January 14 2022

Week in Review: January 10 – 14, 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:


Times Union: Fearing leaked trade secrets, Rensselaer company halts plan to move manufacturing to China

Albany Business Review: New York state continues to lose population to out migration – Albany Business Review

Times Union: 90 percent of area zip codes with fastest income growth in Columbia, Greene counties

Times Union: CEG study shows growing clout of local video game cluster


$25 million Hudson ‘pocketbook factory’ development gets tax breaks, municipal approval

“The owners of a former textile mill in Hudson have secured tax exemptions and municipal approval to convert the property into a $25.6 million hotel with a restaurant, bar, wellness center, offices, retail space and art galleries.

Renovations will start in the spring and are expected to be finished by 2024.”

Training the next generation of nurses — fast

“From hospitals and long-term care facilities to private homes, nurses are in high demand. They’re also severely burnt-out as health care personnel prepare to face a third year of almost unrelenting pandemic-related stress.

Still, a new generation of students hasn’t been deterred from rising to the challenge.”

Hochul wants to invest in chip fab sites across New York

“Gov. Kathy Hochul wants to her administration to pay for upgrades to infrastructure in tech parks across the state that cater to computer chip manufacturers.

The hope is that the investment will help attract new computer chip factories, or “fabs,” to the state – as well as a $2 billion federal chip manufacturing lab that could likely be headquartered in Albany, with potential satellite sites in other upstate cities.”

Garment business aims to revitalize Main Street

“A new business that is attempting to reinvigorate the garment manufacturing industry has

made its home on Main Street in Catskill.

Made X Hudson opened its garment factory in November at 391 Main St.”

New York state increases bet on offshore wind

“Gov. Kathy Hochul wants to invest an additional $500 million to help New York ports and wind turbine manufacturers build the state into the strongest offshore wind energy market on the Atlantic Coast.

The governor wants to include the $500 million in additional port infrastructure funding in the next state budget on top of the $200 million approved last spring.”

Soluna Holdings’ MTI Instruments business wins $9 million U.S. Air Force contract

“Mechanical Technology Inc. Instruments division has won a $9 million contract to supply engine vibration and analysis equipment to the U.S. Air Force.

The size of the contract is equivalent to the total sales for all products for MTI’s parent company in 2020.”

Industrial painter Precision Coatings buys building, starts business in Rensselaer County

“Rob Myers recently moved from Rochester to the Albany region to open a business in a line of work where he has three decades of experience.

Myers is owner of Precision Coatings LLC, an industrial coatings and abrasive cleaning company at 1263 Route 9 in Schodack.”

Energy secretary to visit area sites boosting zero-emissions goal

“U.S. Secretary of Energy Jennifer Granholm on Friday will visit Capital Region sites that factor into state and federal initiatives to modernize and decarbonize the nation’s electrical infrastructure.

The stops include the Port of Albany, where a factory will be built to fabricate towers for wind farms in the Atlantic Ocean; Hudson Valley Community College, where the Center for Advanced Manufacturing Skills trains future workers for existing and future jobs; the N.Y. Independent System Operator, which runs the power grid statewide; and GE Research in Niskayuna, where General Electric scientists work on public- and private-sector projects to develop new technologies.”

Green Island EV plans microtransit electric vehicle factory at former Ford site

“An industry veteran wants to make electric vehicles in a new factory planned for Green Island.

John Gillie said he plans to build a 150,000-square-foot facility on 15 acres of the 50-acre site bordered by Tibbits Avenue and Cannon Street, formerly home to a Ford factory. And he plans to create 200 jobs.”

Capitalize Albany offers $300K for grant programs

“Capitalize Albany Corp. is offering more than $300,000 in funding to support four grant programs aimed at enhancing the city’s commercial districts.

Applications for the four programs will be available Jan. 26 and will be accepted beginning on Feb. 11. Information on the grants and further details are available at

Albany Inno – Troy software startup Inspect Point raises $28M

“In its first-ever fundraise, Troy software startup Inspect Point said Thursday that it has raised $28 million.

The funding comes from Mainsail Partners in the form of growth equity, a form of private capital typically for relatively mature companies that are looking to grow.”



Funding Partners