Trenton, N.J. (Aug. 13, 2009) – The New Jersey Economic Development Authority (EDA) has finalized a line of credit guarantee to assist Vineland-based NDS Technologies under a new program established by Governor Jon S. Corzine and the state Legislature to help New Jersey businesses cope with the effects of a national economic downturn.

A $300,000 line of credit from Susquehanna Bank, backed by a 50-percent EDA guarantee, will provide working capital funds for NDS Technologies, a leader in the design, development and manufacturing of high quality technical glass, plastic and metal products for scientific professionals. The funding was made under the Main Street Business Assistance Program, which enables qualified small and mid-size businesses and nonprofit organizations in New Jersey to access capital by providing state support for bank lending through loan participations and credit enhancements.

“The Main Street program is one of several critical initiatives established under the Economic Assistance and Recovery Plan to aid businesses during the national recession,” said Governor Corzine. “I am pleased that, through this program, we are able to provide the guarantee needed to support NDS Technologies continued presence in New Jersey.”

Established in 1990, NDS Technologies caters to a group of customers in OEM, Industrial, Government and Educational fields. Specific products include adapters, bubblers, caps, clamps, chromatography products, (columns, TLC and HPLC), condensers, flasks, funnels, liners, stirrers, gas lasers, reaction systems and peptide vessels. Its corporate headquarters in Vineland is right in the heart of the scientific glassblowing community. Vineland, considered to be the unofficial “capital” of glass blowing in the United States, was home to the country’s first production factory in 1723. The company currently has 21 employees and expects to create an additional five new jobs within the next two years.

“Our location, plus our well equipped facility and excellent reputation, enables us to maintain one of the most experienced and skilled staff of scientific glassblowing professionals in the industry,” said Norm Neill, owner of NDS Technologies. “We are thankful to receive the state’s support, and look forward to remaining and growing in New Jersey.”

Developed in partnership with the New Jersey departments of Banking and Insurance and Treasury and the state’s banking community, the Main Street program has been funded by a $50-million state appropriation. The program has two components – a loan participation and/or guarantee product that is being offered through participating banks and a line of credit guarantee offered for the first time through the EDA’s 14 Preferred Lender partners. To qualify, borrowers must be in business at least two years, maintain jobs in New Jersey and meet other EDA eligibility requirements.

“We are pleased to partner with the EDA to provide financing for NDS Technologies,” said Joseph R. Lizza, president of the Delaware Valley Division of Susquehanna Bank. “Our goal is to build relationships with businesses and find the right financing solutions for them, which leads to job retention and growth for the local economy.”

For term loans secured by fixed assets like buildings and equipment, the EDA will provide a maximum participation of 25 percent, or $1 million, in a bank loan and a maximum bank loan guarantee of 50 percent, up to $2 million. For working capital loans to cover operating expenses, the EDA will provide up to 25 percent of a bank loan, not to exceed $750,000, and a maximum guarantee of 50 percent, up to $1.5 million. The aggregate EDA exposure cannot exceed 50 percent of the total bank loan amount to a total maximum of $2 million. The interest rate on EDA loan participations is fixed at 5 percent for a maximum of five years. Borrowers also can use the Main Street program to refinance higher-interest debt.

The line of credit guarantee, which can be used for fixed assets or working capital, is set at a maximum of 50 percent of the bank amount, up to a maximum of $250,000.

Applications and program details for the Main Street program is available online at www.njeda.gov. For more information on the Main Street Business Assistance Program, you also may call 1-(800) 537-7397 or e-mail MainSt@njeda.com.

The EDA is a state financing and development agency that works to strengthen New Jersey’s economy by retaining and growing businesses through financial assistance, by renewing communities, and by promoting the state’s strategic advantages to attract domestic and international business.


Trenton, N.J. (August 10, 2009) – Paramount Bakeries, Inc., a commercial bakery primarily serving supermarket chains, expects to maintain 40 jobs and add 15 new positions over the next two years as the company builds a 12,000-square-foot addition to its production plant and 2,500 square feet of office space in Newark. The project will be made possible with the help of a $2.7-million TD Bank loan that includes a $1.25-million participation from the New Jersey Economic Development Authority (EDA) made under the Statewide Loan Pool for Business program.

“New Jersey remains committed to supporting small, minority and women-owned businesses and encouraging private investment in our cities,” said Governor Jon S. Corzine. “Our continued support of small business growth and community investment are critical to ensuring our state emerges from the national economic recession, and the success of Paramount Bakeries is great news for New Jersey, particularly during these tough economic times.”

