Complements Earlier Funding Round Facilitated by EDA Networking Program

Under the director of company President Patrick Murphy, Chief Executive Officer Jason Halpern, and Chief Operating Officer Andrew Leonard, Gridless Power designs, manufactures, and markets portable rechargeable batteries that provide vital energy to areas around the world.

TRENTON, N.J. (April 10, 2018) – Funding approved today by the New Jersey Economic Development Authority (EDA) will help Collingswood-based Gridless Power Corporation further its mission to design, manufacture, and market portable rechargeable batteries that provide vital energy to areas around the world, often in extreme conditions.

The EDA approved a $250,000 loan through the NJ Covest Fund for the renewable energy company. Launched last year, the NJ Covest Fund is designed to help emerging technology companies bridge the funding gap between product development and commercialization and furthers the EDA’s ability to support businesses throughout their growth lifecycle. The Covest Fund loan is complementary to the company’s earlier round of A-1 financing. Several of the Angel investors that participated in this financing were introduced to Gridless by the EDA following the company’s participation in a NJ Founders and Funders event at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick.

“The NJ Covest Fund was created to ensure burgeoning companies have access to the capital that will improve their odds of making it to the next stage,” EDA CEO Tim Sullivan said. “Continually assessing and responding to the needs of technology businesses in all phases of growth will help to cultivate a robust and resilient innovation economy in New Jersey.”

Gridless batteries have powered emergency gear in Africa during the Ebola Crisis and were used by UNICEF after the Nepal earthquakes. More recently, Gridless technology was utilized after the Amtrak crash outside of Philadelphia and in Puerto Rico to power hurricane recovery efforts.

“When crisis strikes, those on the front lines turn to our innovative batteries and battery systems,” said Patrick Murphy, Co-Founder and President of Gridless Power. “Our technology is helping critical care providers all over the world rethink where power can go. The funding approved today will enable us to hire additional employees, further the design of our products, and reach more customers around the world.”
Gridless Power employs four people in New Jersey and plans to more than double in size over the next two years.

After graduating college in 2010, the primary challenge facing Murphy and his Gridless Power co-founder Jason Halpern was getting portable power to Halpern’s family farm. Soon after that, the company expanded its scope and began creating solar storage systems for the U.S. military.

When Superstorm Sandy hit New Jersey in 2012, emergency personnel conducting search-and-rescue operations turned to Gridless Power’s batteries to keep their energy and communications systems running. Since then, the company has expanded to support a variety of users, including construction projects, concerts, medical professionals, the Department of Homeland Security, and the cities of New York and Philadelphia. Gridless Power added event management to the industries its products support.

According to the company, a single charge from its proprietary Lithium Iron Phosphate Core7K battery – via solar energy, or a wall or car charge – can help power everyday appliances, including up to six months of talk and data on a cell phone, two months of active tablet, laptop or two-way radio communications, and eight hours of lighting for work sites.

The NJ CoVest Fund provides funding to New Jersey-based early-stage technology companies in the form of convertible notes with warrants, requiring a negative pledge and springing lien on protected intellectual property. With a total funding pool of $3 million, eligible technology companies can receive investments ranging from $100,000 to $250,000. NJ CoVest funds feature three percent interest and 10-year maturity, with no payments due for the first seven years.

Held semi-annually at CCIT, NJ Founders and Funders events enable early-stage businesses to meet with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models and funding opportunities.

EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.

From CCIT (pictured above), Sunnylife Pharma helps drug-discovery companies worldwide reduce research and development costs by assisting with an array of pre-clinical research chemistry-related services.
 

North Brunswick, N.J. (April 5, 2018) – The New Jersey Economic Development Authority (EDA) recently welcomed Sunnylife Pharma Inc. as one of its newest tenants at the Commercialization Center for Innovative Technologies (CCIT) in North Brunswick. Founded by a team of former Merck scientists, Sunnylife Pharma Inc. is a contracted research services organization focused on the unmet medical needs of cancer patients, as well as people suffering from cardiovascular and metabolic diseases.

Sunnylife Pharma helps drug-discovery companies worldwide reduce research and development costs by assisting with an array of pre-clinical research chemistry-related services.

“Creating a culture of innovation is a centerpiece of Governor Murphy’s vision for a stronger and fairer economy, and nurturing emerging companies like Sunnylife Pharma is central to executing on that vision,” EDA Chief Executive Officer (CEO) Tim Sullivan said. “Removing barriers to commercialization and profitability for entrepreneurs with novel ideas will pave the way to strengthen economic opportunity in this high growth sector.”

As New Jersey’s leading life sciences incubator, CCIT’s collaborative environment enables Sunnylife Pharma executives and scientists to network with members of other drug discovery-companies such as Aucta Pharmaceuticals, Quixgen, and Grace Therapeutics, as well as research organization such as Kamat Pharmatech and API Pharma Tech. Like other CCIT tenants, Sunnylife Pharma will have access to offices, conference rooms, support staff, small business development resources and the ability to routinely seek advice from professional firms within the life sciences community. 

