TRENTON, N.J. (Feb. 19, 2013) – Locus Energy, which develops web-based performance and portfolio management software for renewable energy systems, recently moved from New York to temporary space in Hoboken while its new, permanent location in New Jersey is renovated following damage from Hurricane Sandy.

“With an ideal location and an open floor plan, our new space in Hoboken will allow us to be more collaborative, inclusive and dynamic as we work to maximize the efficiency and transparency of energy monitoring for our clients,” said Locus Energy CEO and Founder Michael Herzig.  “Locus Energy is poised for continued growth and our new home in New Jersey will help propel our expansion and innovation in the renewable energy data market.”

Founded in 2007, Locus Energy offers a technology platform providing automated monitoring support and data analytics for distributed generation systems in the residential, commercial, utility and industrial markets.  The company, which relocated its New York City-based staff of 15 to Hoboken in December, plans to create as many as 20 new, high paying jobs in the state over the next two years. 

According to Herzig, the company’s technology platform has been designed to advance two central goals: provide cost-effective operations and management support for distributed energy systems so that they can operate effectively in a grid-parity, non-subsidized framework; and, utilize its analytics to further enhance the transparency and performance of distributed energy systems so that they are both more competitive with traditional energy sources and also integrate better with existing infrastructure.

“The Christie Administration continues to encourage the more affordable use, management and development of energy in New Jersey, and Locus Energy will help facilitate the expansion of renewable assets in our state,” said New Jersey Economic Development Authority (EDA) CEO Michele Brown. “We are pleased that, by choosing New Jersey, Locus Energy will not only provide environmental benefits to the state, but also will create new jobs in the growing renewable energy sector.”

To encourage Locus Energy to choose New Jersey over locations in New York, the company was approved for an award of up to $456,500 over ten years through the Business Employment Incentive Program. Locus Energy also received a $1.45 million loan through the Edison Innovation Green Growth Fund (EIGGF), a program launched by the Christie Administration in 2011 to help New Jersey clean technology companies advance energy efficient and renewable energy products in the state.  The financing will help Locus Energy expand the capabilities of its technology platform and support general growth capital needs, including research and development, hiring and training personnel, and marketing and purchasing inventory.

Jointly administered by the EDA and the New Jersey Board of Public Utilities, the EIGGF program offers up to $2 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 business. With the positive performance of the company, up to 50 percent of the funding may be converted to a performance grant. 

To learn more about the Edison Innovation Green Growth Fund, visit www.njeda.gov/EIGGF. For information about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

About Locus Energy

Locus Energy develops web-based performance and portfolio management software for renewable energy systems. The company provides monitoring, analytics and data services for deployments of solar photovoltaic and solar thermal technology. By leveraging Locus’ products, renewable finance companies and integrators can drive down the cost and complexity of energy monitoring while making it much easier to maintain and service an installed client base. Founded in 2007, Locus has offices in New Jersey and San Francisco, and monitors over ten thousand PV arrays worldwide. More information can found at www.locusenergy.com.

Tour of Biotech Company Serves to Highlight Enhanced Efforts to Grow Industry

NORTH BRUNSWICK, N.J. (February 14, 2013) – Lauding its expansion in the State, the New Jersey Economic Development Authority (EDA) today toured privately held biotechnology company Orthobond Corporation, the largest tenant at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick. Orthobond was one of 65 emerging companies Governor Chris Christie approved to share the $60 million allocation available through the State’s Technology Business Tax Certificate Transfer Program in Fiscal Year 2013. 

“A thriving technology industry remains an essential part of New Jersey’s economy, and Orthobond illustrates perfectly how the State can help emerging companies maintain and strengthen their business,” said EDA CEO Michele Brown.

Founded in 2003, Orthobond is developing surface modification technology that can be applied to virtually any material to produce a desired biological response. Since moving to CCIT in 2009, the company has grown from two to four laboratories and expanded from a staff of three to 11, creating six new jobs over the past two years alone.  Orthobond’s goal is to produce safe and effective bio-interfaces for current and future generation medical devices that will ultimately lead to improvements in patients’ health and lifestyle. 

Thanking the State for its assistance, Orthobond Chief Operating Officer Marc Burel noted that emerging biotechnology companies in particular require a lot of support to bring products to market.

