New York State will partner with over 100 private companies, including GE, to launch the New York Power Electronics Manufacturing Consortium.

Governor Andrew Cuomo says the consortium will invest over $500 million and create thousands of high-paying jobs in upstate New York over the next five years.

The jobs will focus on the development and manufacture of the next generation of materials used in semiconductors.

The partnership will be managed by the newly merged SUNY College of Nanoscale Science and Engineering/SUNY Institute of Technology.

“This partnership will create thousands of new jobs in Upstate New York, tapping into our highly trained workforce and existing centers of high tech research and development,” Governor Cuomo said. "With commitment from our partners, we are advancing New York's capability to compete in the international marketplace and make this state the place to develop and manufacture high tech materials. This investment and partnership today will utilize the workforce of tomorrow, creating jobs and increasing long-term investments in New York State."