NJ Innovation Evergreen Fund continues to support cutting-edge businesses in health care, biotechnology, and life sciences

TRENTON, N.J. (October 16, 2026) – Since February, the New Jersey Economic Development Authority (NJEDA) approved a total of $16.5 million to support eight cutting-edge businesses through the New Jersey Innovation Evergreen Fund (NJIEF). The startups are working on pushing forward new technologies in various sectors including health care, biotechnology, and life sciences. The NJIEF is a unique tool to increase access to strategic resources and venture capital in New Jersey, with the State as an equity investor in early-stage companies, deploying up to $600 million alongside venture capital firms. 

“My Administration is committed to making New Jersey the best place to do business. By supporting these innovative companies, we are seeding new and important technologies, attracting incremental capital to New Jersey, and building a dynamic start-up ecosystem,” said Governor Mikie Sherrill. “These investments will strengthen our economy, create new opportunities, and cement New Jersey’s position as a leader in innovation.”

“The NJIEF’s success is measure not just in dollars invested, but in the transformative impact it has had on New Jersey businesses,” said NJEDA Chief Executive Officer Evan Weiss. “This cutting-edge initiative fuels innovation, creates jobs, and positions our state as a global center for technological discovery. Through strategic partnerships and targeted investments, Governor Mikie Sherrill and the NJEDA are helping the next generation of companies thrive, reinforcing New Jersey’s reputation as a leader in innovation and opportunity.” 

From advanced materials and clean technology to life sciences, technology, and other emerging sectors, these eight startups showcase the breadth of New Jersey’s innovation economy. The companies are helping build industries of the future by developing advanced solutions, attracting investment, creating high-quality jobs, and scaling their business all right here in New Jersey.  

“Investments through the NJIEF underscore our state’s unwavering commitment to supporting innovative businesses and entrepreneurs,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “By delivering a robust roster of venture capital firms to cutting-edge startups, the NJIEF is fueling job creation and driving economic development across the state. The NJIEF is empowering the next generation of transformative companies, strengthening New Jersey’s position as a leader in technological discovery and creative enterprise.”

The following companies received investment funding through the NJIEF: 

  • Princeton Critical Minerals, Inc. (PCM)  – Newark 
    PCM, which emerged from Princeton University, has developed a technology for boosting mineral production from evaporation ponds, which could revolutionize the conventional approach to critical minerals extraction. The company provides an integrated suite of products, all dedicated to bridging the lithium supply-demand gap through efficient, scalable, and sustainable extraction methods. PCM was approved for an NJIEF investment of $4 million by matching SOSV, a global multi-stage venture capital firm based in Princeton. 

In 2021, SOSV formed HAX, LLC, the firm’s Newark-based hard tech accelerator, in partnership with the NJEDA. The firm has invested in over 50 Newark-based businesses through the HAX Strategic Innovation Center (SIC) program, and in 2025 the NJEDA announced that it will also partner with SOSV along with the Princeton Plasma Physics Laboratory to create an SIC in the Princeton area.  

Founded in 2023 as a spin-out from KPMG’s startup incubator, Cranium AI provides organizations with tools to map, monitor, test, and govern their machine learning and Generative Artificial Intelligence (AI) systems against adversarial threats and compliance risks, including systems from third-party vendors.  

“As AI moves into the core of how businesses and governments operate, securing and governing it has become essential,” said Jonathan Dambrot, CEO of Cranium AI. “We’re grateful to the NJEDA and SYN Ventures for backing Cranium, and proud to build a category-defining AI security company in New Jersey.”

Cranium AI is widely seen as a standout innovator in the quickly growing field of AI security, and boasts a strong company roster, with clients such as Johnson & Johnson, JP Morgan Chase, KPMG, FIS, and Pfizer. Cranium AI was approved for an NJIEF investment of $5 million through matching SYN Ventures, a specialized cybersecurity-focused venture capital firm, with a focus on key areas within modern cybersecurity, including AI security, enterprise cybersecurity tools, risk management, infrastructure security, and third-party and supply chain security. 

Urologic Health is a medical device company developing the first fully non-invasive urodynamic diagnostic system for bladder function assessment. Urologic Health is addressing a significant problem in urology diagnostics, where the current test requires catheterization. Urologic’s system eliminates the need for catheters entirely while providing the diagnostic data necessary for both men and women. The company was incubated in the MEDX Xelerator in Israel and is now located at the Liberty Science Center in Jersey City. Urologic was approved for an NJIEF investment of $1.25 million by matching Edge Medical Ventures, an early-stage investment firm with offices in Jersey City and Israel.  

EdgeMed is committed to advancing healthcare by identifying and nurturing innovative companies that address significant unmet clinical needs with substantial market potential. EdgeMed previously co-invested in Synchrony Medical through the NJIEF. 

