Sharechat Logo

NZ Super Fund buys US$55 mln stake in US wind turbine designer Ogin

Wednesday 27th November 2013

Text too small?

The New Zealand Superannuation Fund has bought a US$55 million stake in unlisted US wind turbine maker Ogin Inc.

The Super Fund investment will give Waltham, Massachusetts-based start-up Ogin capital to grow before going public. The fund's investment grew out of its participation in the Innovation Alliance, a group of institutional investors seeking expansion capital opportunities around the world.

"We look forward to working with Ogin as it further develops its products and markets, and as it redevelops existing wind farms using its new turbines," general manager investments for the Guardians of New Zealand Superannuation Matt Whineray said in a statement.

The Ogin investment is the Super Fund's second through the Innovation Alliance after it invested US$50 million into Bloom Energy earlier this year. Bloom Energy uses solid oxide fuel cell technology to create power.

Whineray said the investments in Bloom and Ogin are relatively small, though they complement its strategy to increase its exposure to alternative energy and low carbon intensity energy forms.

The Cullen Fund, so-called for its architect former Finance Minister Michael Cullen, joins a group of institutional investors in Ogin including Silicon Valley-based venture capital firm Keiner Perkins Caulfield & Byers, global investment bank Goldman Sachs.

The fund's Ogin stake will be managed by its in-house team.

NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar holds gains on improved dairy, bank capital outlook
MARKET CLOSE: NZ shares gain; banks rally on Reserve Bank capital decision
NZ dollar rises; bank capital rules less harsh than expected
RBNZ relaxes capital requirements, allows preference shares, extends phase-in
NZ dollar extends gain amid mixed US data, possible trade progress
MARKET CLOSE: NZ shares dip on eve of major regulatory decisions
NZ dollar sees off global headwinds, holds above 65 US cents
NZ dollar holds above 65 US cents; dairy auction prices mixed
Dairy index falls on weaker butter, milk fat demand
MARKET CLOSE: NZ shares join global decline; US tariff move weighs on exporters

IRG See IRG research reports