May 20 2022

Week in Review: May 16 – May 20, 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: Retirements up across Capital Region, leaving employers to fill gaps



Bound by Fate Brewing adds Lao kitchen to its Schuylerville taproom

“When Bound By Fate Brewing hosted a Lao-food pop-up in March 2021, they didn’t know if it would succeed in Schuylerville — a village of less than 1,500 people in Saratoga County.

Many Laotian entrepreneurs often open Thai restaurants, as the menu is considered to be more familiar to Americans, CEO and co-owner Pam Pradachith-Demler said.”

New Albany Nanotech building to be called NanoFab Reflection

“Albany Nanotech’s newest building will be called NanoFab Reflection since it will be nearly identical to the school’s largest building, NanoFab Xtension.

Back in January, Albany Nanotech officials revealed plans for the new building to be built on a southern part of the campus that is now parking lots.”

Port of Albany wins town approval to build $350 million offshore wind tower factory on the Hudson River

“The Port of Albany will begin construction of the nation’s first offshore wind tower factory after the Bethlehem town planning board unanimously approved the $350 million project Tuesday evening, clearing the way for an investment that will create 550 jobs.

Marmen Welcon, a joint venture involving companies from Quebec and Denmark, will operate the 590,000-square-foot factory at the Hudson River port, producing wind towers and other components for their Norwegian partner, Equinor.”

GlobalFoundries to buy rest of Luther Forest when it builds second fab

“GlobalFoundries plans to buy the remaining available land at the Luther Forest Technology Campus in Saratoga County — about 800 acres — as part of the construction of its new factory, Fab 8.2.

The purchase would end questions about whether or not GlobalFoundries, which already owns several hundred acres at Luther Forest, would have enough land for its second factory and any others it plans to build in the future.”

Espey Mfg., the Saratoga Springs defense contractor, posts strong quarter, wants to invest in campus

“Defense contractor Espey Mfg. & Electronics is preparing to invest in its Saratoga Springs campus following a strong quarter that brought a $1.7 million turnaround in net income as revenue more than doubled.

The manufacturer of rugged transformers and power converters used on ships, freight locomotives and aircraft posted sales of $8.62 million for the quarter that ended March 31 — a $4.4 million increase from the same period last year.”

Rensselaer Polytechnic Institute partners with Icahn School of Medicine on Center for Engineering and Precision Medicine

“Rensselaer Polytechnic Institute is planning its first presence in New York City as part of a new partnership with the Icahn School of Medicine at Mount Sinai.

The joint Center for Engineering and Precision Medicine, at 619 W. 54th Street in Manhattan, is focused on the advancing field of bridging technology with the diagnosis, treatment and management of diseases. Precision medicine refers to a personalized approach to health care based on patients’ individual biological, environmental, and lifestyle differences.”

David Anderson, new head of NY CREATES, on the future of Albany Nanotech Complex

“David Anderson says he’s seen semiconductor facilities all over the world, and the Albany Nanotech Complex is one of the most unique.

That’s one of the reasons he took the job last month as president of NY CREATES, the organization that oversees the complex.”

Funding Partners