Elligint Health provides a health care management platform for health insurance companies, specifically focusing on care and disease management for high-risk patients. The company’s main product is Helios, a cloud-based platform that provides care managers with a single system to access patient information and automatically prioritizes tasks and generates care plans, helping increase productivity. Elligint Health was approved for an NJIEF investment of $1.5 million by matching HLM Investment Partners, a venture firm focused on investments in health care services, health care technology, and health care innovation companies. 

TangGene is a biotechnology company developing an injectable drug to cure autoimmune diseases that currently have no cure, starting with Multiple Sclerosis. The company’s technology helps retrain the immune system to target the cells causing the disease while leaving the rest of the immune system intact. TangGene was approved for an NJIEF investment of up to $1.5 million through an application submitted by Oak BioCapital, a venture firm focused on investments in life sciences and biotech companies that are pioneering transformative technologies in healthcare, therapeutics, medical devices, and diagnostics. 

Founded in 2025, AstraNu is a Nokia Bell Labs spin-out developing low-cost medical imaging technology for eye care and diagnostics. AstraNu’s strategy focuses on commercializing an integrated Optical Coherence Tomography “engine module” that medical device manufacturers can plug directly into their products. This module combines all the necessary parts into a single computer chip that is 10x smaller and cheaper than traditional components. AstraNu was approved for an NJIEF investment of up to $1.5 million by matching Celesta Capital, a venture capital firm that focuses on investing in deep tech, data infrastructure, next-generation enterprise applications, and services. Celesta Capital and Nokia have a long-term strategic partnership to accelerate the commercialization of deep technologies incubated within Nokia Bell Labs. AstraNu is the first venture from this collaboration. 

ChorusRx (formally GalenusCare) is a next-generation pharmacy and medication-risk management company purpose-built for high-risk, high-acuity populations, such as hospice and chronic-care patients. At the core of its offering is APPRAISE, an exclusive, AI-enabled medication-optimization platform leveraging pharmacogenics and regimen-level risk scoring. ChorusRx was approved for an NJIEF investment of almost $1 million through by matching Rittenhouse Ventures, which focuses on early-growth B2B software investments, and aims to provide venture capital returns with a risk profile similar to private equity or growth equity funds. The co-investment into ChorusRx represents the second investment made by Rittenhouse Ventures under the Evergreen program. The NJEDA previously approved a co-investment into New Jersey-based transcendAP in November 2025.  

Sena Health is an AI‑enabled healthcare access and care coordination company that blends contextual AI agents with clinically trained human coordinators to reduce administrative burden for medical groups, health systems, and employers. Sena Health replaces fragmented call centers, scheduling tools, and back-office processes with a single operating foundation. Its flagship offering – the Access Command Center – provides 24/7/365 front‑ and back-office support, including patient scheduling, triage, care navigation, referral management, revenue cycle operations, and high acuity care coordination. Sena Health was approved for an NJIEF investment of $750,000 by matching Rittenhouse Ventures, making it the third investment made by this venture capital group under the Evergreen program over the recent two years.  

“Through the NJ Innovation Evergreen Fund and our partnership with NJEDA, we are proud to support category-defining healthcare companies in South Jersey like ChorusRx and Sena Health, and put more capital behind New Jersey innovators who are transforming patient outcomes,” said Saul Richter, Founder & Managing Partner of Rittenhouse Ventures. 

All companies approved for investment under the NJIEF will benefit from the strategic commitments made by the NJIEF tax credit purchasers. These purchases, which fund investments made by Qualified Venture Firms (QVFs), are made in tandem with commitments to provide strategic support to strengthen the State’s innovation ecosystem. Commitments include financial support for university partners, nonprofits, and Strategic Innovation Centers for innovation-related programming in New Jersey, mentoring, educational opportunities, and more, and are a scored component of the tax credit purchaser’s bids. 

The Evergreen Fund currently has approximately $46 million in unallocated capital available and is expected to use this to fund initial investments into additional high-growth businesses in New Jersey. Last year, the NJEDA auctioned $85 million in tax credits to raise additional capital, which has been available for investment throughout 2026. The NJIEF platform currently has 37 approved venture capital firms actively seeking investment opportunities in New Jersey-based companies and the program has supported 20 unique innovative business through direct investments to date. 

Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis. The firms approved to date represent diversity in terms of investment strategy, industry, and stage. Additionally, there continues to be a strong momentum from interested managers. The roster of the current approved managers can be found here. 

Applications for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey are also open and can be found here.  

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Auction will support food desert relief efforts

TRENTON, N.J. (October 7, 2026) – Due to greater than anticipated demand, the New Jersey Economic Development Authority (NJEDA) will increase the amount of tax credits available to a total of $30 million for the Food Desert Relief Tax Credit Auction. Applications will close on Friday, October 9, 2026. 

