Region.

For about a year and a half, the town has been offering food scrap composting at their Selkirk facility. But with its new aerated static pile system — the only composting facility in the region with such technology — the composting process has been cut down from nine months to just nine weeks.”

The new space is about 8,500 square feet — a jump from its previous 1,500-square-foot operation at 78 Montgomery St. downtown. It includes production and administrative space and will allow the company to triple its output, John Curtin, co-owner said.”

RPI researchers developing hemp-based rebar as strong as steel

“A pair of professors at Rensselaer Polytechnic Institute are working with researchers to develop hemp-based rebar, which is typically made as a steel reinforcement, that can be used for cement.

The latest research is part of the team’s overarching effort to make construction more sustainable and introduce hemp to the industry as a carbon footprint-reducing material.”

IBM organizes coalition to promote Albany for federal chip lab

“IBM has formally announced an official coalition of tech companies, universities and government organizations that are supporting the effort to locate a multi-billion-dollar federal computer chip research program at Albany Nanotech.

The new 56-member group, which has been months in the making, has been officially named the American Semiconductor Innovation Coalition after the group wrote a white-paper that outlined its strategy and reasons why the program should be located in Albany with satellite hubs across the country.”

IBM releases new server that uses AI chip developed in Albany

“IBM has released its newest mainframe computer server – the z16 – that uses artificial intelligence and chips developed in Albany that protect businesses and consumers from hackers even before a transaction goes through.

IBM is known for producing the world’s most powerful mainframe computers – known as the z Series – and the company releases new versions every few years as its chip technology evolves.”

Schumer gets GlobalFoundries $25M grant for quantum computer

“S. Senate Majority Leader Charles Schumer has secured a $25 million grant to help GlobalFoundries and a Silicon Valley company develop a next-generation “quantum” computer that would leapfrog today’s most advanced systems.

GlobalFoundries and PsiQuantum, Palo Alto, Calif. have been working to develop quantum computers that operate using photons, or light.”

Albany Inno – MyForest Foods secures $15M loan to produce mushroom bacon

“MyForest Foods Co. has secured a $15 million venture loan to support its push to scale production of its bacon product.

MyForest, formerly Atlast Food Co., said this week that it secured the financing from Connecticut-based Horizon Technology Finance Corporation (NASDAQ: HRZN). Horizon funded half of the total, and a private investment vehicle managed by Horizon Technology Finance Management LLC, Horizon’s adviser, funded the other half.”



Funding Partners