Zoetic Prepares for Expansion at Youngstown Plant

YOUNGSTOWN, Ohio – A Cleveland-based company that has patented refrigerants capable of reducing the carbon footprint of businesses all over the world has officially opened its doors here and plans to grow.

Zoetic Global, which develops technology used to deliver clean, reliable energy to communities, hosted a ribbon-cutting ceremony Wednesday to inaugurate its new plant at 360 E. Federal St.

More than 200 attended the event, which included representatives from around the world and distinguished guests such as former professional basketball legend Julius Erving and the great-grandson of Theodore Roosevelt, Theodore Roosevelt IV, who is chairman of Barclay’s Clean Tech Initiative.

“We’re going to have the capability to build all of the different types of refrigerants here,” said Jerome Ringo, co-founder and chairman of Zoetic. “We address about 85% of the market.”

The company is also venturing into other markets, Ringo noted.

Earlier in the day, Zoetic signed a joint venture agreement with Korean-based Trident Global Holdings at the Lake Club in Poland, Ringo said. “It will pave the way for us to become the first U.S. company to have a direct role in bringing rare earth minerals to businesses that need them, including the critical semiconductor industry.”

Ringo was the chairman of the Apollo Alliance, a coalition of environmentalists, businesses, organized labor and community organizations that lobbies for clean energy initiatives. Northeastern Ohio’s economy, he added, was hit hard during the retrenchment of the steel industry. It then made sense to locate Zoetic’s manufacturing operation in an area such as Youngstown. “So much of my team is based in Ohio,” he said.

Zoetic’s new plant consists of 28,500 square feet of space, 25,000 square feet of which could be used for manufacturing. Currently, the space is occupied by two repurposed shipping containers that hold refrigerant processing technology. This technology has helped end users reduce energy costs from between 15% and 30%.

The refrigerant is manufactured and then transferred to small tanks that are similar in size to traditional propane vessels. Then, the tanks are shipped to the customer from Youngstown.

“It’s really a global play on bending the curve on carbon,” said former U.S. Rep. Tim Ryan, now Zoetic’s chief global business development officer. The two containers stationed at the Youngstown plant can produce $1 billion worth of business each year.

The refrigerant is a patented formula that allows compressors to run more smoothly, be it in a vehicle, commercial building’s HVAC system, chillers or walk-in units, Ryan said. “We’ve done some retail stores here in town that save 20%,” he said. “Think about Florida; think about Las Vegas. The market is there, and nobody has a product like ours.”

A great deal of the company’s customers are based in the northern portion of South America and Southeast Asia, he said, but Zoetic has strong potential for growth in the United States.

Ryan added the company is also part of a business accelerator in New York City, where there are stringent penalties to real estate holdings that exceed a certain amount of carbon emissions. “They’re looking for ways to reduce their carbon footprint,” he said. “All the big cities are starting to do this.” The idea is to deliver this technology to real estate developers looking to save money and avoid penalties.

The company is also seeking ways to leverage carbon credits it earns for its technology, Ryan said. Part of the business plan calls for Zoetic to sell these credits and then share 20% of the sale with its customers. “We’re going to try to do a lot of school districts,” he said.

Approximately 30 jobs are expected at the Youngstown plant.

Guy Coviello, president and CEO of the Youngstown/Warren Regional Chamber, credited the former congressman for his efforts to enhance tech growth in the Mahoning Valley, singling out his support for the Youngstown Air Reserve Station, where last week its first brand new C-130J aircraft arrived.

“Now, we are manufacturing a revolutionary product – Zoetic Refrigerants – that are changing the environment on a global scale,” he said. “The Youngstown/Warren Regional Chamber pledges to help you get those refrigerants in every factory, every warehouse and every school building in the Mahoning Valley.”

Pictured at top: Jerome Ringo, co-founder and chairman of Zoetic Global.

Copyright 2024 The Business Journal, Youngstown, Ohio.