January 27 2023

Week in Review: January 23, 2023-January 27, 2023

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: Capital Region awarded $71 million in NIH grants in 2022

Albany Med Health System: Albany Medical College Leads Region in NIH Funding

Albany Business Review: Albany Inno – Grants, accelerators, incubators and competitions for Albany region startups



Albany Inno – Albany semiconductor company raises $38M from investors

“Silicon carbide wafer manufacturer Pallidus Inc., which is based in Albany, raised over $38 million at the end of 2022.

The company makes wafers for semiconductors that are used in the transportation, green energy, industrial and telecom markets, according to its website.”

Albany Inno – UCM Digital Health and MVP Health Care launch new ER telemedicine program

“Troy-based startup UCM Digital Health has launched a new program for MVP Health Care members designed to keep patients who don’t need emergency care out of the hospital.

It’s a program that aims to help the overwhelmed hospital system and cut costs. UCM provides a platform through which patients can work with emergency medicine providers to determine whether an issue requires an ER visit or a different type of care. That assistance can help patients avoid taking a potentially unnecessary — and expensive — trip to the emergency room.”

Downtown Albany’s Greyhound bus station sold

“The Greyhound bus station in downtown Albany has been sold to a real estate investment firm — an anticipated but significant step for local officials who want to replace the run-down station in the state capital with a new, $82 million transit center.

An affiliate of Twenty Lake Holdings in Stamford, Connecticut, bought the property at 34 Hamilton St. for $590,000 from FirstGroup Services Inc. in Wilmington, Delaware, according to a deed filed in the Albany County clerk’s office.”

GE wants to build offshore wind turbine parts at Port of Coeymans

“General Electric is in the planning stages to build two large offshore wind turbine manufacturing facilities at the Port of Coeymans that would employ nearly 900 workers.

Under the plan, the GE facilities would build offshore wind turbine blades and nacelles, which are the giant gearbox that sits atop a wind turbine tower and is attached to the blades.”

Funding Partners