“As a growing biotechnology business, the ability to sell losses for cash through the Technology Business Tax Certificate Transfer program has been critical to keeping us on track during these early years,” Burel said.  “Our location at CCIT has also provided us with a host of resources essential to a young company’s growth, including the opportunity to interact with our neighbors, share instrumentation, discuss technology and network.”

EDA CEO Michele Brown discussed recent efforts by the Christie Administration to further enhance support of the industry, with a specific focus on nurturing the growth of early-stage life sciences and technology companies.

Governor Christie recently signed into law the Angel Investor Tax Credit Program, which will provide tax credits for up to 10 percent of a qualified investment in an emerging technology business that has a physical presence in New Jersey and conducts research, manufacturing, or technology commercialization in the state.  The Governor previously increased the State’s Research & Development Tax Credit from 50 to 100 percent, providing technology businesses additional yield for their investments in New Jersey.

Just this week, the Governor announced that the EDA is looking for a private partner to operate a Life Sciences/Healthcare IT Accelerator at CCIT to help catalyze commercialization and growth for the industry’s most promising entrepreneurs. This initiative builds on the market success of TechLaunch, which was created last year as New Jersey’s first technology accelerator in partnership with industry pioneer Mario Casabona. 

Located along the U.S. Route 1 research and development corridor, CCIT is part of the Technology Centre of New Jersey, which sits on more than 50 acres in North Brunswick. CCIT, the state’s leading life sciences incubator, has welcomed 14 new tenants since January 2010, including Linnovision Inc., which moved to the facility last month. CCIT has helped support the creation of an estimated 1,000 new jobs in the State. The EDA plans to reposition space on the second floor of CCIT to host the new Accelerator. 

For additional information on the Technology Business Tax Certificate Transfer Program and CCIT, 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.

TRENTON, N.J. (Feb. 12, 2013) – The Christie Administration is looking to tap into the expertise of the private sector to bolster New Jersey’s status as a leader in life sciences and healthcare technology.  To help the industry’s most promising entrepreneurs deliver products to market, the New Jersey Economic Development Authority (EDA) today announced that it will launch a Life Sciences/Healthcare IT Accelerator and secure a private partner to manage the effort. 

“Governor Christie recognizes how important it is to nurture the growth of New Jersey’s early-stage life sciences and technology companies, and this is another opportunity for the state to partner with the private sector to fill a market need,” said EDA Chief Executive Officer Michele Brown.  “The Life Sciences/Healthcare IT Accelerator will allow us to capitalize on the talent in our region and provide an environment that catalyzes innovation, entrepreneurship and job creation.” 

This initiative builds on the market success of New Jersey’s first technology accelerator, TechLaunch, which the EDA created in 2012 with industry pioneer Mario Casabona. Consistent with TechLaunch, the concept and model of the Life Sciences/Healthcare IT Accelerator is based on a competitive selection of companies interested in advancing the commercialization of technology through seed funding and access to industry expertise.  The EDA will host the Accelerator at its North Brunswick-based Commercialization Center for Innovative Technologies (CCIT), the state’s leading life sciences incubator.  

The EDA anticipates that the Accelerator will offer an estimated 10 companies the opportunity to participate in the intense boot camp.  The selected companies would receive hands-on mentorship; seed funding ranging from $20,000 to $100,000; and, connections to potential partners and customers. At the end of the boot camp, companies would demonstrate their technologies and business models to a wide variety of investors during a formal event.  

EDA President and Chief Operating Officer Tim Lizura noted that the Accelerator model is one that engages the community to support promising entrepreneurs.   

Lizura said the EDA anticipates life science mentors will include industry leaders representing three main categories: strategic partners (hospitals, pharmaceuticals, health insurance companies and research institutions); investors (angel investors, venture capitals and serial entrepreneurs); and, service partners (accountants and lawyers). 

The EDA expects to issue a Request for Proposals in late February via a competitive solicitation that will score and rank the respondents who would like to manage the Accelerator. The ranking criteria will include: a demonstration of matching funds and readiness to proceed; strength of historical investment track record; strength of historical role in mentoring entrepreneurial companies; and, experience in the New Jersey life sciences market. Respondents will be required to detail their specific model and approach, along with the justification of why the proposed model will be successful in New Jersey. 

