UTICA, N.Y. — ConMed Corp. (NASDAQ: CNMD) recently announced that it will hold its 2018 annual meeting of shareholders on May 23 at its corporate offices at 525 French Road in Utica.

The medical-device maker will start the meeting at 2 p.m. Shareholders of record at the close of business on April 5 will be entitled to vote at the annual meeting.

ConMed says it’s a medical technology company that provides surgical devices and equipment for minimally invasive procedures. The firm’s products are used by surgeons and physicians in specialties including orthopedics, general surgery, gynecology, neurosurgery, and gastroenterology. ConMed has a direct selling presence in 17 countries, and international sales make up about half of its total sales. The company employs about 3,100 people globally.

ITHACA — The New York Sea Grant program and New York State Department of Environmental Conservation (DEC) on March 6 announced $200,000 is available for Great Lakes ecosystem-based management projects.

The funding is available through the New York’s Great Lakes Basin small-grants program, which New York Sea Grant administers in partnership with the DEC. 

Up to $25,000 is available for each project, according to a March 6 news release.

“These grants support eco-based recreation and tourism projects and reinforce Gov. Cuomo’s statewide efforts to connect more New Yorkers with the outdoors,” DEC Commissioner Basil Seggos said in the release. “Not only do these grants protect our environment, they support recreation and tourism, major drivers of New York’s Great Lakes basin economy.”

Application instructions are online at www.nyseagrant.org. Applicants must submit proposals by 4:30 p.m. on May 1. For more information, contact New York Sea Grant at (315) 312-3042.

New York Sea Grant, a cooperative program of Cornell University and the SUNY system, is one of 33 university-based programs under the National Oceanic and Atmospheric Administration’s National Sea Grant College Program. 

Since 1971, New York Sea Grant has “promoted coastal vitality, environmental sustainability, and citizen awareness about the state’s marine and Great Lakes resources,” the release stated. New York Sea Grant maintains Great Lakes offices in Oswego, Buffalo, and Newark.

Eligible projects

Proposed projects must use a complete ecosystem-based approach rather than a single issue or single species focus, incorporate stakeholder participation, and address “key priorities” in the New York Great Lakes Action agenda, per the release. 

Those priorities include “enhancing community resiliency and ecosystem integrity” through restoration, protection, and improved resource management; and “enhancing” recreation and tourism opportunities that capitalize on the rivers and lakes, “scenic beauty, and natural and cultural resources that define the character of the Great Lakes-St. Lawrence region.”

Eligible projects may include planning, design, implementation, information management tool development, demonstration projects, and targeted educational outreach.

Those eligible to apply include nonprofit organizations; county and local government or public agencies; municipalities; regional planning and environmental commissions; and educational institutions, including public and private K-12 schools, colleges, and universities.

 “These small grants create opportunities for stakeholders to build upon the unique natural strengths of their communities to enhance environmental quality, resiliency, and the economic benefits intrinsically tied to New York’s Great Lakes coastal resources,” Katherine Bunting-Howarth, associate director of New York Sea Grant and assistant director of Cornell University Cooperative Extension, said.

New York’s Great Lakes Basin small-grants program is funded through the New York State Environmental Protection Fund and article 14 of Environmental Conservation Law, per the release.   

In a move that could hike power costs 60 percent for businesses that mine kryptocurrencies, the New York Public Service Commission (PSC) gave municipal power authorities permission to charge those businesses more for electricity than other, less energy-intensive customers.

Cryptocurrency mining, in which miners solve complex math problems to earn currencies such as Bitcoin, is an energy hog. “As a direct result of the intense computer data-processing efforts, these companies are using extraordinary amounts of electricity — typically thousands of times more electricity than an average residential customer would use,” the PSC said in a release announcing the decision.

The commission was responding to a request from the New York Municipal Power Agency (NYMPA). NYMPA members were concerned that cryptocurrency miners were using up low-cost energy that is supposed to be used by job-creating businesses.

