$500 million pledged for power electronics consortium

Gov. Andrew Cuomo and national and local business and technology leaders gathered this morning to unveil the New York Power Electronics Manufacturing Consortium, a half-billion-dollar initiative to develop the next generation of semiconductor technology.

The public-private investment totals $500 million, with $135 million coming from New York State. Partners include General Electric, Global Foundries, College of Nanoscale Science and Engineering and Lockheed Martin.

The state is providing $135 million over five years for “next generation electronics,” CNSE Chief Executive Officer and Officer in Charge Alain E. Kaloyeros said at a press conference.

The announcement was made at GE Global Research headquarters in Niskayuna.