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SEPTEMBER 2004

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NEW YORK SPOTLIGHT



DayStar Swayed
by Incentives
If Tannenwald is right, then there has been plenty of persuading taking place in New York this year. A bevy of large corporate projects -- in both financial services and manufacturing -- has befallen the state since January, proving his adage that the bottom line is really the only line that counts.
      A state and local incentive package valued at $11.14 million was ponied up to land DayStar Technologies Inc. in upstate New York. The company, which produces high-performance, low-cost solar cells, will establish a corporate headquarters, manufacturing plant and research and development facilities in Saratoga County.
Plans call for the 1,350-acre (546-hectare) Luther Forest Technology Park aimed squarely at nanotechnology companies to be developed adjacent to the STEP development in Saratoga County.

      DayStar plans to invest $40 million and create 250 jobs paying $30,000 to $120,000 a year in Malta over the next five years (For more on Malta, see the Northeastern States Regional Review in the March 2004 issue of Site Selection). The firm is relocating from Green Valley, Calif., and will build an 18,000-sq.-ft. (1,672-sq.-m.) manufacturing and R&D plant at the new Saratoga Technology + Energy Park (STEP).
      "The successful implementation of DayStar's long-term growth strategy is reliant upon engaging with pro-clean energy partners," said John Tuttle, CEO of DayStar. "In this regard, DayStar devoted a great deal of time carefully assessing where in the United States to headquarter our new facilities. After considering the attributes of numerous sites, it became evident that New York state, and specifically the (STEP) facility in Saratoga County, represented the ideal home for us."
      Gov. George Pataki called the DayStar announcement an affirmation of the state's recruitment strategy and tactics. "DayStar's decision to relocate from California to the (STEP) in Malta shows our aggressive efforts to make New York the nation's high-tech leader are succeeding in attracting new businesses and jobs from across the nation to the Empire State," he said. "High-tech companies want to be where the right environment and infrastructure exist to expand and prosper."
      Tuttle said it was not just the generous incentive package, but also the region's infrastructure that swayed the deal. "The sophisticated academic and technology resources available in Albany's Tech Valley played a major role in our decision," Tuttle said.
      DayStar confirms Pataki's strategy to transform the state's economy through his three-year-old Centers of Excellence program. Seven centers are being established along "The Empire State High-Tech Corridor," stretching from Buffalo to Albany through the Hudson Valley and into New York City and Long Island. The Capital Region has a Center of Excellence in Nanotechnology in Albany.
      Another program designed to support clean-energy startups is RENEW NY, which stands for the Renewal Energy Network of Entrepreneurs in Western New York, launched July 2, 2004, in Rochester. RENEW NY is a collaborative effort focused on identifying, incubating and growing renewable energy companies in Western New York. Renewable energy sources include wind, hydro, solar, biomass and geothermal power.
      Peter Smith, president of the New York State Energy Research and Development Authority (NYSERDA), said, "The establishment of RENEW NY is another step forward in carrying out Gov. Pataki's vision to promote energy efficiency, diversity and security, while protecting our environment and improving our economy."
      The incubator's mission is to create a cluster of renewable energy companies in Western New York, the region west of Interstate 81 and encompassing the areas of Syracuse, Binghamton, Ithaca, Corning, Rochester and Buffalo.
     


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