The New York State Common Retirement Fund invested an additional $1.5m in New York-based renewable energy company ZeroPoint Clean Tech, through the Credit Suisse Customised Fund.
ZeroPoint Clean Tech produces proprietary biomass gasification systems that convert renewable biomass into synthesis gas that can be used as a renewable replacement for natural gas.
The capital provided by the Fund will enable ZeroPoint to deliver its New York-manufactured gasification systems into the global energy marketplace, including the UK, India and Malaysia.
‘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,’ said State Comptroller Thomas DiNapoli.
‘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,’ he added.
As part of its In-State Private Equity Program, the Fund initially invested $1m in ZeroPoint in October 2007 and has agreed to invest the additional $1.5m after the company met its projected targets throughout the past year.
‘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.’
The New York State Common Retirement Fund is the third largest public pension plan in the US with more than one million members.
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