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lightbeam

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lightbeam

Re: Soapy Bubbles post# 849

Monday, 01/07/2008 12:42:45 AM

Monday, January 07, 2008 12:42:45 AM

Post# of 1030
Check this out http://www.soyatech.com/news_story.php?id=6154

New York Green Energy Firm Receives $7M Private Equity Boost
Watertown Daily Times (NY) (KRT) -- Dec. 21 -- POTSDAM -- Green energy firm ZeroPoint Clean Tech Inc. received more than $7 million in funding recently, including $1 million from the Seaway Private Equity Corp.

PAID ADVERTISEMENT The Potsdam-based technology company expects to add 10 jobs and expand production to deploy its first commercial unit.

Using funds secured from the New York Power Authority, the equity group invested $1 million in Series B preferred stock. Credit Suisse and the Netherlands-based firm Zedonix also bought $3.6 million of the stock, while a venture capital firm invested $2.5 million in ZeroPoint's Series A stock.

"If the technology works the way we think it will, this will become extremely important and valuable," ZeroPoint CEO John P. Gaus said. "We're doing something very unique in our Potsdam facility."

ZeroPoint creates fuel and electricity from biological waste such as wood chips, cornstalks and cardboard, rather than food products such as corn or soybeans. The technology is based on the work of Philip D. Leveson, a senior research scientist at Clarkson University.

"We are very pleased that this opportunity will be one of the first to benefit from SPEC," said Clarkson University President Anthony G. Collins, who serves as the equity group's president, in a statement. "The positive news is that this company will seek to utilize the resources of our local universities as well as hire local labor and university graduates."

Instead of adapting its technology for use in big refineries, as some companies are already doing, ZeroPoint hopes to produce small-scale plants that use local resources and distribute only to surrounding areas.

That cuts down on the energy waste associated with hauling biomass to faraway plants and shipping the finished product to consumers.

"We made the bet that small-scale is better than large-scale," Gaus said. "Dozens of people travel every week from across the country and all over the world to see what we are doing in our Potsdam plant."

Gaus said that ZeroPoint has already filled five of 10 new positions, and hopes to increase its work with other north country businesses, including steel fabricators, valve manufacturers and tradesmen.

The company has also developed an efficient water treatment system that can be used with any energy source, including the green energy sources produced by ZeroPoint technologies.

In March 2006, the equity group's board of trustees approved an agreement that provides for up to $10 million in funding from the Power Authority for promoting job development and attracting high-tech businesses relating to sustainable technology.

ZeroPoint is forming joint ventures with firms in India, Europe and Kuala Lumpur. Gaus also said that the company has secured its first commercial contract with a New York firm.

"Clearly, we're gaining momentum in our efforts for encouraging high-tech investments in St. Lawrence County," said NYPA Chairman Frank S. McCullough, who is also on SPEC's board, in a statement. "It is gratifying to see we're progressing toward this goal."

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