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NYS Passes on Photonica Relocation

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ROCHESTER, N.Y., Jan. 10, 2017 — The state of New York is no longer pursuing the relocation of video display developer Photonica Inc. to Rochester, according to Empire State Development (ESD), the economic development arm for New York State.

It was previously announced in March that Photonica would be relocating to the city, along with photonics company Avogy Inc. ESD recently announced, however, that Photonica did not meet the required standards for an investment of taxpayer dollars.

ESD says they’ve determined Photonica is a “very small, emerging technology” company, that wouldn’t be able to handle the anticipated scope of a project in Rochester. The funds that would have gone to Photonica are now available to fund other projects in the area.

The state had agreed to invest a combined $40 million in Photonica and Avogy.

Photonics.com
Jan 2017
PhotonicaEmpire State DevelopmentNew Yorkindustry movesAmericasBusiness

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