Consistent with TechLaunch, the new Accelerator would have the EDA’s contribution of equity as “matching dollars,” with a ratio of 2:1, thus leveraging private capital and commitment.  Under this initiative, EDA would contribute $500,000 of capital, plus an estimated $35,000 of in-kind real estate contribution per year over three years.  The cash contribution will require the formal 2:1 private sector match, for an annual public private investment of $1.5 million.  The EDA’s funding will be in exchange for a $535,000 annual prorata Limited Partnership investment, with a subordinate equity return position.   

Following its issuance, the solicitation will be available at www.njeda.gov.   To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

TRENTON, N.J. (Feb.  12, 2013) – At its monthly Board meeting, the New Jersey Economic Development Authority (EDA) took action to assist businesses impacted by Hurricane Sandy, encourage companies to locate and expand in the State, and help drive the growth of New Jersey’s life sciences industry. 

In December 2012, EDA created a program to boost the lending capacity of Community Development Financial Institutions offering support to small businesses impacted by Hurricane Sandy.  Today, the Board approved the second loan under this program, investing $500,000 to help fund an initiative the Cooperative Business Assistance Corporation is undertaking to provide assistance to impacted businesses in the South Jersey region.  The first investment of $500,000 helped support New Jersey Community Capital’s REBUILD New Jersey loan fund, which was created to aid recovery for small businesses in areas most severely impacted by the storm. 

At the meeting, EDA Chief Executive Officer Michele Brown also updated the Board on the State’s rebuilding efforts. 

“As Governor Christie recently announced, the EDA hopes to be able to get assistance to impacted businesses as quickly as possible to ensure they have the capital they need to resume, maintain or grow their operations,” Brown said.  “We are working to develop programs and a marketing strategy to best meet the needs of our businesses and communities and ensure that the world knows New Jersey is open for business.” 

In other Board action, Cherry Hill-based Bestwork Industries for the Blind, Inc. will be able to purchase a larger property to support increased demand for its products as a result of the Premier Lender Program.  The not-for-profit, which was founded by a veteran who lost his sight during World War II, provides rehabilitation services in a work setting for adults who are legally blind or visually impaired. The organization engages in the manufacturing of various items, including examination gloves, reinforced construction worker aprons and military clothing.  Through the Premier Lender Program, TD Bank approved a $3 million loan that included a $1 million EDA participation. 

The Board also approved awards through the Business Employment Incentive Program (BEIP) to encourage companies to locate and grow in New Jersey.  Full-service packaging solutions provider Nosco, Inc. is evaluating locations to expand its footprint on the East Coast.  The company is considering establishing a new facility in Branchburg, New Jersey, or locations in Pennsylvania and Virginia.  If Nosco chooses New Jersey, it expects to create over 50 new jobs and invest an estimated $7.6 million.  Dade Paper & Bag Co., one of the largest independent distributors of food service disposables, janitorial supplies and equipment, is contemplating an expansion of its New Jersey distribution capability in order to meet customer demand in the Northeast.  The company, which is also considering locations in Maryland, expects to create 25 new jobs and invest an estimated $1.64 million to support its growth.

A Grow New Jersey award was approved to encourage Siemens Healthcare Diagnostics Inc. to establish a $36.6 million global center of excellence in New Jersey.  The new facility would support the development, design and assembly of healthcare diagnostics devices for the company, a global leader in in-vitro diagnostics.  Siemens Healthcare is considering renovating its current facility in Mount Olive and constructing a new, adjoining property, or relocating out of state.  The project would result in the creation of 525 new jobs in the State.

Building on the market success of New Jersey’s first technology accelerator – TechLaunch, which the State created last year with industry pioneer Mario Casabona, the EDA announced it is seeking a private partner to operate a new Life Sciences/Healthcare IT Accelerator at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick.  This initiative will allow the State to support early-stage life sciences and healthcare technology companies with mentoring, funding, and real estate support. The EDA plans to publish the competitive solicitation at the end of February. 

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.

The EDA is part of the state’s results-driven Partnership for Action.  Created by Governor Christie and led by Lt Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of three interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center and the EDA. 

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.