WHAT: Up to $30 million in tax credits, an increase from $25 million, will be available for purchase through the Food Desert Relief Tax Credit Auction, allowing bidders to offset their New Jersey tax liability by up to 15%. 

Proceeds will fund programs that strengthen food access and reduce hunger in communities across the state where these challenges are most acute. These future grant, loan, and/or technical assistance opportunities will advance the priorities established by the Food Desert Relief Act and complement the NJEDA’s robust toolkit of existing food security programs, including FEED NJ, which was funded by proceeds from past tax credit auctions and is investing $30 million to catalyze innovative, sustainable, and scalable food access initiatives in underserved areas. 

WHO: New Jersey Corporate Taxpayers or Insurance Companies that want to reduce their New Jersey 2026 tax liability. Companies do not need to be located in a food desert, be in the food industry, or make any ongoing commitments beyond the purchase transaction to buy tax credits through the auction. 

WHEN: Applications for the Food Desert Relief Tax Credit Auction will close on Friday, October 9, 2026, at 5 p.m. Applications and additional information can be found here. 

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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The 100% affordable housing development will include programs to support surrounding community

TRENTON, N.J. (September 17, 2026) – The New Jersey Economic Development Authority (NJEDA) approved an Aspire Program award to support an affordable senior housing development project in Trenton. The development, which is also supported by the U.S. Department of Housing and Urban Development (HUD)’s Choice Neighborhood Implementation Plan, will create 107 affordable rental units and various programs to support the surrounding community.

“As the NJEDA works to strengthen the Aspire Program, it’s encouraging to see ongoing progress on projects that expand access to affordable housing, bolster communities, and support vulnerable populations,” said NJEDA Chief Executive Officer Evan Weiss. “This development will provide older residents with stable, affordable housing, while empowering local families and businesses, delivering long-lasting benefits for years to come.”

The project, known as THA Senior, entails the construction of a four-story mixed-use development, and will be located on Martin Luther King, Jr. Boulevard in Trenton, less than a mile away from the Maternal and Infant Health Innovation Center. The building will have 107 affordable, one-bedroom rental units serving seniors aged 62 and older, as well as a two-bedroom superintendent’s unit. The development will also include a fitness room, community room, outdoor patio, walking paths, a parking lot, and playground equipment.

The development will also include roughly 10,000 square feet of commercial space for community-based organizations, with 7,400 square feet to be allocated for a daycare facility. Various programs will also be available to both residents and members of the community, including workforce development, senior services, education and youth support, financial empowerment, and early learning.

“This investment represents another major step in transforming the North Ward and delivering on the promise of our Choice Neighborhoods partnership,” said Trenton Mayor W. Reed Gusciora. “The City of Trenton and the Trenton Housing Authority worked together to secure this federal designation because we recognized that rebuilding a neighborhood requires more than building housing. THA Senior will provide 107 new affordable homes for our seniors while bringing early childhood education, workforce development, senior services and other community resources directly into the neighborhood. We are grateful to the NJEDA, HUD, the Trenton Housing Authority and all of our partners for investing in a stronger, more vibrant future for Trenton.”

“Projects like THA Senior demonstrate what is possible when state and local partners work together to invest in Trenton and the Capital Region,” said Mercer County Executive Dan Benson. “I want to thank Governor Sherrill, the New Jersey Economic Development Authority, and Trenton Housing Authority leadership for their continued commitment to our community and for utilizing the Aspire Program to help advance this important senior housing development. This investment will create new housing opportunities for older adults while helping to strengthen and revitalize Trenton. We look forward to continuing this partnership and building on the progress we are making across the Capital Region.”

“Every senior deserves access to safe, high-quality housing they can afford,” said Senator Shirley K. Turner (D-Mercer/Hunterdon). “This development will provide 107 Trenton seniors with homes of their own while also bringing childcare, workforce development, educational programs, and other valuable services to the surrounding neighborhood. This is the kind of investment that strengthens families, supports seniors, and contributes to the continued revitalization of our capital city.”

“I welcome today’s announcement of the Aspire award that will help create additional housing option for seniors and provide them with amenities that will keep their minds and bodies active,” said Assemblywoman Verlina Reynolds-Jackson (D-Hunterdon, Mercer). “At the same time, THA Senior’s plan for the workforce development, financial empowerment and educational support will benefit the entire community. This is truly a win-win for Trenton residents.”

“As we continue to revitalize Trenton, we must make strategic investments like this one that enhance amenities and foster opportunities for community members,” said Assemblyman Anthony Verrelli. (D-Hunterdon, Mercer). “The Aspire award announced today has the double benefit of increasing available housing for Trenton’s seniors and bolstering economic development through the creation of commercial space for local organizations. I am excited to see what the future of this project has in store for residents of our city.”

