FOR IMMEDIATE RELEASE (December 6, 2012): Yesterday, US Ambassador to China Gary Locke kicked off his investment forum in Beijing where the U.S. Embassy worked with several U.S. Chamber of Commerce Organizations, International Trade Programs, and other partners to bring Chinese dollars to projects in the United States. A similar conference in May 2012 resulted in over $900 million in investment deals concluded or under discussion.
As part of the meetings, each U.S. state brought several investment ready projects to pitch. California’s project list was developed by the Governor’s Office of Business Development (GO-Biz) International Deputy Director Paul Oliva and was presented by Dell Christensen from the Bay Area Council.
One project proposed was Sierra Energy’s commercial waste to biofuels facility. This project, partly funded by a $5 million investment from the California Energy Commission and strongly supported by the City of West Sacramento, would convert locally-generated, non-recyclable waste into clean renewable fuels.
The summit is part of a broader effort in California expanding international investment opportunities.
“California as a state was able to present a wide set of opportunities”, says GO-Biz International Deputy Director Paul Oliva. “To my knowledge, this is the state’s first time in a decade to orchestrate such an international investment attraction effort.”
California is by far the number one destination for Chinese investment based on number of deals. From 2000-2011, California attracted 156 deals and $1.3 billion of Chinese investment. The deals are almost four times more than the number-two state Texas. (Asia Society/ Rhodium Group)
A potential investment for Sierra Energy would expedite their project allowing the installation of a compact, modular waste conversion system that would generate one barrel of renewable diesel for every ton of material processed.
“There’s a definite synergy between our technology and the CO2 and waste reduction efforts of both China and California,” says CEO of Sierra Energy Mike Hart. “The commercialization of our conversion technology will prove the economic viability, environmental sustainability, and create a path for the global implementation of waste conversion.”
About Sierra Energy Sierra Energy is a waste gasification and renewable energy company commercializing its revolutionary FastOx gasifier, a derivative of the steel-making blast furnace. This efficient and scalable gasifier transforms nearly any form of waste into clean renewable energy. For more information, visit www.SierraEnergyCorp.com.
About GO-Biz The Governor’s Office of Business and Economic Development (GO-Biz) was created by Governor Edmund G. Brown Jr. to serve as California’s single point of contact for economic development and job creation efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more.
Other China Investment Facts From Go-Biz
• California has the potential to attract between $10 billion and $60 billion of Chinese direct investment by 2020. (Asia Society / Rhodium Group)
• Chinese investment in the United States in 2012 is expected to top previous records and investment in the upcoming years has the potential to expand dramatically. (US Embassy, Beijing)
• And California is the No. 1 state for attracting foreign direct investment.