February 19 2021

Week in Review: February 15 – February 19, 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:


Troy Record: Reader’s View: Tech investments help region push through economic crisis, prime it for recovery

Saratogian: Reader’s View: Tech investments help region push through economic crisis, prime it for recovery

Albany Business Review: Businesses increase R&D spending by 37% at Capital Region colleges


GlobalFoundries to make military chips at Fab 8 in Malta

“GlobalFoundries has received approval to make computer chips for the U.S. military at its Fab 8 factory in Saratoga County, a certification that could one day lead to an expansion of the plant, which employs 3,000 people.

GlobalFoundries says the first chips under the arrangement — which is likely to expand — will be shipped starting in 2023.”

Schumer seeking $25 billion in grants to struggling restaurants

“Restaurants would receive grants of up to $5 million each under an amendment proposed for the massive COVID stimulus package being negotiated in Congress.

Senate Majority Leader Charles Schumer, D-N.Y., sought the change to President Joe Biden’s $1.9 trillion measure, and he came to a Wolf Road restaurant on Monday to make the case for it.”

Hacker Boat, custom mahogany boat maker, is moving production and headquarters to Queensbury

“Hacker Boat Co. is investing roughly $3 million to move its factory and headquarters from the north end of Lake George to a 6.4-acre complex near Interstate 87 in Queensbury.

Owner and chief executive George Badcock has signed a contract to purchase the former Perkins Recycling property at 315 Corinth Road for $2.4 million from Robert Perkins. Badcock is spending an additional $500,000 renovating offices, upgrading electrical systems, replacing lights and setting up the factory floor.”

Regeneron spent $615 million on capital expenditures, could beat that in 2021

“Regeneron Pharmaceuticals spent nearly $615 million last year renovating and expanding New York laboratories and factories in East Greenbush and Limerick, Ireland.

Capital expenditures increased by 43%, or $185 million, in 2020 and the drug maker projects that spending on construction, renovations and equipment could increase again this year.”

Zones offers AlbanyCanCode students guaranteed job interviews

“IT services company Zones is offering guaranteed interviews for software jobs to students of the nonprofit AlbanyCanCode.

Annmarie Lanesey, founder and CEO of AlbanyCanCode, said Zones has been working with the nonprofit for about a year, but this is the first time a company has offered guaranteed interviews for students.”

UTM: Health readies for rise of telehealth market with new app, Hudson-based startup company

“A startup that creates remote patient monitoring software is continuing to sharpen its product for what it sees as a rapidly growing market.

Seth Lachterman, founder and partner of the Hudson-based company UTM: Healthcare, said the startup is spending a lot of time and money on enhancing the product during this time when a gap in staffing has led to a higher need for telehealth and remote monitoring.”

Velan Studios announces its second video game will be Knockout City for EA Games

“The second video game designed by Troy startup Velan Studios has been announced.

The studio is designing the multiplayer dodgeball video game Knockout City for Electronic Arts Inc. (NASDAQ: EA). The game will be available on May 21 for $19.99 for play on PlayStation 4, Xbox One, Nintendo Switch, PC via Origin and Steam, as well as PlayStation 5 and Xbox Series X|S. Players will also have the ability to play between systems.”

Simon Ebejer is new studio head at Vicarious Visions after merger with Blizzard

“Simon Ebejer says his career trajectory shifted toward his goal of becoming a studio head when he joined Vicarious Visions in Colonie as chief operating officer 4 1/2 years ago.

With the studio’s recent merger into Blizzard Entertainment, his career goal has become a reality. Ebejer has stepped into the role of Vicarious Visions studio head after nearly 20 years working for Activision, Blizzard’s parent company. Meanwhile, Jennifer Oneal, former studio head for Vicarious Visions, has been promoted to executive vice president of development for Blizzard.”

How [s]Cube’s diversification has led to continued growth

“Roughly 18 months ago, the leaders of software services company [s]Cube Inc. looked toward the future and realized a change was needed to last long term.

At that time, the Schenectady company was focused solely on providing support for government agencies using land management software. Most of its business came from a single client.”

Funding Partners