The EDA’s participation in this project supports Governor Corzine’s Economic Growth Strategy to create and maintain jobs in New Jersey’s cities and encourage the development of small and mid-size businesses throughout the state.

“We are pleased to be able to participate in this joint financing that is going to help this small business maintain existing jobs and bring new jobs into the City of Newark,” said EDA Chief Executive Officer Caren S. Franzini.

When Linda Kiesel-Zabludovsky and husband, Shraga Zabludovsky, purchased Paramount Bakeries in 1994, it had already been in Newark for 70 years. “At the time we bought the bakery, it was a small company dealing primarily with mom and pop stores, bodegas and small bread routes,” said Linda. “Since then, we have built the company into a major commercial bakery serving supermarkets such as ShopRite, A&P, Pathmark, Foodtown and Gristedes, among others.”

Shraga added, “Newark has been an ideal place to grow Paramount Bakeries and this project will help ensure we continue to thrive and create more jobs in the city. The process was seamless thanks to the City of Newark, Brick City Development Corporation, and the EDA. We are especially thankful to receive support for this expansion from the state.”

In addition to supporting Paramount’s planned construction, the project also involves purchasing new equipment and refurbishing existing equipment at the company’s two facilities in Newark. The project is expected to create 25 construction jobs.

The Statewide Loan Pool program is an innovative partnership that brings together the resources of the EDA with scores of New Jersey financial institutions like TD Bank. By participating in bank loans, the EDA makes it easier for banks to lend money that supports business growth. Since the early 1990s, the EDA has provided more than $175 million in loan participations through this program, which has assisted over 715 projects that have created in excess of 9,800 new jobs.

“Small businesses are such an important part of the local community and our nation’s economy, and TD Bank is proud to participate in such an innovative program that benefits everyone involved,” said Nicholas Miceli, market president, TD Bank. “We remain a financially stable and committed partner that is actively lending to businesses of all sizes.”

The EDA is a state financing and development agency that works to strengthen New Jersey’s economy by retaining and growing businesses through financial assistance, by renewing communities, and by promoting the state’s strategic advantages to attract domestic and international business.

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


About TD Banknorth and TD Bank

Following TD Bank Financial Group’s acquisition of Commerce Bancorp Inc. on March 31, 2008, TD Banknorth and Commerce Bank merged on May 31, 2008, to become TD Bank, America’s Most Convenient Bank. Today, TD Banknorth and TD Bank form one of the 15 largest commercial banks in the United States with $126 billion in assets, and provide customers with a full range of financial products and services at more than 1,000 convenient locations from Maine to Florida. TD Bank, N.A., is headquartered in Cherry Hill, N.J., and Portland, Maine. TD Banknorth and TD Bank are trade names of TD Bank, N.A. For more information, visit www.TDBanknorth.com and www.TDBank.com.

TD Banknorth and TD Bank, America’s Most Convenient Bank, are members of TD Bank Financial Group of Toronto, Canada, a top 10 financial services company in North America and one of just three triple-AAA-rated banks on the New York Stock Exchange.


Performance-Based Grants to Support Combined Heat and Power Projects




TRENTON, N.J. (Aug. 3, 2009)  – New Jersey has introduced the latest component of its Clean Energy Solutions product portfolio designed to support Gov. Jon S. Corzine’s commitment to promote economic development and a more secure and environmentally responsible energy future. The new Clean Energy Solutions CHP grant program is aimed at enabling the state to meet its Energy Master Plan goal of developing 1,500 megawatts of combined heat and power electric generating capacity by the year 2020.

 

Clean Energy Solutions is a unified effort of the New Jersey Economic Development Authority (EDA), the New Jersey Board of Public Utilities (BPU) and the New Jersey Department of Environmental Protection.

“Governor Corzine’s Energy Master Plan is one of the more aggressive blueprints of its kind anywhere in the nation to target the reduction of greenhouse gases and the creation of green-collar jobs,” said EDA Chief Executive Officer Caren S. Franzini. “CHP will be part of the solution, offering performance-based grants of $450 per kilowatt of installed electric generation capacity on a first-come, first-served basis to encourage the development of combined heat and power projects.”


