Business Council members General Electric Co., IBM, and GlobalFoundries joined Governor Cuomo to announce the creation of the New York Power Electronics Manufacturing Consortium.
The consortium is expected to create jobs in New York, including 500 in the Capital Region and another 500 in the Rochester area.
The New York Power Electronics Manufacturing Consortium (NY-PEMC) is a public-private partnership of more than 100 companies and universities that will help develop the next generation of materials used on semiconductors at State-owned R&D facilities. Managed through the newly merged SUNY College of Nanoscale Science and Engineering (CNSE)/SUNY Institute of Technology (SUNYIT), this next generation of semiconductors will enable power devices to get smaller, faster and more efficient as the current material, silicon, has reached its entitlement.
Dr. Alain Kaloyeros, chief executive officer and officer in charge, SUNY CNSE/SUNYIT, said, “Partnering CNSE’s world-class research and development resources with the combined expertise of our corporate and university partners will provide tremendous advances for the business, technology and academic communities.”
GE Chairman and CEO Jeff Immelt said, “GE is proud to support New York’s Power Electronics Manufacturing Consortium, which places New York at the forefront of the next revolution in power. By partnering, we are bringing breakthrough reliable technology to market faster and at lower cost so our customers and global industries see major productivity gains and operate at peak efficiency.”
The partnership is enabled by the START-UP NY tax free initiative, in addition to $135 million in New York State funds provided to CNSE for the establishment of the NY-PEMC facilities, which will attract $365 million in private funds for a total 5-year investment of $500 million.
Collaboration with CNSE will enable the expansion and growth of both major corporate partners and small and medium-sized enterprises within a vibrant power electronics device and systems integration eco-system.