December 17, 2008
DiNapoli: NYS Pension Fund Invests Additional $1.5 Million
in Clean Energy Company
ZeroPoint Clean Tech Has Facilities in Tonawanda and Potsdam
The New York State Common Retirement Fund (the Fund) invested an additional $1.5 million in ZeroPoint Clean Tech, a New York-based renewable energy company, through Credit Suisse Customized Fund Investment Group, State Comptroller Thomas P. DiNapoli announced today.
“ZeroPoint Clean Tech is a perfect example of how we can do well for the members of the Retirement System while doing good for New York businesses,” DiNapoli said. “ZeroPoint offers innovative renewable energy technologies that have the potential to significantly change how the world produces its energy. This is a great investment for the pension fund, and a good step toward making New York and the country more energy independent.”
As part of its In-state Private Equity Program, the Fund first invested $1 million in ZeroPoint in October 2007 through its investment partner Credit Suisse. The Fund recently invested an additional $1.5 million in ZeroPoint after the company met its projected milestones throughout the past year. The additional investment brings the Fund’s total investment in the company to $2.5 million.
“With significant market opportunities emerging across today’s entire renewable energy sector, ZeroPoint’s gasification technology represents the breakthrough that can drive economical distributed electricity and fuel generation,” said Nadim Barakat, a Managing Director in the Customized Fund Investment Group at Credit Suisse. “The company has differentiated itself from the competition and is poised for growth.”
“ZeroPoint is proud to be manufacturing its leading-edge renewable energy technology right here in upstate New York,” said John Gaus, Chairman and CEO of ZeroPoint. “Today’s commitment by Comptroller DiNapoli will allow us to continue to grow at a critical time in the development of the renewable energy industry.”
ZeroPoint Clean Tech, Inc. produces proprietary Biomass Gasification Systems that convert renewable biomass into synthesis gas that can be used as a renewable replacement for natural gas. Biomass sources, such as wood chips, agricultural waste and forestry waste, are infinite renewable resources that can be harnessed using the ZeroPoint systems to produce renewable electricity and clean synthesis gas. The gasification process is a closed-loop process that does not produce any airborne emissions.
The capital provided by the Fund will enable ZeroPoint to deliver its New York-manufactured gasification systems into the global energy marketplace, including customers in the United Kingdom, India and Malaysia.
ZeroPoint’s systems can be manufactured and exported quickly when compared to other energy production methods. This allows energy and natural gas to be produced close to where the resources are needed. The research for ZeroPoint’s products started at Clarkson University in Potsdam. Now, ZeroPoint is based in Potsdam and its renewable energy systems are manufactured in Tonawanda by Hebeler Corporation.
“Hebeler is honored that we have been selected as ZeroPoint’s preferred fabricator,” said Peter Coleman, Business Development Manager of Hebeler Corporation. “Our trained and proven workforce is prepared to meet the global needs of ZeroPoint’s renewable energy projects.”
Through its In-state Private Equity Program, the Fund invests with private equity managers who seek to invest in companies in New York state that require capital for growth. The program, created in 1999, targets investment of state funds in the New York state economy. The program is designed to provide investment returns consistent with the risk of private equity while also expanding the availability of capital for New York businesses. The program aims to help generate jobs and private sector investment in the state.
Since 2000, $380 million has been invested in 124 companies through the In-state Private Equity Program. DiNapoli has committed an additional $433 million to the program since he took office in 2007, bringing the total amount committed to the program to $886 million.
About the Common Retirement Fund
About Credit Suisse Customized Fund Investment Group
About ZeroPoint Clean Tech