The goal of the New Jersey Energy Master Plan is to reduce energy consumption by 20 percent and generate at least 30 percent of the state’s electricity from renewable sources by the year 2020, explained Franzini. A bill signed into law by Governor Corzine earlier this year appropriated at least $60 million from the Retail Margin Fund for the CHP financial incentives. Since 2003, the state has assessed a retail margin fee of one-half cent per kilowatt on commercial and industrial customers that have a peak load of greater than 750 kilowatts and that continue to buy electric supplies from their utility.


“CHP projects can save businesses money while reducing the state’s energy demand and improving air quality for all who live and work in our state,” said BPU President Jeanne M. Fox. “They help secure New Jersey’s energy future while creating jobs and enhancing our environment.”   


To qualify for a grant, CHP projects must meet all of the following criteria:




  • Serve a commercial, institutional or industrial electricity customer in New Jersey eligible to pay the retail margin.



  • Provide electricity to the facility located at the project site, although surplus power may be sold to the interstate power grid.



  • Have an electric generating capacity of more than one megawatt.



  • Be designed to achieve thermal efficiency levels of at least 65 percent, or at least 70 percent for facilities with electric generating capacity of greater than 20 megawatts.



Applications for this round of funding must be submitted by Sept. 14, 2009.


CHP is the second Clean Energy Solutions program to be introduced in the last month. In July, the Clean Energy Solutions Capital Investment (CESCI) Loan/Grant was announced to support commercial, institutional or industrial entities advancing energy-efficient end-use projects, CHP production facilities, or construction of state-of-the-art, efficient electric generation facilities, including Class I and Class II renewable energy. CESCI provides zero-interest loans and grants up to $5 million with up to a 10-year loan term to fund the purchase of fixed assets, including real estate and equipment.


CESCI loans and grants are capitalized through the Regional Greenhouse Gas Initiative’s Global Warming Solutions Fund. Other Clean Energy Solutions resources will be introduced over the next several months.


CHP also complements other existing state clean energy programs to promote economic development, including the Clean Energy Manufacturing Fund (CEMF). Grants and loans totaling up to $3.3 million per company per project are available through this fund, which has been designed to encourage manufacturers of renewable energy and energy-efficiency products and services to locate and grow in New Jersey and specifically supports companies looking to site or materially expand a Class I renewable energy or energy efficiency product manufacturing facility in the state.


Businesses interested in learning more about all Clean Energy Solutions opportunities should visit www.njeda.gov/CES for additional information and application forms.



The New Jersey Center for Innovation Acceleration, funded by North Jersey Partners, is presenting the Build Your Financial Model and Develop Cash Management Skills program, consisting of two hands-on and intensive workshops to assist small businesses and entrepreneurs in raising capital.


Financial Modeling Essentials for Raising Capital, a two-day workshop, will cover all the key aspects of developing a financial model including profit and loss, balance sheets, cash flow statements, and applying valuation techniques for your business. The course is scheduled as follows:



  • Thursday & Friday, September 10-11, 2009 – New Jersey City University Business Development Incubator – Jersey City, NJ

  • Thursday & Friday, October 8-9, 2009 – To Be Announced

  • Monday & Tuesday, November 16-17, 2009 – New Jersey Institute of Technology -Newark, NJ

  • Wednesday & Thursday, December 2-3, 2009 – New Jersey Institute of Technology – Newark, NJ

  • Thursday & Friday, January 14-15, 2010 – New Jersey Institute of Technology – Newark, NJ

Valuation of Early-Stage Companies, a one-day workshop, will strengthen the key elements of your business financial model and enhance the focal points that venture capitalists evaluate for funding. The course is scheduled as follows:



  • Friday, September 25, 2009 – New Jersey Institute of Technology – Newark, NJ

  • Friday, October 30, 2009 – New Jersey Institute of Technology – Newark, NJ

  • Thursday, December 17, 2009 – Fairleigh Dickinson University – Madison, NJ

  • Thursday, January 28, 2010 – New Jersey Institute of Technology – Newark, NJ

Both workshops are presented by The Globecon Group, a leading provider of professional development for corporate and investment banking institutions. The registration fee is $50 for each workshop. To qualify for the programs, you must live, work or operate a business in Bergen, Essex, Hudson, Morris, Passaic, Sussex, Union or Warren counties. Class size is limited to 25 participants.


Click here to download the event brochure.  To register, please click here.


For further information as well as dates and locations, please contact Judith Sheft at (973) 596-5825 or sheft@njit.edu.



