Soraa has just under 200 employees, and is in the process of building a new factory in Syracuse, New York to add production capacity beyond that of its current factory in Fremont, California.
A funding filing from 2011 shows that Soraa raised at least $88 million....
They make LED light bulbs for $50 and you need a $30 controller for it. One controller will control multiple lights. The controller helps adjust the lighting to help you sleep better....
from the source article:
....make semiconductors for the electronics industry. It does not yet manufacture anything. The DeWitt facility will be its first manufacturing operation.
Dinesh Ramanathan, NexGen's president and CEO and one of its founders, also was CEO of Avogy Inc., a Silicon Valley start-up that planned to make power sources for electronic devices such as computers...."
read the full article, it gets better.
Carefully avoids naming names, only the arrested former head is mentioned, not the other members of the board that approved this fiasco. 'Nuff said.
They could spend $90 million to build a factory at the bottom of the ocean or at the South Pole and it would have a better chance of creating jobs than one built in New York state.
Why don’t the good New York Bolsheviks just run their own lightbulb factory on Socialist Principles....
I’m sure the company gave money to the candidates who built someone else’s building.
I find it hard to believe this level of incompetence in negotiations of this deal.
I wonder what sleazy NY representation got a kick back from the contractor to be awarded the bid to build this facility for no purpose.
“The state was left with a factory, nearly fully equipped, but no company to use it....”
Suckers. Now follow the money.
L
$90 million just so liberal politicians can say, “You didn’t build that.”
They've been building it in fits and starts for several years. I've long wondered what was going on there. The usual sorts of "coming soon" signs, and "financing by" signs, are nowhere to be seen.
It's near another big commercial building that was supposed to become the home for some aspect of the New York "nanotechnology initiative," which yielded a gigantic facility in Albany, but (as far as I can tell) little else.
Blue state economic “policy” writ large. And they have the balls to complain about the “unfair” tax bill....
I’m sure the appropriate politicians got their cut, so everything is okay.
Holy Smokes!!! This has to go at the top of the list for “unbelievable” 2018 stories - starting out with a bang.
Another good reason for Cuomo to run for president - shed light on all the shenanigans in the state while he was governor...Open people’s eyes once and for all.
Who on earth would ever hire that creep in the picture to be president of anything - except perhaps a company furnishing Porta Potties?
You may know someone who knows someone who might want to file this little story away for future reference.
People need to lose their political job for this? Are the taxpayers upset?
The government should move a bunch of their employees there and run that factory and go into direct competition with the evil capitalists.
They could show the rest of the country how great their socialist dreams work.
Of course they would have to mandate that all of New York would have to buy their product no matter the cost or quality. Kind of like auto and health insurance.
I’d wager that no politicians in this fiasco lost their jobs.
5.56mm
Randy Andy will be touting his economic development programs when he runs for President in 2020.
An empty ‘fully equipped’ factory?
In New York, you’d think they’d Unite the Workers and let them run it.
Once again proving that the government can’t pick winners and losers. Nobody talked with Generous Electric. Guess Immelt was too busy sucking up to Preezy Zero at the time.