The State University of New York (SUNY) at New Paltz with the help of Hudson Valley Economic Development Corporation (HVEDC), has received $1 million in economic development funding from the Mid-Hudson Regional Economic Development Council (MHREDC) for a major 3D printing initiative at the university. The announcement was made today at the 2013 Regional Economic Development Council Awards in Albany.
The state funding will support the goal of SUNY New Paltz to purchase the latest 3D printing equipment for students and local entrepreneurs to leverage. The funding comes alongside $250,000 in private investments from Sean Eldridge, $250,000 from utilities company Central Hudson Gas & Electric and additional university resources. Hudson River Ventures has also committed $500,000 of venture capital to help launch new 3D printing enterprises in the region.
This year, HVEDC has placed a major focus on 3D printing, an industry that’s expected to grow exponentially in the next several years. The organization is working to coordinate business and education interests to create a strong 3D manufacturing industry in the region, starting with its HV3D initiative, which gives entrepreneurs the ability to learn more about 3D printing and its ongoing impact on new product development (learn more at www.hudsonvalley3dprinting.com).
“3D printing is one of the most exciting technologies to be developed over the past decade, and the Hudson Valley has a tremendous opportunity to become a hub for this new industry sector,” said Laurence P. Gottlieb, president and CEO of HVEDC. “This funding from the MHREDC is a major step forward for both SUNY New Paltz and the business community across our region.”
3D printing uses an additive process to allow manufacturers to create physical objects from three-dimensional models. It has applications in many different industries, including health care, consumer products and automotive supplies. The process saves on both materials and costs, while reducing waste and making for easier adjustments in production methods.
SUNY New Paltz aspires to become the region’s focal point for 3D printing, training and equipping its partners with the tools and resources they need to leverage and implement the technology. The university’s vision is to help the region become a place where education, research and manufacturing all come together.
The MHREDC is part of a statewide effort to approach economic development in a comprehensive, top-down way, emphasizing the needs of local communities in developing strategic plans that invest in effective solutions to grow regional economies and create new jobs. Like MHREDC, these councils are public-private partnerships that include local stakeholders and experts from the areas of business, local government, education and nonprofit organizations. More information on the state program is available at http://regionalcouncils.ny.gov.
Donald P. Christian, SUNY New Paltz President: “We are very pleased that the Governor recognized the potential of this project to bring new manufacturing technology and training to our region that will help grow our economy and create jobs. The funding puts this project on the fast track to help accelerate the center’s growth and capitalize on building a distinctive regional identity in 3D printing and related research, design, and development. I am grateful to Governor Cuomo, the Mid-Hudson Regional Economic Development Council, Sean Eldridge, the Hudson Valley Economic Development Corporation, and Central Hudson for their tremendous support.”
Steven V. Lant, chairman of HVEDC and CEO of Central Hudson Gas & Electric: “HVEDC has been thrilled to be part of creating this initiative in the Hudson Valley and very appreciative of the funding from MHREDC, which is recognition from the state of the important role 3D printing technology will have on economic growth. The project at SUNY New Paltz will offer outstanding opportunities for students and entrepreneurs to explore and build on the innovations that have already taken place in this emerging field.”
Sean Eldridge, a founding partner of the Hudson Valley Advanced Manufacturing Center and president of Hudson River Ventures: “When we founded the Hudson Valley Advanced Manufacturing Center in May, we knew that it had great potential to grow our economy and position the Hudson Valley as a leader in 3D printing, and this award from the Regional Economic Development Council is a tremendous boost to this transformative project.”
Ulster County Executive Mike Hein: “It is especially satisfying to have the hub of 3D manufacturing education right here in Ulster County at SUNY New Paltz with the new Hudson Valley Advanced Manufacturing Center and Ulster County’s leadership is grateful to see the state encouraging growth in this vital sector of our new economy.”
About Hudson Valley Economic Development Corporation (HVEDC): HVEDC is the leading economic development agency for the seven-county region of Westchester, Putnam, Dutchess, Rockland, Orange, Ulster and Sullivan counties. The public-private partnership markets the region as a prime business location to corporate executives, site selection consultants and real estate brokers. HVEDC helped start the organizational, branding and promotional effort for NY BioHud Valley and the Hudson Valley Food & Beverage Alliance. To learn more, call 845-220-2244 or visit http://www.hvedc.com.