The state of Israel will spend up to $300 million a year in a new partnership with the University at Albany for Israeli companies to use the school's nanotechnology facilities.
Lt. Gov. Robert Duffy and Dr. Alain Kaloyeros, CEO of College of Nanoscale Science and Engineering, announced the partnership yesterday.
"The potential of this partnership and this relationship, to me, has no boundaries. It is phenomenal," Duffy said. "It is great for the state."
The partnership will allow Israeli tech companies working through the Israeli Industry Center for Research & Development (MATIMOP) to use CNSE's 300mm and 450mm wafer fabricator, one of the newest fabricators in the country.
New York's hopes for the deal are that it will further boost the burgeoning nanotech sector in the Capital Region by pumping in more research dollars and jobs. The partnership will generate a $3 billion economic impact, according to the governor's office.
The state has invested heavily in recent years to grow the nanotech campus at UAlbany and to bring and expand the new GlobalFoundries fabricator in Saratoga County.