March 12 2021

Week in Review: March 8 – March 12, 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:


Niagara Frontier: NY MEP announces nearly $1 million in COVID recovery project funding for manufacturers

WBEN: Buffalo Business Report

Albany Business Review: Covid-19’s impact on the Capital Region’s creative economy


SUNY Poly startup NoMIS Power Group developing silicon carbide chips for EVs and other applications

“NoMIS Power Group, a new startup born at SUNY Poly, is developing a power semiconductor chip meant to increase efficiencies in the next generation of electric-powered vehicles and more.

Unlike the chips used in low-voltage applications like cellphones and laptops, the power chips are capable of processing and controlling higher voltages needed for applications like electric vehicles, EV fast-chargers, subways, airplanes and large industrial motors, said co-founder and CEO Adam Morgan.”

Redburn Development plans redevelopment of Huck Finn’s building in Warehouse District

“The Warehouse at Huck Finn in Albany could be converted into at least 250 apartments with a swimming pool, running track and other amenities while keeping a portion of the furniture business open, along with the amusement rides at the adjacent Huck Finn’s Playland.

The proposed investment, costing more than $50 million, is being pursued by Redburn Development Partners of Schenectady, which focuses on renovating and restoring older, urban buildings in the region.”

Scannell wants to build up to 3.5 million square feet of warehouse, manufacturing space in Saratoga County

“Scannell Properties wants to develop up to 3.5 million square feet of manufacturing, warehouse and lab space on the Luther Forest Technology Campus in Saratoga County.

The Indianapolis real estate developer is asking the towns of Malta and Stillwater to allow a mix of uses on the 1,440-acre campus that could include manufacturing, packaging, marijuana growing, research hubs and distribution centers.”

Luther Forest warehouse/distribution plans moving in Malta; Plans could bring 2,500 permanent jobs

“Plans for a national real estate developer to build up to 3.5 million square feet of warehouse or manufacturing space at the Luther Forest Technology Campus — potentially creating 2,500 permanent jobs — have begun moving through the town zoning review process.

Following up on conceptual plans presented last year, Scannell Properties of Indianapolis has agreed to conduct an environmental impact study on its plans for up to five massive warehouse or manufacturing buildings, and is looking to move quickly, perhaps breaking ground on the first building this summer.”

GlobalFoundries, Bosch partner on radar chips for cars

“GlobalFoundries, which employs 3,000 people in Saratoga County, is partnering with Bosch, the German electronics firm, to make computer chips that will power radar technology in cars.

The radar chips allow vehicles to warn drivers of potential collisions and initiate emergency braking. They also help to keep drivers from drifting into another lane and assist with parking. The chips will be made at GlobalFoundries’ Dresden, Germany factory starting later this year.”

Funding Partners