Pittsburgh, PA (PRWEB) June 13, 2013
Renewable Manufacturing Gateway (RMG) announces the creation of the Renewable Manufacturing Gateway Capital Fund (RMGC) that will invest in American businesses creating sustainable, high-quality union manufacturing and skilled trades jobs, with a focus around a 300 mile radius of Pittsburgh, PA.
RMGC is announcing a Commitment to Action at the Clinton Global Initiative America (CGI America) meeting which will lead to the creation of thousands of new jobs in the United States through the launch of a $500 million fund to invest in energy and manufacturing companies, with a focus on the Rust Belt region. The commitment will use union pension funds to drive United States job growth, an idea originated with Former President Bill Clinton. AFL-CIO leadership has advanced the process, and chose RMG to help create RMGC.
“RMG’s mission squarely aligns with our objective: sustainable union job growth. Importantly, after serious discussions, we are now comfortable that they would be responsible and provide market returns for our pension funds.” - Richard Bloomingdale, President of the Pennsylvania AFL-CIO.
RMGC will target investment in the areas of clean-tech,renewable energy, and energy-efficient manufacturing in opportunities across the United States, with a focus on the Rust Belt. Unlike other funds, RMGC has the dual purpose of investing in both proven and promising firms to achieve market returns, and the critical social objective of creating union manufacturing and skilled trades jobs. RMGC will follow the principles of socially responsible investing.
“By leveraging union pension funds to drive investment in high-quality, union job growth in the region, the AFL-CIO is helping United States manufacturing jump ahead of global competition for jobs and talent.” – Peter Dailey, Chief Executive Officer of Renewable Manufacturing Gateway.
Core to RMG’s mission is reestablishment of the Rust Belt region as the heart of industrial manufacturing. RMGC will do so by leveraging the skilled workforce, comparatively low cost of living, ease of transportation within and outside of the region, low cost energy from Marcellus and Utica gas, advances in automation including robotics and additive manufacturing, and world-class science and engineering knowledge base of local universities.
Renewable Manufacturing Gateway (RMG) is a Pittsburgh-based non-profit organization whose mission is regional job creation for the unemployed and underemployed in the economically blighted areas of Western Pennsylvania, West Virginia and Northeastern Ohio. RMG advises companies in the clean technology, renewable energy as well as shale oil and gas industries with respect to project development, finance, capital markets strategies and introductions, business planning, commercialization, marketing, sales and strategic growth. For more information please visit http://www.renewmfg.org or contact Ashley Seitz aseitz[at]renewmfg[dot]org.
About CGI America The Clinton Global Initiative(CGI), an initiative of the Clinton Foundation, convenes global leaders to create and implement innovative solutions to the world’s most pressing challenges. Established in June 2011 by President Bill Clinton, the Clinton Global Initiative America (CGI America) addresses economic recovery in the United States. CGI America brings together leaders in business, government, and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States. Since its first meeting, CGI America participants have made more than 200 commitments valued at $13.4 billion when fully funded and implemented. To learn more, visit http://www.cgiamerica.org.