SCHENECTADY — A local company will add a third manufacturing site and 50 new jobs in Schenectady.
P1 Ventures announced the move Tuesday with the Schenectady County Metroplex Development Authority, which is assisting with the project.
P1 will lease more than 18,000 square feet at 1910 Maxon Road Extension for the new site of the production line currently operated by Isolate Extraction Systems in Louisville, Colorado.
IES makes equipment that uses carbon dioxide to extract nutrients and chemicals from plants — specifically, CBD from marijuana plants. IES will maintain marketing, sales and service operations at the Colorado site.
The site on Maxon Road Extension previously was home to Troy Ironworks, and before that, Dimension Fabricators. Metroplex is providing $100,000 to assist P1 in converting it from a metal fabrication shop to manufacturing. Production is expected to begin there in the first half of 2021.
P1, headquartered at 414 Union St., is active in the power, aerospace and defense sectors and currently has manufacturing operations on Mohawk Avenue and Technology Drive. It is planning to renovate space at 611 Union St. to house its growing software business, P1ston, which works with manufacturers to optimize their make-to-order supply chains.
In a news release, Metroplex said the plan provides multiple benefits to the city: “This brings a fast-growing new product line into a vacant manufacturing space in Schenectady,” said Ray Gillen, chairman of the agency. “We are also excited about the growth of P1’s software company on lower Union Street as it adds to the cluster of growing software firms downtown.”
In the same news release, P1 founder and CEO David Dussault said: “Our people are our greatest asset. We believe manufacturing jobs can transform our communities and create extraordinary opportunities for talented people to make parts for some of the world’s greatest companies and essential products.”