“NYMPA’s petition noted that these customers do not bring the economic development traditionally associated with similar load-sized companies,” the PSC reported. 

Further, the energy use by cryptocurrency miners is so intense that it has driven up the cost of energy for neighboring businesses and residents.

According to the PSC, monthly bills for the average residential customer in Plattsburgh rose $10 in January because of the demand created by two cryptocurrency companies operating there.

Cryptocurreny mining is so energy intensive, powering racks of computers in a server farm, that in some cases, the business can account for one-third of total energy demand, the PSC said. In comparison, it noted that a large paper manufacturer uses only one-fourth as much power per square foot as a cryptocurrency company.

NYMPA, which is headquartered in DeWitt, told the PSC that there are at least three cryptocurrency companies operating in upstate New York. 

NYMPA General Manager Tony Modafferi says that job-creation claims made by cryptocurrency companies when they seek to build in an area with low-cost energy can be misleading. While a factory may bring hundreds of permanent jobs, cryptocurrency mining requires construction workers, installers and others to get things running, but few permanent jobs. “Let’s justify what the jobs are,” he says.

The ruling will allow municipal power authorities to set a separate rate for high-density load customers that do not qualify for economic-development assistance and have demand that tops 300 kilowatts. That, the PSC said, is far higher than traditional commercial customers use.

The rates could rise starting in March, while rates for other customers will return to prior levels, the PSC said. That change can bring significant results. The PSC said that had the newly allowed rates been in place in January, the cryptocurrency companies in Plattsburgh would have paid 60 percent more for electricity.

“We always welcome and encourage companies to build and grow their businesses in New York,” said PSC Chair John B. Rhodes. “However, we must ensure business customers pay an appropriate price for the electricity they use. This is especially true in small communities with finite amounts of low-cost power available. If we hadn’t acted, existing residential and commercial customers in upstate communities served by a municipal power authority would see sharp increases in their utility bills.”

Cryptomining uses a lot of electricity

While some are content to trade cryptocurrencies, an entire industry has been created that mine Bitcoins by solving complex equations. To solve the equations, cryptocurrency companies run server farms with hundreds of computers.

As Bitcoin’s value skyrocketed in the past year, it made economic sense to expand operations, adding equipment and hiking electricity use. Researchers have estimated the cost of electricity per Bitcoin mined at far less than the current market value of the cryptocurrency.

Morgan Stanley Research estimates demand for electricity from cryptocurrency mining had grown to rival the demand of some nations. “Currently, global power demand from cryptocurrency mining hovers at about 22 terawatt hours,” the firm reported in January. That amount of electricity — 22 trillion watts — is roughly the same as used by the country of Ireland. 

— Charles McChesney

KeyCorp (NYSE: KEY) recently announced that Bruce Murphy, head of corporate responsibility, plans to retire on July 1. Key added that Don Graves will succeed Murphy and assume responsibility for Key’s corporate responsibility and community relations functions.

Murphy, who joined the banking company in 1990, has been head of corporate responsibility since 2013. 

“Bruce’s focus on balancing mission and margin has spanned across many areas of Key including the KeyBank Foundation, fair and responsible products and community development lending,” Beth Mooney, chairman and CEO of KeyCorp. “Key is a stronger bank and community partner thanks to Bruce’s tireless work. He will leave a lasting legacy at KeyBank.”

Among Murphy’s “many accomplishments” include the development and execution of its $16.5 billion national community benefits plan, which includes commitments for community development lending and investing, mortgages to low-to-moderate income families, small business-lending, and philanthropy, Key said. 

Graves joined Key in 2017 as senior director of corporate community initiatives & relations. In this role, he has worked to integrate Key’s strategies between community outreach efforts and public officials, trade groups, and agencies that support the opportunities and obligations of the banking company’s national community benefits plan. Prior to joining Key, Graves served as counselor and domestic and economic policy director for previous U.S. Vice President Joe Biden. He provided advice on a range of policy issues including ways to create jobs and opportunity for the American people. 

