Rocky Hill, Conn., June 3, 2008 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, today announced that it has completed its first investment under the newly formed Connecticut Clean Tech Fund: an investment of up to $500,000 in Oil Purification Systems (OPS) of Shelton, Conn. Launched in November of 2008, the Connecticut Clean Tech Fund makes investments in companies focused on innovations that conserve energy and resources, protect the environment or eliminate harmful waste. CI’s investment is part of a larger, $2.5 million OPS funding round.
“The goal is very simple – create jobs in what we see as a major growth industry,” said Governor M. Jodi Rell, who announced the creation of the fund in November. “Projects like this will not only help increase the number of green technologies jobs in the state now, they will help ensure that Connecticut is a preferred location for new businesses tackling climate change and other global challenges.”
“Investments in companies like Oil Purification Systems dovetail neatly with the support we have provided to companies with federal stimulus money,” the Governor said. “That’s why OPS makes an outstanding first client for the Connecticut Clean Tech Fund. The fluid-cleaning technology developed by OPS is a groundbreaking solution that helps companies in a variety of industries reduce their oil consumption while contributing to a cleaner, healthier environment.”
OPS’s fluid cleaning technology, including the OPS-1™ on-board fluid cleaning system, successfully removes the solid and liquid contaminants from engine oil, virtually eliminating the need for routine oil changes. According to the company, broad adoption of the OPS technology could decrease national consumption by close to two billion barrels per year. Global adoption could cut consumption by many times that amount.
“For any organization that employs a large fleet of trucks or industrial equipment, there is growing concern over the negative environmental impact associated with disposing of oil from hundreds, or even thousands, of trucks or other large pieces of equipment,” said Greg Slawson, chief operating officer of OPS. “OPS, with the support of The Connecticut Clean Tech Fund, is able to develop environmentally innovative solutions, and create clean technology jobs right here in Connecticut.”
This investment in OPS is CI’s sixteenth investment in early-stage Connecticut technology companies this fiscal year.
“OPS’s remarkable technology and growing customer base have given us the confidence to invest in this company again,” said Peter Longo, president and executive director of CI. “OPS-1™, the company’s flagship product, was just selected by the National Association of Environmental Professionals as the 2009 Best Available Environmental Technology, giving the company a further leg up in the marketplace. We continue to be optimistic about the market potential of this product and the future of OPS.”
The Connecticut Clean Tech Fund was formed through a partnership between Connecticut Innovations, the Department of Economic and Community Development (DECD) and the Connecticut Clean Energy Fund (CCEF). Technologies eligible for funding include renewable energy generation technologies, energy efficiency technologies, environmental remediation technologies, clean water technologies and renewable fuel technologies.
About Connecticut Innovations, Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com. For more information about the Connecticut Clean Tech Fund, please visit http://www.ctinnovations.com/cleantech.
About Oil Purification Systems
Oil Purification Systems Inc. manufactures a family of fluid cleaning products, including the OPS-1 on-board fluid cleaning system, which removes the solid and liquid contaminants from engine oil, virtually eliminating the need for routine oil changes. OPS-1 is used by hundreds of fleets on thousands of vehicles and generators in trucking, busing, construction, mining and many other applications. OPS-1 users have dramatically reduced oil consumption, cut oil maintenance costs by 80 percent, and extended equipment life. OPS-1 is also an effective solution for corporate environmental sustainability programs. Founded in 2002, OPS is headquartered in Shelton, Conn., and has production facilities in Waterbury, Conn. For more information, please call 866-645-7873 or visit http://www.ops-1.com.
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