TRENTON, N.J. (May 31, 2011) – The New Jersey Economic Development Authority (EDA) is pleased to announce the launch of a new loan/grant  program in its successful Clean Energy Solutions product suite – the Edison Innovation Green Growth Fund (EIGGF).  This program is funded by the New Jersey Board of Public Utilities (BPU) and offers growth capital loans to assist New Jersey clean technology companies in advancing energy efficient and renewable energy products in the State. 

The EIGGF program offers assistance in the form of loans with a performance grant component of up to $1 million to New Jersey class I renewable or energy efficiency clean technology companies that have begun generating commercial revenues and are seeking matching funding to support the growth of their clean technology businesses. With the positive performance of the company, up to 50 percent of the funding may be converted to a performance grant.  Interest rates for this program will be fixed for a five-year term, based on the risk profile and location of the company.  This program was launched in response to market demand for a companion program to the State’s Clean Energy Manufacturing Fund (CEMF), for those companies looking for growth capital funding.   

“We are very pleased to partner with BPU in introducing this exciting new program,” said EDA Chief Executive Officer Caren S. Franzini. “This program will further support the growth of the clean technology sector in the state and contribute to the cost competitiveness of renewable and energy efficiency with traditional sources of electric generation, a win-win for the State of New Jersey and the Christie Administration.” 

Eligible technologies for funding include energy efficiency equipment and technology that reduce electric or natural gas consumption, such as furnaces, boilers and air conditioning systems with higher efficiencies than existing energy codes or standards.  Lighting systems such as LED lights, and energy monitoring and control systems which conserve the use of gas or electricity, are also eligible under the program.  Eligible renewable energy technologies include: photovoltaic technologies, wind energy, renewable fueled fuel cells, wave, tidal, renewable generated hydrogen, sustainable harvested biomass and other technologies that can demonstrate their integral nature to the development of Class I renewable energy technologies that produce or support the production of renewable or clean electricity generation.  

BPU President Lee Solomon noted, “By supporting the advancement of emerging commercially viable clean and energy efficient technologies in New Jersey, the EIGGF program contributes a host of tangible benefits to New Jersey ratepayers, including greater access to renewable energy and energy efficiency products, support of well paying jobs here in New Jersey, and a range of environmental benefits.”   

Other program requirements include an obligation by the company to support high skill, high-paying jobs in New Jersey.  Additionally, eligible companies must provide solid evidence of commercial viability.   

For additional information on the EIGGF program, visit www.njeda.gov/EIGGF.  To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

Companies have until June 30, 2011 to Submit Applications

TRENTON, N.J. (May 17, 2011) – Supporting the Christie  Administration’s commitment to economic development and job growth, the New Jersey Economic Development Authority (EDA) announced that technology and biotechnology businesses have until June 30 to submit applications to share an allocation available through the State of New Jersey’s innovative Technology Business Tax Certificate Transfer Program. Governor Christie’s proposed Fiscal Year 2012 budget seeks to increase available funds by $30 million over the Fiscal Year 2011 budget to $60 million.

This competitive program enables companies to sell New Jersey tax losses or research and development tax credits to raise cash to finance their growth and operations. Since the program was established in 1999, over 1,460 applicants have been approved for $570 million.  

“Governor Christie and his entire administration understand how critical New Jersey’s technology and biotechnology companies are to the state’s economy and they are aggressively working to grow this vital sector,” said EDA Chief Executive Officer Caren S. Franzini.  “Companies that have been able to raise capital to continue their research and build their businesses in New Jersey represent the success and effectiveness of this important program.”  

Administered by the EDA and the Department of Treasury’s Division of Taxation, New Jersey-based technology or biotechnology companies with fewer than 225 U.S. employees may be eligible to sell net operating losses and research and development tax credits to unrelated profitable corporations for at least 80 percent of their value, up to a maximum lifetime benefit of $15 million per business.  

To support the Christie Administration’s commitment to growing New Jersey’s innovation economy, the EDA assisted over 100 expansion and retention projects in the technology, life science and clean energy sectors in 2010. Companies that were supported include Otsuka America Pharmaceutical, a pharmaceutical and medical device company that relocated from Maryland to West Windsor and expects to create 50 new jobs; and, CGC Genetics, a Portugal-based medical genetics testing laboratory that opened its U.S. headquarters at NJIT’s Enterprise Development Center and plans to create 15 new jobs.  

Applications for the Technology Business Tax Certificate Transfer Program must be submitted by June 30, 2011 and can be found at www.njeda.gov/NOLApplication.