“I discovered CCIT based on recommendations from several former colleagues and found the staff to be very welcoming and the facilities well-suited to our needs,” Sunnylife Co-Founder and CEO Xibin Liao said. “Furthermore, we find many advantages in CCIT’s location near major cities, universities, and pharmaceutical companies.” 

CCIT also offers tenants assistance in finding outside funding sources. For the past two years, representatives from the National Institute of Health (NIH) and other federal agencies have presented to CCIT tenants and other members of New Jersey’s life sciences community about federal funding opportunities.

Sunnylife has repeatedly received funding from NIH to further its research and drug development. Last year, the company participated in NIH’s Innovation-Corps, an invitation-only eight-week entrepreneurial program for teams from biotech companies and other small, medically-focused companies.

@NJEDATech spoke to Liao about his company’s experience in New Jersey and its plans for the future:

Why did you decide to grow Sunny Life Pharma in New Jersey?
New Jersey is an exciting place for biotechnology companies, as it has pioneered the way for many large corporations that have achieved notable success in the field. With many of the world's major biopharmaceutical companies calling New Jersey home, the state is bursting with opportunity for businesses like ours.

What do you consider Sunny Life Pharma’s biggest success to date?
We pride ourselves on our very strong chemistry team, which allows us to provide excellent services for biotechnology companies across the nation. In addition, the quality and speed of our work regularly meets and exceeds our customers' expectations.

What’s on the horizon for Sunny Life Pharma? 
We are continually aspiring to improve the scope and quality of our work. This will, in turn, allow us to provide services to even more biopharmaceutical companies.
 

The EDA offers a multitude of resources to help technology and life sciences grow and thrive in New Jersey. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Facebook, Twitter and LinkedIn.

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The New Jersey Economic Development Authority meeting originally scheduled for 10:00 am, Tuesday, April 10, 2018 at EDA Offices, 36 West State Street, Trenton has been changed to 2:00 pm. The agenda can be found 48 hours prior to the meeting at our website: www.njeda.gov/Board.

The next meeting of the New Jersey Biotechnology Task Force will be held from 10:00 AM to 12:00 Noon on Tuesday, April 3, 2018 in the Board Room of EDA Headquarters, located at 36 West State Street, in Trenton NJ.

The focus of the meeting will be to hear testimony from internationally recognized innovation expert, Dr. Susan Windham-Bannister, President and CEO at Biomedical Growth Strategies LLC.

The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, April 10, 2018 at 2 p.m. at the EDA offices at 36 West State Street, Trenton. A copy of the proposed agenda can be found prior to the meeting at www.njeda.gov/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.gov/Board.

CEO Touts New Jersey’s Intrinsic Value for Entrepreneurs

BCI's proprietary technology BrightBrainer^TM offers patients a suite of custom virtual reality therapeutic games.
 

North Brunswick, N.J. (March 22, 2018) – Stroke victims, dementia sufferers, and patients who have sustained traumatic brain injuries can now incorporate virtual reality games into their rehabilitation therapy, thanks to technology developed by Bright Cloud International (BCI) Corp.

The Rutgers University spinoff moved its operations into the New Jersey Economic Development Authority’s (EDA’s) Commercialization Center for Innovative Technologies (CCIT) earlier this month, expanding its footprint in the Garden State. CCIT, located in North Brunswick, is New Jersey’s leading life sciences incubator.

BCI’s proprietary BrightBrainer^TM Rehabilitation System is a self-contained and mobile rehabilitation medical device with a suite of custom virtual reality therapeutic games. The games target various motor skills, including motor control, speed of movement, endurance, hand-eye coordination, and task sequencing. They also target cognitive abilities such as attention, short term visual and auditory memory, working memory, reading comprehension, and dual tasking.

BrightBrainer^TM Rehabilitation System is useful in a multitude of settings, including outpatient clinics, skilled nursing facilities and medical adult day programs, and is available for lease or purchase. A scientific team of researchers, engineers, physicians, therapists, and game developers created the games, which adapt to individual patients. In addition to improving motor and cognitive skills, BrightBrainer^TM games have been found to benefit a patient’s emotional state, leading to an increased quality of life.

“We know that the brain can rewire itself to bypass non-working neurons, so our technology helps patients build that bypass to regain use of their bodies,” BCI Founder and President Grigore (Greg) Burdea, PhD, said. “It also puts a new and interactive spin on the monotony of occupational therapy, bringing an age-old industry into the 21^st century.”

Burdea cited CCIT’s collaborative environment, its easy access to networking and investors, and its opportunities for increased visibility as reasons why he moved to the incubator. Businesses located at CCIT have access to a variety of professional and support services including open office hours by professional firms from the life sciences community. The 46,000-square-foot incubator also offers tenants access to affordable lab space and offices, conference rooms, support staff, and a variety of additional resources. University spinoffs like BCI also can take advantage of discounted rent for the first year.

