Congratulations to iM3NY for Securing $85M in Funding

Published on: Friday April 23rd, 2021

April 23rd, 2021

For Immediate Release

Congratulations to Imperium3 New York Inc. (“iM3NY”) for securing $85M in total funding for the development of their Gigafactory in Endicott, NY. 

Dr. Shailesh, founder of C4V batteries and professor at Binghamton University chose Endicott, NY because of his work with Nobel Laureate Dr. Stan Whittingham and the industry sector assets across the Southern Tier. Endicott is the perfect location for this new facility because our community understands manufacturing ingenuity.  We are beyond excited to see the impact this project will have in local economies in Endicott, Ithaca, Binghamton and others.

This Gigafactory is key to the region’s economic development because it is so significant in our region’s Industry Cluster.

What is an Industry Cluster? 

An Industry Cluster is a geographic concentration of related industries. 

Why Industry Cluster or Asset-based Economic Development? 

In bringing similar talent together, it allows the development to be focused and increase productivity for all. And on a less-tech scale, cluster development can be recognized with all the wineries along the Finger Lakes, better known as “Finger Lakes Wine Country”, with breweries, restaurants & shops in our Downtowns, and clustering investments in Opportunity Zones to raise the area’s wealth, assets, businesses, and potential partnerships.

The Top Industry Clusters across the Southern Tier*:

  • Manufacturing & Advanced Materials (277 companies)
  • Energy & Clean Energy (92 companies)
  • Agriculture, Food & Beverages (428 companies)
  • Healthcare & Life Sciences (216 companies)

Learn more about the Southern Tier’s Industry Cluster’s at: with Alan Michaels & *Industry Building Blocks.

The Southern Tier 8 Regional Board and partners have been avidly promoting industry cluster development by aligning federal investments to support this ecosystem development (Incubator funding; Workforce Training Programs; Tier Energy Network CEI Study, Regional Investment Portfolio development) and launched the Industry Summit Platform in our first series event on November 28th, 2018.  During this conference, Cliff Olin -MBA, CEPA, Managing Director Olin Capital Advisors showcased an in-depth presentation entitled “Recognize Local Asset Based Growth: Discover Why Dr. Shailesh Upreti Chose the Southern Tier for Manufacturing”. Here are some highlights from Cliff's presentation from our November 28th, 2018 event:

Learn more about our Industry Summit series here

To read more details on Imperium 3 & opportunities at the Koffman Southern Tier Incubator:

To read more about the Tier Energy Network:


Over the last 30 years, collectively our community has struggled with disinvestment and community decline, but this project we believe is marking a tipping point forward that collectively, many partners from industry, education, government and public service have been working for. It is exciting to see this project take life and all the opportunity that will stem for this huge and well-deserved win for our region.