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State Pension Fund invests additional $1.5 million in clean energy company
ALBANY - The New York State Common Retirement 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 DiNapoli announced Wednesday.
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.
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.