“Understanding and responding to the needs of the market is imperative to the State’s ability to retain and attract innovative companies and top talent,” EDA Chief Executive Officer Tim Sullivan said. “Nurturing early-stage companies is just one facet of Governor Murphy’s vision of a more robust and equitable economy, and CCIT offers a model of what can be achieved through collaboration between the private, public, and academic sectors.”

With a background in robotics and virtual rehabilitation, Dr. Burdea, who is originally from Romania, has been a professor at Rutgers University School of Engineering’s Department of Electrical & Computer Engineering for more than 30 years. Dr. Burdea’s work has been recognized both internationally and state-wide. He received the 2017 Virtual Reality Career Award from the Institute of Electrical and Electronics Engineers (IEEE) for his lifetime contribution to virtual and/or augmented reality. This is the highest and most prestigious honor in the field of virtual and augmented reality. In 2014, he received the New Jersey Immigrant Entrepreneur of the Year Award. BCI repeatedly received Small Business Innovation Research funding from National Institutes of Health, helping the medical device company to further its efforts.

@NJEDATech spoke to Dr. Burdea about his experience in New Jersey and his company’s plans for the future:

Why did you choose to grow your company in New Jersey?
Having spent the past 30 years here, I know the intrinsic value that New Jersey offers entrepreneurs, including its strong academic institutions and its dynamic life sciences community. I also wanted to maintain strong ties with Rutgers and to offer jobs for students and graduates. In return for the decades of support I have received from the university, I wanted to strengthen BCI while also benefitting Rutgers.

What have you found most useful about locating at CCIT?
In addition to the abundant networking opportunities here, we have found the incubator’s large research and office space in a modern facility a great tool that offers an avenue for growth.

What do you consider Bright Cloud’s biggest success to date?
Our biggest success to date is the BrightBrainer^TM Rehabilitation System. I am proud that it reduces care costs, increases access to care, and improves therapy outcomes.  

What’s on the horizon for Bright Cloud?
We want to become the go-to place in this exciting new medical specialty of virtual reality therapy. We also plan to attract additional investments that will help us grow.

The EDA offers a multitude of resources to help technology grow and thrive. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Facebook, Twitter and LinkedIn.

New Jersey has over 840,000 small businesses – and they continue to create jobs, provide important services and products, and make a big impact on the state's economy daily. Whether a business owner's enterprise is home-based or a high-tech start-up, they can face challenges of all sizes when launching or running a small business.

Here in the Garden State, small business owners do not need to do it alone. The State of New Jersey offers specialized and professional support to small businesses through the New Jersey Business Action Center (NJBAC). Housed within the Department of State, the business community can rely on the NJBAC as a "one-stop" resource for doing business in the state. Need the latest updates on the state's licensing and permitting laws? Want a practical checklist for starting a business? The NJBAC has the information business owners need. Below are a few NJBAC resources that are useful to small business owners – at no cost:

Financing Help                                                                                                                       

The NJBAC's Office of Small Business Advocacy can identify financing and incentive programs available through other state agencies, and those administered by sister agency, the New Jersey Economic Development Authority (NJEDA). What's more, NJBAC advocates can assist in finding resources needed to repair or build credit.

Export Assistance                                                                                                                       

Ready to expand your business internationally? NJBAC business advocates can help your company go global with valuable export assistance. Not only are basics terms and conditions about exporting offered, but a team of international advocates are ready to assist and help build a plan for global success. Your business is in capable hands; the State of New Jersey received the prestigious President's "E Star" Award for excellence in export services.

BAC SUCCESS STORIES

Fornazor International, a Hillsdale-based specialty animal feed blender, received assistance from the NJBAC and was able to attend two trade shows in Dubai. "The trade shows have had a tremendous impact on our business. Thanks to their support, we project a million-dollar revenue increase over 18 months," said Susan R. Jay, Fornazor's Business Development Manager.

Branchburg-based ZEUS Scientific, a global company serving the in-vitro diagnostics community, also received assistance from the NJBAC. The company was able to attend the American Association of Clinical Chemistry trade show and facilitated a market research study to identify potential international markets. "There is a real market looking for our products overseas," said Chris Howard, chief commercial officer. "The NJBAC helped us expand our network of contacts and buyers from Europe, Asia and South America." 

Events to Keep You "In the Know"                                                                                          

The NJBAC team travels the Garden State to speak at events and educate the business community about ways to stay competitive and successful in their market. Topics of interest for small business owners include entrepreneurship, intellectual property and marketing basics. Check out the State of New Jersey's Business Portal for information on upcoming events.
 
NJBAC Call Center: 1-800-JERSEY-7
                                                                                 
Put the NJBAC’s Call Center on speed dial and help will always be just a call away. Business advocates at the NJBAC Call Center are ready to answer questions in real time and direct callers to the proper resources. The call center is open Monday through Friday, 8 a.m. to 5 p.m. Spanish-speaking advocates are also available. For 24/7 information and an overview of the NJBAC's services, visit the State of New Jersey Business Portal.