 





Long term initiatives focus on continued rebuilding of economy










Newark, N.J. (July 27, 2009) – Governor Jon S. Corzine today signed economic recovery legislation to further reinvigorate the Garden State economy through a series of enhanced economic development measures.


 









“Without a doubt, the current global economic crisis has presented us with of one our greatest challenges, but it is also one of our greatest opportunities,” said Governor Corzine. “Last October, we introduced a far reaching and multi-faceted Economic Recovery and Assistance Plan. Today we are building upon those initiatives with this additional recovery legislation that will help our economy and citizens grow stronger and more prosperous.”




 








The bill, S-2299/A-4048, establishes an Economic Redevelopment and Growth (ERG) Grant Program; revises the Urban Transit Hub Tax Credit Act and the Technology Business Tax Certificate Transfer Program; places a moratorium on COAH “Statewide Non-Residential Fee Act” and authorizes grants to municipalities for affordable housing and improves the financing of higher education facilities in New Jersey.




 








“In the face of daunting national economic challenges, New Jersey has been at the front of the pack in developing new thinking and approaches to staunch the hemorrhaging of jobs and economic activity out of our State,” said Senator Raymond Lesniak, (D-Union). “The initiatives contained in this bill will establish even stronger job growth and business retention policies that ultimately will help create thousands of new jobs and billions of dollars in economic activity around the State.  I applaud Governor Corzine for his foresight and commitment in making New Jersey the first to deal with the global economic crisis, and this legislation is another step forward in our State’s path to economic recovery and prosperity.”




 








“This legislation is real proof of Governor Corzine’s pro-urban and pro-jobs New Jersey agenda.  For cities like Newark, the signing of this Economic Stimulus bill will create tangible development and new tax revenue which will help us achieve economic progress.  This smart growth legislation will be the catalyst for an increase in jobs, construction projects and investment opportunities that will not only benefit Newark’s residents but all of New Jersey.  Thanks to the leadership of our Governor and State Legislature, New Jersey is on the path to economic recovery.”




 








The Economic Redevelopment and Growth (ERG) Grant Program will be established in the New Jersey Economic Development Authority (EDA). The program will provide incentive grants to developers that will reimburse a portion of taxes generated through the project. This will help fill in financing gaps which represent a part of the total redevelopment project cost for which the developer cannot find other financing.




 








“Local officials and businesses need more tools and greater flexibility to work together in planning and building the infrastructure projects that will bring new jobs and economic opportunities to New Jersey,” said Assembly Speaker Joseph J. Roberts Jr. (D-Camden). “This multi-faceted effort sends the clear message that New Jersey is open for business and looking to the future.”




 








As a further catalyst to economic development, the bill expands eligibility, clarifies qualifications, and limits certain provisions under the “Urban Transit Hub Tax Credit Act.”  This includes lowering the capital investment threshold from $75 million to $50 million for an owner of a qualified business facility and from $50 million to $17.5 million for a tenant that occupies a leased area of the qualified business. It also expands the “urban transit hub” definition.




 








“An investment tax credit is an important tool to luring new jobs and taking full advantage of our transportation infrastructure,” said Assemblyman Albert Coutinho (D-Essex). “Focusing private investment in our transit hubs would complement the infusion of federal stimulus money in vital transportation projects.”




 








In addition, revisions to the Technology Business Tax Certificate Program will increase the transferability and amounts of the new or expanding emerging technology and biotechnology companies’ research and development tax credits and net operating losses. These changes include an increase in the maximum lifetime benefit per business from $10 million to $15 million.





 







“New Jersey has a long history of being a hub for technological innovation and advancement,” said Assemblyman Upendra Chivukula (D-Somerset). “This enhanced investment incentive will ensure we continue writing new chapters of that history.”




 








The legislation also exempts certain property from the 2.5% development fee imposed  by the “Statewide Non-Residential Fee Act” and appropriates $15 million to the “New Jersey Affordable Housing  Trust Fund. ” As a result, the Department of Community Affairs (DCA) will have the ability to grant awards or loans to municipalities based on their anticipated use of municipal development fee funds.




 








“We cannot allow towns to back away from their responsibilities to provide housing choice and opportunity to all working families, but this move recognizes the vital need to move projects along and get shovels in the ground during these extraordinary economic times,” added Speaker Roberts.



