ALBANY, NEW YORK – New York State is launching the New York Power Electronics Manufacturing Consortium in partnership with more than 100 private firms, including GE, according to reports.

The consortium plans to invest more than $500 million and is expected to create thousands of high-level jobs in Upstate New York during the next five years, with the focus on development and manufacture of materials used on semiconductors.

The consortium will be managed through the merged SUNY College of Nanoscale Science and Engineering/SUNY Institute of Technology.

The Albany R&D site will act as a global, user-shared facility.

GE will lead in the development of low-cost, high-performance 6” silicon carbide wafers.

The partnership includes $135 million in New York State funds, as well as $365 million in private funds.