Joseph Spector, Albany bureau8:36 p.m. EDT July 15, 2014

General Electric and other major technology companies, including IBM and GlobalFoundries, announced a major deal today to develop the next generation of semiconductors in upstate New York.

The state is investing $135 million and the private companies will put in $500 million in an agreement that could lead to 1,000 jobs across upstate, state officials and GE leaders said. The new agreement is called the New York Power Electronics Manufacturing Consortium.

According to Cuomo's statement, more than 100 private companies are involved, though his statement did not mention IBM specifically.

Meanwhile, sources have told the Poughkeepsie Journal that the

The type of semiconductors involved are silicon carbide, a different technology than the silicon variety that IBM and other chip companies use for microprocessors and other chips. These silicon carbide based power electronic devices are better able to handle high frequencies and temperatures and can be made smaller.

All partners in the consortium will have access to the Albany NanoTech facilities and tools to use a process contributed by GE in order to make their own "enhancements in preparation for high-volume, cost-effetive manufacturing," the statement said.

"You're in the area of one of the great innovations of the 21st century early enough to make a difference and create jobs," GE CEO Jeff Immelt said at the event at GE outside Schenectady.

The agreement is part of the nanocenter at the state University at Albany and will allow companies, large and small, to develop the next wave of computer chips in upstate New York. The nanocenter has research and development hubs across upstate, including in the Buffalo, Rochester and Utica areas.

"We will believe it will have consequences all across upstate New York," Gov. Andrew Cuomo said.

The deal comes at a changing time for the semiconductor business in New York. IBM, which will have an investment in today's deal, said last week that it plans to invest $3 billion in new research, and it's expected much of it to be in New York.

But IBM is also believed to be in talks with GlobalFoundries, a major chip developer, about selling off some of its assets to GlobalFoundries, which already has a major manufacturing plant in Malta, near Saratoga. IBM is also heavily invested in the nanocenter in Albany.

Kaloyeros said New York's nanotech corridor stretches from East Fishkill in Dutchess County to Buffalo.

As to East Fishkill, he said, "All we've heard are rumors. I note that a few months ago … the rumors started to spread about layoffs in Fishkill, and everybody is going to lose their job in Fishkill, there's going to be layoffs in Fishkill" Kaloyeros said. "And honestly, I didn't see anyone when there were no layoffs in Fishkill say, 'Oh, wow, there were no layoffs in Fishkill when they laid of 7,000 people around the globe."

Kaloyeros continued: "These are still rumors. The state of New York, the governor has directed us to make sure whatever conversations are going on, whatever deal comes out, is going to be most beneficial for New York. And stay tuned."

Jon Campbell and Craig Wolf contributed to this story: 845-437-4815; cwolf@poughkeepsiejournal.com; Twitter: @craigwolfPJ