Graves was previously appointed by President Barack Obama as executive director of the president’s Council on Jobs and Competitiveness at the White House and was also appointed by Obama to lead the federal government’s efforts in the city of Detroit.

“Don’s focus on community transformation and engagement has given him the depth and breadth of experience to effectively lead Key’s Corporate Responsibility organization. I look forward to Bruce and Don partnering closely over the next several months to ensure a smooth transition,” said Mooney.

KeyCorp’s roots trace back 190 years to Albany, New York. Its KeyBank unit today ranks second in deposit market share in the 16-county Central New York area.   ν

SYRACUSE — The Financial Planning Association (FPA) of Central New York recently announced its board of directors for 2018. It appointed the following individuals:

• President — Joe Lazzaro, CenterBridge Planning Group

• Vice President — Bryan Parmley, ENV Financial Services

• Treasurer — Michael Doolittle, Northwestern Mutual

• Secretary — Thomas Griffith, Central New York Community Foundation, Inc.

• Past President — Uri (Chip) Doolittle 5th, Upstate Financial Network LLC

• Board Member — Carl Dattellas, Diversified Wealth Strategies

• Board Member — Mark Hills, Upstate Financial Network LLC

• Board Member — Anthony Hinds-Fritz, Evolution Retirement Solutions, LLC

• Board Member — Daniel P. Jeffery, Best Times Financial Planning

• Board Member — Leyla Morgillo, Madison Financial Planning Group

• Board Member — Tom Mourdant, Empower Retirement

• Board Member — Richard Naylor, CE Live

• Board Member — Alicia Spevak, Lee E. Kalin & Associates

The FPA says it is the largest membership organization for personal financial-planning experts in the U.S. and includes professionals from all backgrounds and business models. The Central New York chapter of the FPA has more than 110 members. 

New York Governor Andrew M. Cuomo recently announced that IEC Electronics Corp. will invest more than $20 million to relocate and construct a new “state-of-the-art facility” in Newark in Wayne County. 

The electronics manufacturing company plans to create up to 362 new jobs and retain 463 positions at the new 150,000-square-foot facility located at the Silver Hill Technology Park, according to a news release from the governor’s office.

IEC Electronics had considered moving out of New York state but chose to stay and expand in the region after receiving state and local financial support and incentives.

Empire State Development is providing up to $2 million through a Finger Lakes Forward Upstate Revitalization Initiative grant and up to $3 million through the Excelsior Jobs Program in exchange for IEC’s job-creation commitments, the release stated.

Rochester Gas & Electric and the New York State Electric and Gas Corporation are offering up to $670,000 in assistance for the project. Wayne County is also providing incentives for the venture and the Greater Rochester Enterprise was “instrumental in helping the company remain in the Finger Lakes region,” according to the governor’s office. The total cost for the relocation project is approximately $22 million. 

IEC plans to move to and begin operations at the new facility in mid-2019. 

“IEC has made its home in Newark since 1973 in a 100 years old former paper factory building that would require extensive capital investment to bring it to the next level. Constructing this new building enables us to design, from the ground up, a state-of-the-art and advanced technology facility that can support our growth as a leading U.S. based provider of electronic manufacturing design and production services for life-saving and mission critical products,” IEC Electronics President & CEO Jeffrey T. Schlarbaum said in the governor’s release.

For 50 years, IEC Electronics has been providing manufacturing products and services to companies in the medical, industrial, aerospace, and defense sectors. The company is a provider of electronic contract-manufacturing services such as printed circuit-board assembly, cable and wire-harness assembly, and precision metalworking for life-saving and mission critical products, according to the release. The firm specializes in providing technical solutions for the custom manufacturing of complex full-system assemblies with advanced engineering support and laboratory services, including risk mitigation related to counterfeit component detection.