Innovation Fuels to open second site Upstate

www.innovationfuels.com

Innovation Fuels, located at The Clean Tech Center / Tech Garden incubator, has announced plans to open a new biofuel blending facility in Upstate, which will open the door to the residential heating market this season.  The company blends its own heating oil, and is looking to sites in the Syracuse-Rochester corridor to scale up a blending plant that will augment the company's current blending facility in Newark, NJ.  The company is also researching the highest-yield crops to produce the most efficient form of biofuels.

The company, which recently consolidated its operations into the Tech Garden, was one of the first companies funded through the State Comptroller’s Green Strategic Investment Program.  The company received a $6.1 million investment from the Common Retirement Fund to help with its strategy to develop a range of biofuel technologies using various feedstocks.  Innovation Fuels is conducting R&D in the Central Upstate area to assess the yield value of different fuel crops such as pennycress that can be grown on marginal land.  The outcome is two fold:  enhancing the viability of agricultural lands, and producing a new generation of fuel that can be used for both heating and transportation.  The company also has offices in Newark, NJ, and Milwaukee, and is planning to expand into new markets, including Europe. press conference.

The State Comptroller committed $500 million to a Green Strategic Investment Program to boost Common Retirement Fund commitments to green and clean technology.  The fund seeks promising green investments with private equity funds, real estate funds and public equity managers.  Targeted sectors for investment include renewable energy generation such as wind and solar, biofuels, biomaterials, water purification, green building materials and transportation technologies.

For more information about Innovation Fuels:  www.innovationfuels.com

For more information about the State Comptroller’s Green Strategic Investment Fund:  www.osc.state.ny.us/green