 







To improve financing opportunities of higher education facilities in New Jersey, the bill allows state and county colleges to enter into public-private partnerships for


on-campus construction projects. The New Jersey EDA will be responsible for reviewing and approving all projects, which must be submitted within 19 months of enactment of Act.




 








“Too many state colleges and universities have been forced to rely on borrowing and tuition hikes as they try to keep up with the needs of rapidly growing student populations,” said Assemblyman Patrick J. Diegnan Jr. (D-Middlesex). “Allowing schools to work directly with the private sector will not only create the modern campuses needed to keep more students in New Jersey, but will also do so in a more financially sound way.”




 








The legislation also provides authorization for certain municipalities to impose special taxes and surcharges to fund redevelopment activities and certain programs.




 








“Not only are we giving towns a new tool to help them smartly redevelop, but we are basing it on a highly successful program that has proven results,” said Assemblyman Louis Greenwald (D-Camden). “Tossing aside a failed model for one we know works makes common sense.”




 








Certain large, energy-efficient audited manufacturing facilities producing products from post consumer materials will also find relief through a seven year exemption from the sales and use tax on their purchase and use of energy and utility service and from the transitional energy facility assessment (“TEFA”) unit rate surcharge. 




 








The bill was sponsored by Senator Raymond J. Lesniak (D-Union), Assembly Speaker  Joseph  J. Roberts, Jr. (D-Camden, Gloucester), Assemblymen Albert Coutinho (D-Essex, Union), Patrick J. Diegnan, Jr. (D-Middlesex), John S. Wisniewski (D-Middlesex), Upendra J. Chivukula (D-Middlesex, Somerset) and Assemblywoman L. Grace Spencer (D-Essex, Union).




 








Governor Corzine swiftly responded to the global economic crisis by introducing his Economic Assistance and Recovery Plan in October 2008 during a joint session of the New Jersey Legislature. With the Legislature’s quick action, the Governor has advanced many initiatives designed to stimulate New Jersey’s economy and create jobs while also working to protect those hardest hit by the slumping economy through food, home energy assistance and foreclosure programs. Federal funds through the American Recovery and Reinvestment Act (ARRA) passed by Congress and signed by President Obama on February 17, 2009 complements Governor Corzine’s Program.





 




 









MADISON – Governor Jon S. Corzine today officially welcomed Bausch & Lomb to its new global pharmaceutical headquarters in Madison, thanking the company for growing jobs in New Jersey. Bausch & Lomb’s 30,000-square-foot facility will create 70 new full-time, high-paying jobs in the Garden State.


“Bausch & Lomb’s decision to locate its pharmaceutical headquarters in New Jersey demonstrates the state remains an attractive location for major pharmaceutical companies to grow and thrive,” Governor Corzine said. “I want to thank CEO Gerald M. Ostrov and Global Pharmaceuticals President Flemming Ornskov for Bausch & Lomb’s commitment to the Garden State. New Jersey is proud to welcome Bausch & Lomb to Madison.”


New Jersey’s vibrant pharmaceutical and biotechnology industries were a key factor in Bausch & Lomb’s decision to establish its pharmaceutical headquarters in New Jersey. According to the Healthcare Institute of New Jersey, 15 of the world’s top 25 pharmaceutical companies have either World or North American headquarters or significant operations in New Jersey.


“Establishing our global pharmaceutical headquarters in New Jersey opens up opportunities to partner with other pharmaceutical companies and to drive commercialization of new products,” said Gerald M. Ostrov, CEO of Bausch & Lomb. “Our recently announced co-promotion agreement with Pfizer for prescription ophthalmics in the U.S. is the first example of how we are successfully implementing this strategy. We’re looking forward to growing our presence here, which in turn will help us bring the best possible eye health products and services to people around the world.”


While the company maintains its worldwide headquarters in Rochester, New York, and research and development in locations worldwide, this new Madison facility establishes its pharmaceutical headquarters within a global epicenter for the industry.


“As we bring new products to market, such as our recently FDA-approved Besivance™ (besifloxacin ophthalmic suspension) 0.6% for the treatment of bacterial conjunctivitis, having our global and U.S. leadership, marketing and sales teams headquartered in New Jersey is ideal,” stated Flemming Ornskov, global president of Bausch & Lomb’s Pharmaceutical business. “Not only does it provide professional development opportunities for current staff, but is also fertile ground for recruiting the best possible talent to work with us, whether as an industry partner or employee.”


