Applied Materials and the State University of New York Polytechnic Institute (SUNY Poly) announced an $850 million investment in a semiconductor materials research center, which will be located at SUNY Poly’s Center for Nanoscale Science and Engineering campus, located in Albany. The investment will spur development of quantum computing and artificial intelligence technologies in upstate New York.

Santa Clara, California-based Applied Materials will deliver $500 million in capital investment and $100 million in a facilities lease, complemented by $250 million from the Empire State Development (ESD) Corporation, the state’s public economic development corporation. This investment will occur over the next seven years to create the Materials Engineering Technology Accelerator (META) Center. There will be an additional $25 million from Applied Materials to create a venture capital division, with an additional $10 million from ESD.

SUNY Poly’s CNSE is a university and business research center, which opened in 1997. It offers a unique environment for industry and academic experts to share semiconductor ideas and research, as well as state-of-the-art fabrication and cleanroom facilities.

Officials noted that the investment should have ripple effects throughout the regional economy, potentially totaling trillions of economic growth.

“For every dollar invested in New York, there is a $8.17 return," said SUNY Chancellor Kristina M. Johnson. "It will attract even more [tech] talent to the Capital Region. SUNY Poly is a thriving academic and entrepreneurial setting with deep roots in semiconductor manufacturing.”

Howard Zemsky, CEO and president of the ESD, agreed, saying “No industry has had a greater impact on upstate New York. Incredible investment from the state and Applied Materials.”

Applied Materials has nearly tripled its original 2009 investment of $300 million to build an immersion lithography research and development center at the CNSE campus.