NISKAYUNA, N.Y. - Governor Cuomo was in the Capital Region Tuesday to make what he called a major economic development announcement.
Cuomo announced on Tuesday morning that the next generation of the computer chip is in New York State and it will ensure the state remains tech valley.
Cuomo says the New York Power Electronics Manufacturing Consortium is a new initiative that will build off the model that has worked for the College of Nanoscale Science and Engineering, also known as CNSE.
CNSE attracts companies from around the world with hundreds of millions of dollars and jobs.
New York will invest $135 million, meaning it will own the facility and equipment. The private sector will put in more than $300 million, making the total investment of $500 million. General Electric will provide part of the investment along with IBM and Global Foundries.
Cuomo says this will create a cluster of companies working together to innovate.
"The state owns the equipment and the facility, so the businesses come for the facility and the equipment and the research. And then the businesses stay for the cluster of the other companies that are all working on the same project and the energy, the collective energy of all those companies,” said Cuomo.
While officials admit power electronics is hard to explain, they say it’s all about making the technology we depend on, smaller and lighter. It's the next generation of semiconductors, and with it, the governor says will come jobs.
Officials say the new consortium will be built inside the existing CNSE facility.