October 29 2021

Week in Review: October 25 – October 29, 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:


Albany Business Review: Albany Inno – Tech Valley Center of Gravity executive director exits, search on for successor



Albany Inno – Startup prepares to raise $1M after business plan revamp

“Brent Solina started developing a next-generation wastewater treatment system in 2009 while he was still studying biochemistry and biophysics at Rensselaer Polytechnic Institute.

By 2015, the startup MICROrganic Technologies had gotten some investments and was working toward commercialization. But the lack of a solid path led the startup to fail, said Carol Maxwell, a member of Eastern New York Angels and one of the startup’s early investors.”

AIM Photonics in Albany gets $321 million in funding

“The American Institute of Manufacturing Photonics at Albany Nanotech has just secured $321 million in funding that will support it over the next seven years.

AIM Photonics, which also has operations in Rochester, was launched in 2015 as a $610 million federal manufacturing lab focused on developing computer chips that run on light instead of electrons or integrated lasers.”

GlobalFoundries expects stock sale to raise $1.4 billion

“GlobalFoundries is hoping to raise about $1.4 billion through the sale of 55 million shares in its initial public offering expected by the end of the year.

The chipmaker, which employs 3,000 people at its Fab 8 campus in Malta, has been planning the IPO for several years now, aiming to capitalize on an expected “golden age” of semiconductor manufacturing as chips become more ubiquitous in society with the advent of smart machines and artificial intelligence used in everything from phones to cars and power plants.”

Outdoor ice rink coming to Schenectady’s Mohawk Harbor in December

“n outdoor ice rink will be coming to Mohawk Harbor this December, which tourism officials hope will spark new economic activity during the typically dreary winter season.

The Schenectady River Rink is a collaboration between Discover Schenectady and Flight Entertainment Group, a Philadelphia-based entertainment company that builds seasonal ice rinks in cities across the northeast, including several in Pennsylvania and New Jersey.”

Warren County EDC’s Jim Siplon on his career and goals for the area

“Jim Siplon barely finished designing a system to help Cedars-Sinai Medical Center in Los Angeles reduce water consumption by 29 million gallons a year when he received a call about a job in Glens Falls.

Politicians and executives were trying to convince Just Water to set up a water bottling plant, and they wanted Siplon’s help. It was a business backed by celebrities, including rapper and actor Jaden Smith.”

Albany Inno – The common connection for these three Capital Region startups

“There are quite a few women-owned startups quietly working away in the Capital Region with the help of resources from Palette Cafe.

The coworking space and cafe founded by Catherine Hover, with locations Saratoga Springs and Schenectady, also offers classes, particularly for small businesses founded by women.”

Rensselaer scientists looking to start clinical trial on concept that could potentially treat long COVID symptoms

“Integrated Tissue Dynamics (ITD) is seeking government funding to use a patented treatment plan for chronic pain patients in a study about long COVID-19.

The lab has researched common symptoms of fibromyalgia, chronic fatigue syndrome and post-traumatic stress disorder – fatigue, achiness and general malaise – that doctors have diagnosed in patients suffering the long-term effects of coronavirus.”

SUNY Schenectady opens new confection lab

“Deanna Amore-Mies tastes chocolate differently since she began taking classes at SUNY Schenectady.

Unlike most others, the 48-year-old Glenville native savors each flavor that makes up a chocolate bar, taking time to process the ingredients while thinking about things like the roasting temperature and quality of the cocoa beans used.”

Funding Partners