Bausch & Lomb is one of the best-known and most respected healthcare brands in the world. Its core businesses include contact lenses and lens care products, ophthalmic surgical devices and instruments, and ophthalmic pharmaceuticals. Founded in 1853, the company employs more than 10,000 people worldwide and its products are available in more than 100 countries.



West Windsor, N.J. (July 8, 2009) – Touting the company’s rapid growth in the clean energy industry, Governor Jon S. Corzine today marked the opening of Princeton Power System’s new headquarters with an official ribbon-cutting ceremony. Princeton Power was formed in a dormitory room after its founding team won first place in Princeton University’s 2001 Business Plan Contest and has since grown from a staff of three to 30.

 

“Princeton Power exemplifies how vital it is to help companies grow and expand in New Jersey’s clean energy economy,” Governor Corzine said. “Princeton Power is a quintessential success story for the State, and its remarkable growth will help to ensure New Jersey remains a leader in the clean energy industry. I want to thank Marshall Cohen for his continued commitment and investment in the Garden State.”

 

Princeton Power is developing advanced power conversion technologies, including AC-link™, that provide a more reliable and cost-effective means for converting electric power cleanly and efficiently. The company’s products reduce industrial energy consumption, lower peak electric usage, and provide clean, renewable energy sources with better performance.

 

“New Jersey’s excellent research universities like Princeton and its talented workforce and location in the heart of one of the world’s most vibrant marketplaces has been an ideal place to grow Princeton Power,” said Princeton Power President Marshall Cohen. “The state’s support since the very beginning has been critical to our success, and our latest expansion will ensure we continue to grow and create more jobs in New Jersey.”

 

The company, founded by Princeton University engineering graduates, has collaborated with the University on a number of projects. With the help of a 2006 grant from the New Jersey Commission on Science and Technology (CST), Princeton Power worked with University professors to further develop its grid-tied inverter, leading to the installation of solar panels on the roof of Princeton’s Engineering Quadrangle. The University also uses a beta version of Princeton Power’s high-efficiency variable speed fan controller – one of 12 fans that chill water for 87 campus buildings.

 

In addition to its strong ties to Princeton University, the company has benefited from state assistance various times over the last five years. In March 2009, Princeton Power received a Business Employment Incentive Program grant and an Edison Innovation Fund investment from the New Jersey Economic Development Authority (EDA) to support its expansion and relocation to the new West Windsor facility. Between 2004 and 2008, the company also received additional grants from EDA, CST and the New Jersey Board of Public Utilities (BPU) to support the development and commercialization of its products.

 

“Princeton Power represents a notable example of the success businesses can achieve when they take advantage of the resources available to companies looking to grow in New Jersey,” said EDA Chief Executive Officer Caren S. Franzini. “Governor Corzine’s commitment to investing in innovation and green technology has ensured New Jersey is able to attract and develop businesses just like Princeton Power – a company whose pioneering vision has allowed it to evolve from a dorm room in Princeton to an 8,000 square foot facility on the Sarnoff campus in West Windsor.”

 

EDA, in conjunction with BPU and the New Jersey Department of Environment Protection, recently launched Clean Energy Solutions, a suite of financing and incentive programs to further support Governor Corzine’s commitment to promote economic development and a more secure and environmentally responsible energy future.  The first product, unveiled in June, is the Clean Energy Solutions Capital Investment (CESCI) Loan/Grant program, designed to support commercial, institutional or industrial entities advancing energy-efficient end-use projects, combined heat and power (CHP or cogen) production facilities, or construction of state-of-the-art, efficient electric generation facilities.

 

For more information on New Jersey’s energy master plan, visit www.nj.gov/emp/. Businesses interested in learning more about all Clean Energy Solutions opportunities should visit www.njeda.gov for additional information and application forms.   

 


 

 

New Program Supports Manufacturing of Innovative Clean Energy Technologies
 
Trenton, N.J. (July 8, 2009) – South Plainfield-based Petra Solar, Inc. is the first business to be awarded funding under the state’s new Clean Energy Manufacturing Fund (CEMF).  The program, specifically designed to support companies looking to site or materially expand a Class I renewable energy or energy-efficient product manufacturing facility in New Jersey, will bolster the State’s national leadership role in establishing a green economy by ensuring companies have the resources they need to sustain, grow and prosper while addressing the goals of Governor Corzine’s Energy Master Plan. 

