July 15, 2014
NY invests $135M in nanotechnology initiative with General Electric, other companies
By: Associated Press
Source: Fox Business
NISKAYUNA, N.Y. – New York state is teaming with General Electric Co.
and other companies on a $500 million initiative to spur high-tech
manufacturing of miniature electronics, Gov. Andrew Cuomo and GE CEO
Jeffrey Immelt announced Tuesday.
The state will invest $135
million for the collaborative program, which will be based out of the
SUNY College of Nanoscale Science and Engineering in Albany. Fairfield,
Connecticut-based GE and other companies will contribute the remaining
The work will focus on the development of new,
smaller semiconductors for computers and technology used in many
industries, including solar power, health care and aviation.
said small, powerful semiconductors will be one of a handful of
technologies that "are going to define the next 20 or 30 years
"This is going to be at the hub of creating jobs and
industries in the future," he said at Tuesday's announcement, held at a
GE research office.
The public-private partnership, known as the
New York Power Electronics Manufacturing Consortium, will allow private
companies to use the facilities at the state's nanotech campus in
Albany. University researchers from around the state will also
The idea is to use the state's nanotech facility to
attract researchers and private companies to create a high-tech cluster
in New York state.
"The businesses come for the facility and the
equipment and the research and the businesses stay for the cluster of
the companies that are all working on the project," Cuomo said. "The
state finances the magnet that attracts the companies."
work will focus on developing low-cost silicon carbide wafers, which are
more efficient and powerful than traditional silicon chips. That means
devices can be smaller and lighter than standard devices that use