July 01, 2010
By: by Robin Cooper, The Business Review
CG Power will invest $20 million in a new partnership with the University at Albany's College of Nanoscale Science and Engineering to form a new energy and smart grid research and development center.
The CG Power Center for Intelligent Power will create more than 100 tech jobs, including 50 for scientists and engineers.
The new R&D center was announced during a ceremony Friday morning at the nanocollege's Albany NanoTech campus, where the center will be located.
The company designs, markets and manufactures products and offers service related to power transmission and generation. The R&D center is expected to attract more than $50 million in revenue and investments and fuel development of new renewable and clean energy technology.
CG Power is a Belgium-based company that acquired Albany-based MSE Power Systems. CG Power is a subsidiary of Compton Greaves Ltd. of India. Compton Greaves is part of the Avantha Group, also based in India.
"I this country we will never be able to meet our energy needs just by throwing more [utility] poles out there," said Mark Scher, president and CEO of MSE Power Systems.
Alain Kaloyeros, CEO of Albany NanoTech, said the partnership further establishes New York and the school as a hub for alternative energy research and a corporate investments.