Pittsburgh Regional Business Leaders in Hi-Tech, Investment Industries Tout Governor's Energy Independence Strategy
DATELINE: PITTSBURGH May 18
PITTSBURGH, May 18 /PRNewswire-USNewswire/ -- Western Pennsylvania business leaders in the renewable energy and venture capital fields voiced their support today for Governor Edward G. Rendell's Energy Independence Strategy.
While Pennsylvania's investments in homegrown alternative energy solutions are a positive step for the state's economic and competitive future, Department of Environmental Protection Secretary Kathleen A. McGinty said even greater opportunities exist.
"Under Governor Rendell, Pennsylvania has become the 'destination location' for clean energy investors," she said. "By targeting our resources, we've helped to attract some of the world's leading renewable energy firms and create more than 2,500 jobs in the industry. This approach has improved our ability to meet growing energy demands with solutions that are produced within our borders, not overseas."
Industry leaders like Conergy and Gamesa -- the world's largest solar developer and second largest wind energy firm, respectively -- BioEnergy and its partner Lukoil, Axion Power International and AE Polysilicon have recognized Pennsylvania's commitment to renewable energy development. Combined with other wind, solar and biofuel projects that are underway or planned throughout the state, Pennsylvania has benefited from approximately $1 billion in new investments from the alternative energy industry.
"The Governor's Energy Independence Strategy calls for new investments in this field. Right now, Pennsylvania loses out on at least $100 million in potential renewable energy investments every year. With additional resources, we can attract more money to Pennsylvania and create thousands of additional jobs. "
Representatives of the Pittsburgh Venture Capital Association, Plextronics Inc., and Capital Technologies International joined Secretary McGinty today and voiced their support for the Governor's plan.
"These initiatives will enable Pennsylvania to accelerate the commercialization of critical energy technologies, increase the return on investment from existing research programs, and create high-paying technology jobs in the state," added Mike Stubler, PVCA's president.
The Energy Independence Strategy would:
-- Accelerate the role that Pennsylvania companies play in the production of clean energy components and systems. The plan makes more than $100 million available in the form of venture capital, loans and grants so Pennsylvania firms can attract additional private sector investors. These funds may also help attract cutting edge energy firms to the commonwealth. All state funds will be matched at least on a dollar-for-dollar basis by private sector capital.
-- Initiate clean energy economic development projects. New state resources will target up to $500 million for infrastructure improvements, construction, early project development costs and equipment purchases
undertaken to attract private investment in energy-related economic development projects, including solar manufacturing; advanced coal technologies; biofuels; and energy conservation, efficiency, and energy demand management projects.
-- Keep energy jobs close to home. The plan also makes improvements to the historic Alternative Energy Portfolio Standard already on the books in Pennsylvania. It makes clear that power companies can enter into long-term contracts with the developers of wind farms and solar power arrays so that those new and clean sources of energy can secure financing and move forward. And this strategy also makes clear that those projects have to be built in a place that directly supports the grid that serves Pennsylvanians; renewable projects built in other parts of the country or even Canada would not be used to meet our requirements.
"Clean energy is among the fastest growing investment sectors in the U.S. and global economies," McGinty said. "In the last five years, investors have pumped $24 billion into clean energy projects - a two-fold increase over previous investment levels. Plextronics and Capital Technologies illustrate the growth potential that can be realized when Pennsylvania invests in its people and its businesses."
Plextronics, now a growing Harmarville business, was founded as a spin-out from Carnegie Mellon University to develop conductive polymer technology - Plexcore(TM) -- that will enable the broad market commercialization of printed electronic devices. State investments in the form of grants and low-interest loans have helped to leverage the $16 million private venture capital dollars necessary to bring these solar technology products to the international market.
Capital Technologies, which hosted the event, is an energy technologies development firm that designs, manufactures and markets bio-diesel factories worldwide. Originally a Texas corporation, CTI, was founded to sponsor research at the Carnegie Mellon Research Institute. Since moving to Pittsburgh in 2002, CTI has brought more than $10 million into the region through investments in research, salaries and contracts with local businesses. CTI employs more than 40 people in the Pittsburgh community and operates an engineering and fabrication facility for pre-assembled bio-diesel factories on the city's South Side.
For more information on the Energy Independence Strategy, visit http://www.depweb.state.pa.us/ .
CONTACT: Helen Humphreys (412) 442-4183
CONTACT: Helen Humphreys, +1-412-442-4183
Web site: http://www.depweb.state.pa.us/
SOURCE Pennsylvania Department of Environmental Protection