Petra Solar received a total of $3.3 million through CEMF to support the purchase of equipment and machinery and the planning/design process. This project will result in a total public/private investment of more than $7.6 million and the company expects to create 164 new jobs over the next two years. Founded in 2006, Petra Solar designs, develops and manufactures electric power and power management products focused on the solar energy and smart grid markets.  The company’s flagship product is the SunWave™, a utility grade AC solar module that enhances the reliability of electric distribution systems by combining distributed solar generation with Smart Grid technology. 


“Petra Solar exemplifies Governor Corzine’s vision for our state and its economy,” said Jeanne M. Fox, President of the New Jersey Board of Public Utilities (BPU). “It is a company creating New Jersey jobs by manufacturing products that will generate renewable energy and reduce the greenhouse gases that cause global warming.  The world needs these products and they will be looking to New Jersey to find them.” 


Under CEMF, funded by BPU and administered through the New Jersey Economic Development Authority (EDA), New Jersey clean technology manufacturers can receive funding under two separate components: project assessment and design, and project construction and operation. A qualified manufacturer of Class I renewable energy or energy efficiency systems, products or technologies may be eligible for a grant up to $300,000 to assist with the manufacturing site identification and procurement, design, and permits, and up to $3 million as a zero-interest, ten-year loan to support site improvements, equipment purchases, and facility construction and completion. 


Shihab Kuran, President and CEO of Petra Solar said, “My colleagues and I are honored that Petra Solar is the first company selected to obtain the support and recognition of New Jersey’s CEMF program. Through the leadership of Governor Corzine and the efforts of the BPU and EDA, Petra Solar will be able to create green jobs at our New Jersey facility as well as at our New Jersey suppliers. Petra Solar is now positioned to deliver true technological innovation to utilities in the US and the world. The enhancement of electric distribution grid reliability through the interaction of solar generation and smart grid technology is compelling to our utility partners. My colleagues and I are committed to work every day to advance New Jersey as the nation’s leader in the creation of green jobs and the source of innovative products that contribute to addressing global energy and climate challenges.”


To take advantage of this program, a company must be a for-profit entity that is planning to manufacture eligible products in New Jersey and be entering or expanding within the manufacturing stage of commercial development.  A minimum 50-percent cash match of total project costs from non-state grants, loans, or equity, is required for both program components. Preference will be given to those projects that demonstrate a greater percentage of the project being designed, manufactured, processed, assembled or made ready for commercial sale at the company’s project facility in New Jersey. 


Eligible technologies for funding include energy efficiency equipment and technology, Class I renewable energy and other technologies or equipment that can demonstrate their integral nature to the development of Class I renewable energy and energy efficiency technologies. 


Class I renewable energy is defined as electricity derived from solar energy, wind energy, wave or tidal action, geothermal energy, landfill gas, anaerobic digestion, fuel cells using renewable fuels, and, with written permission of the New Jersey Department of Environmental Protection (DEP), certain other forms of sustainable biomass.


The second solicitation for financing under CEMF began June 1 and will close on July 15.  To learn more about the Clean Energy Manufacturing Fund, call 866-534-7789 or visit www.njeda.gov\CEMFApplication.


 

This September, the Delaware Valley Innovation Network (DVIN) will host a hands-on, three-week skills training program for recent science graduates known as “Train to Gain.” The program will provide graduates with “real workplace” experience and training at one of the DVIN region’s life sciences companies.

 

“Train to Gain” is designed to assist with the step in the life science career path from college to company. Fellowship companies will receive $3,000 to offset costs of training, and in return, will have a choice of candidates with associate degrees to Ph.D.s, depending on the company’s needs. The candidates will receive interim hands-on experience that will make recent science graduates better prepared for the region’s 21st century life science jobs.

 

To qualify as a Fellowship Host Company, a company must have a focus on life science, biology, chemistry, physics, bioengineering, or bioinformatics, and provide training at a company site in the DVIN region. The program will run from September to December.

 

Registration ends July 17, 2009. For additional details, please visit the Delaware Valley Innovation Network.

 

 



 


Public/Private Partnership Aims to Stimulate Development, Create Jobs and Revitalize Communities


 


NEWARK – A new statewide initiative aimed at spurring supermarket development throughout New Jersey’s urban centers was launched today to further community revitalization, job creation and reduce health disparities in the state. The initiative is part of Governor Corzine’s overall Economic Recovery and Assistance Plan announced in October.            


