Cleantech sector grows in New York - Sustainable Business OregonThroughout his career, Eric Burnett has created a successful spinoff of General Electric Power Systems and built and sold a company that developed lending software for banks.
His latest venture, Auterra Inc. in Malta, has invented a low-cost and low-emission-generating chemical process to purify oil. This process, he believes, could lead to the first major advancement in refining in 30 years.
Burnett, 51, who has raised $10 million in venture funding for Auterra, has attracted the attention of petroleum companies from Canada to Russia that want to know if his technology can be used commercially.
Burnett is part of a growing number of local entrepreneurs and businesses tapping into the burgeoning clean tech and clean energy sector. The clean tech boom locally reflects the global trend as more companies, venture capitalists and foreign governments invest an increasing amount of money and time into research and product development. It’s all being driven by businesses and consumers and their ever-growing thirst for energy.
Solar power, wind turbines, smart grid technology, better batteries, energy storage and any process that leads to energy efficiency are all hot.
In the Capital Region alone, companies large and small have invested or announced plans to invest more than $300 million in local clean tech products, research and services over the past 18 months.
General Electric is linked to a large portion of that. The company spent $45 million to locate its Renewable Energy Global Headquarters in Schenectady and it’s preparing to invest another $100 million into a new battery manufacturing plant, creating 350 jobs.
