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

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

Nov. 27 (BusinessDesk) - 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.

(BusinessDesk)

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