Inverter Industry Growing in New York Technology

Inverters are necessary equipment for any power generation project, and two New York inverter businesses were awarded equity investments from the State to encourage commercial growth for the industry. TransTech Systems and Inverters Unlimited, both of Schenectady, were approved to receive a total of $500,000 in equity investments from the State’s Small Business Technology Investment Fund (SBTIF).

The SBTIF was created to provide a source of venture capital to promote job creation and economic growth to early-stage high-tech companies throughout New York State. The Empire State Development (ESD) Board of Directors recently voted to approve the investments. “In today’s rapidly changing economy that is increasingly being driven by new technologies, it is critical that we keep New York at the forefront of high-tech innovation and development,” Gov. George Pataki said. “By keeping our State one step ahead of the competition through our nationally-acclaimed Centers of Excellence program and other key high-tech initiatives, we will be well-poised to meet our ambitious goal of creating one million new jobs in New York State by the end of the decade.” TransTech Systems will receive a $200,000 equity investment from the SBTIF. The company has 28 employees, and provides research and development services to a variety of industrial and governmental clients. TransTech produces a range of technology based proprietary products for the worldwide construction and civil infrastructure market. Thirty-five percent of its current production is sold overseas, primarily in Europe and Asia. Inverters Unlimited (IUI) was approved to receive a $300,000 equity investment from the SBTIF. IUI is commercializing the IUI Sun-AC 3000, which is a 3kW, grid-parallel inverter developed specifically for the solar photovoltaic (PV) generator market. “Solar energy has come of age and the number of residential and light commercial installations is growing at an increasing pace,” said Suresh Bhate, president of Inverters Unlimited. “With New York State’s Small Business Technology Investment Fund support we believe we will be well positioned to be the inverter supplier of choice.” These two SBTIF investments will bolster the State’s high-tech efforts in the Capital Region. In his recent State of the State message, Gov. Pataki said that IBM — along with six global giants that include Sony, Toshiba, and Samsung – should be investing $1.9 billion to build the next generation chip plant. The Governor said this investment represents one of the largest of its kind in the world. Since 1981, the Small Business Technology Investment Fund has invested in more than 95 early-stage high technology companies. The Fund’s success has allowed it to continue to satisfy the original legislative intent of using its revolving returns to make investments in promising companies at no expense to the taxpayer.
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