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Senator Bruno joined Governor Pataki in announcing that DayStar Technologies is relocating to the Saratoga Technology & Energy Park (STEP) in Malta, creating 250 new jobs over the next five years. |
DayStar Technologies to Invest over $40M; Create 250 New Jobs in Malta over Next 5 Years
Monday, June 21, 2004
Governor George E. Pataki, Senate Majority Leader Joseph L.Bruno, and company officials from DayStar today announced that DayStar Technologies Inc., a California based photovoltaic technology company, is relocating from California to the Saratoga Technology & Energy Park (STEP) in Malta, New York. The company will invest up to $40 million and create 250 new jobs over the next five years.
"DayStar's decision to relocate from California to the Saratoga Technology & Energy Park (STEP) in Malta shows our aggressive efforts to make New York the nation's high-tech leader are succeeding in attracting new businesses and jobs from across the nation to the Empire State," Governor Pataki said. "High-tech companies want to be where the right environment and infrastructure exists to expand and prosper, and we are building it right here in New York through our nationally-acclaimed Centers of Excellence program and the establishment of the Empire State High-Tech Corridor."
"It makes sense that DayStar, whose long-term growth strategy depends upon having clean energy-reliant partners, would choose New York since no state is more committed to the development of clean and renewable energy sources than New York," Governor Pataki said. "As we move forward with Phase II of our high-tech efforts and seek to become the world's leader in developing clean energy technologies, we will be well poised to reach our ambitious goal of creating one million new jobs by the end of the decade."
Senate Majority Leader Joseph L. Bruno said, "With the addition of DayStar Technologies, we are once again leading the way in attracting and developing high-tech businesses in New York State. DayStar's relocation to our magnificent Tech Park research facilities in Malta will further enhance the state's economic development while creating hundreds of new, good paying jobs for Saratoga County and the entire Capital Region."
DayStar was established in 1997. The Company holds intellectual property for the manufacturing of thin-film photovoltaic (PV) cells that will offer enhanced flexibility, durability, and lower cost than any on the market today. The company recently went public and raised $10 million to move into pilot manufacturing of its product.
DayStar, which has done work for NASA and the U.S. Department of Defense, will initially invest between $2 million to $4 million at their new a Malta facility, which will be located in the NYSERDA Tech Park. The company's investment will exceed $40 million over the next five years. Currently, the company has seven employees. However, with the investments they are making, DayStar will add 250 new jobs over the next five years. These jobs will pay salaries in the $30,000 - $120,000/year range.
John R. Tuttle, President and CEO of DayStar Technologies said, "The successful implementation of DayStar's long term growth strategy is reliant upon engaging with pro-clean energy partners. In this regard, DayStar devoted a great deal of time carefully assessing where in the United States to headquarter our new facilities. After considering the attributes of numerous sites, it became evident that New York State, and specifically the STEP facility in Saratoga County, represented the ideal home for us."
Tuttle added, "Governor Pataki's demonstrated commitment to advancing renewable energy technologies into the mainstream is consistent with our fundamental objective. The sophisticated academic and technology resources available in Albany's Tech Valley played a major role in our decision. As such, we look forward to working with local and state officials to build a company of lasting value to our shareholders, the citizens of New York and the people of the world. "
In consideration of the company's investment to New York State, DayStar is eligible to apply to Empire State Development for a $600,000 Capital Grant to assist the company's transition from research and development to manufacturing. The company will also be eligible to apply for funding under the Renewable Energy Technology Manufacturing Incentive from NYSERDA.
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