Large Scale CHP/Fuel Cell Program Will Help Reduce Energy Costs and Consumption for Consumers, Businesses and Government

TRENTON, N.J. (April 25, 2012) – In support of the Christie Administration’s commitment to a greener and more affordable use, management and development of energy in the state, the New Jersey Economic Development Authority (EDA) and the New Jersey Board of Public Utilities (BPU) today launched the Large Scale Combined Heat and Power (CHP)/Fuel Cell Program.  This competitive grant program was created to support CHP and standalone fuel cell projects serving commercial, institutional and industrial customers in New Jersey.

“Promoting and advancing a more sustainable New Jersey is a top priority of the Christie Administration, and this new program will help to increase energy efficiency for businesses and reduce energy costs for all New Jersey consumers,” said EDA Chief Executive Officer Caren Franzini. 

The program is available to support CHP or standalone fuel cell projects with an electric generating capacity of greater than one megawatt (MW).  New Jersey-based government (federal, state or local), commercial, institutional or industrial entities advancing these projects are eligible.  Applications for the program must be submitted prior to the closing of the competitive solicitation, which runs from April 25, 2012 through June 25, 2012 at 5:00 p.m.

“The 2011 Energy Master Plan supports the expansion of Distributed Generation and Combined Heat and Power resources to commercial and industrial facilities,” said NJ Board of Public Utilities President Bob Hanna.  “Such expansion will further the objectives of the Christie Administration by driving down energy costs, which will make New Jersey businesses more competitive, and by increasing the use of cleaner fuels which will improve the environment.”

To be eligible, CHP systems greater than one MW with waste heat utilization must achieve annual system efficiency of at least 65 percent; fuel cell projects greater than one MW without heat recovery must achieve annual system efficiency of at least 45 percent.  CHP and fuel cell system warranties must be all-inclusive for at least five years.  Additionally, businesses should create or maintain jobs in New Jersey.

Grants under the program will be awarded under a tiered incentive structure based on the system size and amount of electricity that the CHP or fuel cell project generates, with a maximum award of $3 million per project.  Total state and/or federal funding cannot exceed 50 percent of the total project cost.  Funding can be used for project-specific, fixed asset purchases.  New installations are eligible, as are expansions of existing facilities with new equipment. New equipment must be commercially available and permanently installed.  Applicants must provide evidence that a source of funds is needed to complete the project. 

The tiered incentive structure is as follows:

CHP Projects

Greater than 1 MW to 3 MW – $0.55 per watt

Greater than 3 MW – $0.35 per watt

Maximum Incentive – $3 million

Maximum Percent of Project Cost – 30%

Fuel Cell Projects

Greater than 1 MW (with Waste Heat Utilization) – $2.00 per watt
 
Greater than 1 MW (without waste heat utilization) – $1.50 per watt
 
Maximum Incentive – $3 million

Maximum Percent of Project Cost – 45%

The EDA will accept program applications beginning April 25, 2012. The application deadline for the competitive solicitation is June 25, 2012 at 5:00 p.m. Applications will be subject to an initial technical screening process, and the full evaluation will include a detailed technical review by BPU and extensive business and financial due diligence undertaken by EDA.  Applicants must complete and submit EDA’s online application via http://application.njeda.com/account.asp.

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.

JERSEY CITY — Michael Caslin, a leader in the world of entrepreneurship and social enterprise, recently joined a NJ nonprofit organization as the Managing Director of Strategy and Development. In his new role at Rising Tide Capital, he will lead a replication strategy to reach the nation’s most underserved communities with affordable entrepreneurial training. 

With the support of the New Jersey Economic Development Authority, the Jersey City-based organization has helped start and grow over 200 small businesses across New Jersey through its 11-week Community Business Academy (CBA) and year around programming. Last year, RTC expanded its services outside of Hudson County for the first time by launching a pilot CBA in Orange, New Jersey. With the support of Caslin, the organization will develop a strategy to replicate these services in other communities of need.

Over 20 years as the CEO of the Network for Teaching Entrepreneurship (NFTE), Caslin advocated for entrepreneurial training for high school students, particularly those from low-income communities around the globe. He led a team which raised $140 million for the organization, transforming what started as a series of afterschool classes in the Bronx, NY and Newark, NJ into an international brand reaching 1 million students across 31 states and 14 countries.  

With this experience and understanding of RTC’s mission, he will lead the ‘Smart Growth- Go Forward’ replication strategy to bring entrepreneurial training to more adults in underserved communities across NJ and eventually, around the nation. 

“In surrounding communities and across the nation, there is an immense need for the high quality entrepreneurial training and support that RTC provides. Mike’s experience and commitment to the empowerment of entrepreneurs will be critical as we move forward with our replication strategy,” said CEO and co-founder Alfa Demmellash.  

Caslin learned about Rising Tide Capital through RTC’s co-founder Alex Forrester in 2005 when the two met at NFTE University, which Caslin helped founded in 1994 in partnership with Babson College. The two crossed paths occasionally but it wasn’t until January 2011, that the two discussed the potential for a deeper collaboration. While volunteering in New York City for Defy Ventures, a nonprofit that provides entrepreneurial training for paroled felons, the two discussed how Caslin might play a role in RTC’s growth strategy. A month later, Caslin began working with Rising Tide Capital. 

“Our needs and interests just aligned. From my meetings with Alex, I knew that Rising Tide Capital offered a unique solution to the challenges facing our nation’s economy, so when I was offered an opportunity to help the organization grow, I took the challenge,” said Caslin, who retired from NFTE in 2008 to focus on his own business, URGENT VC, LLC and teaching Entrepreneurship and Sustainability at the Zicklin School of Business at Baruch College in New York City.  

“Mike has exactly the kind of world class talent that Rising Tide Capital needs to push our mission forward. From the time RTC was founded, we have followed NFTE’s growth as a model. It is so exciting to now have Mike as part of the team,” said Chief Operations Officer and co-founder Alex Forrester,” “Now we have perspective from someone who has sailed the waters we want to navigate.” 

About Rising Tide Capital:
Rising Tide Capital is a 501 (C) (3) non-profit organization headquartered in Jersey City, New Jersey, and dedicated to the economic empowerment of underserved communities through entrepreneurship. Co-founded by Harvard graduates Alfa Demmellash and Alex Forrester, we believe that by empowering entrepreneurs to build strong businesses that can transform their lives and strengthen their families, there will be a ripple effect that will, in turn, create thriving, sustainable neighborhoods. 

Rising Tide’s services include:

• Affordable classes that teach how to plan, start and run a business;
• Professional coaching and networking support; and,
• Access to financial planning assistance and loans through partners.  

Some of the national recognition that Rising Tide Capital has achieved include selection as a CNN Hero in 2009, recognition for innovation by President Barack Obama in a 2009 speech at the White House, and an invitation to address the United Nations in 2008. 

For more information about Rising Tide Capital visit www.RisingTideCapital.org

###