       ” The lack of affordable and nutritious food hampers the revitalization of our communities and negatively impacts the health of our residents,” Governor Corzine said. “Encouraging the development of supermarkets in New Jersey’s underserved areas will foster economic growth, improve access to healthy food and health outcomes, and provide new entrepreneurial and economic opportunities for local residents.”


            The New Jersey Food Access Initiative, supported through a unique public/private partnership involving the New Jersey Economic Development (EDA) and The Reinvestment Fund (TRF), is designed to meet the financing needs of supermarket operators that want to locate within an underserved area, where infrastructure costs and credit needs are often higher and unmet by conventional financing institutions. The EDA recently approved a $3 million investment to TRF to create the Food Access Fund, with the goal of leveraging additional public and private investment. The EDA also will utilize its other funding resources to support eligible supermarket projects, including long-term debt for fixed assets and working capital, incentives for capital improvement and employment creation and assistance for brownfields investigation and remediation activities.  


            To complement the statewide program, the EDA also invested $1 million in a pilot supermarket initiative in the City Newark. In collaboration with TRF and Brick City Development Corporation, the City has launched its $5 million Newark Fresh Food Program.


             ” By investing in quality food markets in urban, underserved communities, there will be tangible benefits to low and moderate income residents,” said Don Hinkle-Brown, president of lending and community investments at TRF. “In underserved areas, you typically don’t have nice big clean sites that are ready to go. You have brownfields, odd-shaped lots, small lots, historic buildings, all of which can make supermarket development more expensive. If we can take care of those front-end costs, it can be enough to encourage developers and operators to build in these areas.”


            According to a preliminary analysis by The Food Trust, supported by a grant from the Robert Wood Johnson Foundation, supermarket coverage in New Jersey is lacking. At 8.5 supermarkets per 100,000 residents, New Jersey trails the national (11.6 per 100,000) average. The analysis also shows that New Jersey’s urban centers are categorically more underserved in respect to supermarket access.


            “We know that the neighborhood you live in has an enormous impact on the choices you make, including what you eat, and your health. By encouraging supermarket development in neighborhoods that lack them, New Jersey is committing itself to improving access to healthy, affordable foods and giving everyone the choice to live a healthier life,” said Brian Lang of The Food Trust.


            Lang noted that Pennsylvania’s Fresh Food Financing Initiative, a program launched by the State’s Department of Community and Economic Development, in partnership with The Food Trust, TRF and the Greater Philadelphia Urban Affairs Coalition, has committed $63.3 million in grants and loans to 68 stores across the State, resulting in the creation and retention of 3,734 jobs and over 1.44 million square feet of retail space. Lang also stated that recent studies published in the American Journal of Preventive Medicine and the American Journal of Public Health found that fruit and vegetable intake increased by 32-percent for each additional supermarket in a community .


            A 2006 report issued by the New Jersey Obesity Prevention Task Force found that more than half of all adults in New Jersey are obese or overweight and that the state has the highest incidence of obesity in low-income children aged two to five years in the nation. The report also revealed that New Jersey spent $2.3 billion in 2003 for medical expenses linked to the treatment of obesity-related diseases, half of which was borne by taxpayers in the form of Medicare and Medicaid expenditures.


            In addition to The Food Trust, the New Jersey Food Access Initiative is supported by various organizations and state agencies, including the New Jersey Board of Public Utilities (BPU), the New Jersey Department of Labor and Workforce Development, the New Jersey Department of Health and Senior Services, the New Jersey Department of Agriculture, the New Jersey Food Council, the International Council of Shopping Centers, and the New Jersey Conference of Mayors.


            Over 240 attendees participated in the New Jersey Statewide Supermarket Summit in Newark today, where the initiative was formally announced.   The summit featured a panel discussion on how the New Jersey Food Access Initiative can assist supermarket development, which included presentations on available financing from TRF and the EDA, an overview of how supermarket access impacts people’s health from The Food Trust, and a discussion of incentives to construct green and energy efficient buildings from the BPU. A second panel highlighted the achievements, goals and challenges of developers and supermarket operators, and included representatives from Fairway Foods, Jack’s Foodtown, A&P and the Wakefern Food Corp. The event also featured Brown’s Family ShopRite President Jeff Brown, who discussed his success in overcoming barriers to supermarket development in the Philadelphia area.


            For more information on the New Jersey Food Access Initiative, please visit www.njeda.gov or www.trfund.com .