THA Senior was approved for an award of up to 85% of the total project cost, not to exceed $54.3 million. THA Senior was also approved for a $900,000 federal grant through the Choice Neighborhoods program. The Choice Neighborhoods program aims to leverage public and private dollars to revitalize struggling neighborhoods by catalyzing critical improvements, including vacant property, housing, businesses, services, and schools. This project is also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.

Aspire is a gap financing tool to support commercial, mixed-use, and residential real estate development projects. The NJEDA has temporarily paused applications for the program as it works to establish a new framework and criteria. For more information, please visit here.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (September 2, 2026) – The New Jersey Economic Development Authority (NJEDA) will open applications for Cohort III of the New Jersey Innovation Fellows (NJIF) Program on Wednesday, September 9, 2026, at 10:00 a.m. The program will provide income replacement grants of up to $400,000 to eligible entrepreneur teams looking to launch their businesses within New Jersey.

WHAT:           The NJIF program supports entrepreneurs with unique startup ideas by providing access to “income replacement” grants. This resource creates an opportunity for the entrepreneurs to pursue unique startup business ventures with the security of initial income replacement funding and guidance during the two-year ideation and formation period of their business.

In addition to financial support, the NJIF Program will provide comprehensive mentorship training for each entrepreneurial team. The 24-month mentorship program will provide expert guidance in various fields, conduct workshops, and offer networking opportunities with academic and industry partners through the New Jersey Innovation Institute and the Rowan Center for Innovation & Entrepreneurship.

Grants of $200,000 are available, with bonuses of up to $200,000 if an entrepreneur resides in an Opportunity Zone, self-certifies as a woman or minority, or graduated from a New Jersey college or university. Subject to the availability of funding, up to six applications will be recommended to the Authority’s Board for the Program award and entry into the mentorship program. If funding remains, a seventh award may be considered.

WHO:             Eligible applicants must consist of a team of no less than three individuals and be working to launch a business. For a full list of eligibility requirements, please click here.

WHEN:          Applications will open on Wednesday, September 9, 2026, at 10:00 a.m. and must be submitted by Friday, December 4, 2026, at 5:00 p.m.

The NJEDA is currently accepting questions from interested parties through Wednesday, September 9, 2026, at 5:00 p.m. Questions concerning this Program’s Notice of Funding Availability should be submitted to njinnovationfellows@njeda.gov.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Updates to Take Charge and NJ Cool programs will expand EV charging infrastructure and bolster building decarbonization

TRENTON, N.J. (August 26, 2026) – The New Jersey Economic Development Authority (NJEDA) Board recently approved modifications to the Take Charge Program and the NJ Cool Program to increase available funding, advance new solar and energy storage installations, reduce energy bills for businesses and institutions, and drive down greenhouse gas emissions. The approved changes align both programs with Governor Mikie Sherrill’s efforts to expand power generation, lessen strain on the state’s power grid, and lower energy costs, supporting affordability for the state’s residents and entrepreneurs.

“New Jersey’s businesses are the backbone of our economy, and we are committed to giving them the tools they need to grow, create jobs, and thrive,” said Governor Mikie Sherrill. “By aligning programs like Take Charge and NJ Cool with our broader energy affordability agenda, we are helping businesses lower costs and invest in their future. I’m grateful to the NJEDA for their partnership as we work to make New Jersey a more affordable and competitive place to do business.”

“Governor Sherrill understands that supporting business growth in New Jersey requires meaningful action on energy affordability, and in her first six months in office, she has enacted reforms to freeze energy rates, expand power supply, and bring real relief to ratepayers,” said NJEDA Chief Executive Officer Evan Weiss. “The changes to Take Charge and NJ Cool will align the NJEDA’s clean energy toolkit to Governor Sherrill’s energy affordability agenda, unlocking capital for business owners to continue growing their enterprises in the Garden State.”

The Take Charge Program will use Regional Greenhouse Gas Initiative (RGGI) funds to help commercial organizations cover the costs of establishing electric vehicle charging infrastructure for private fleets. Under the changes to the Take Charge Program approved by the Board, the minimum grant award size per project will be increased from $50,000 to $100,000 and the installation of on-site renewable energy generation or energy storage systems will be required as part of the proposed project scope. These modifications better align the program with the state’s current energy priorities, including the adoption of Virtual Power Plants (VPPs), which will better manage grid resources, lower electricity costs, and provide a future revenue source to participants.

Under the NJ Cool Program, the NJEDA utilizes RGGI funds to provide grants of up to $1 million for 50 percent of eligible project costs for building retrofit projects that reduce greenhouse gas emissions, helping create efficient, affordable, and more resilient buildings while supporting New Jersey’s broader clean energy goals. Phase 2 of the program will require updates to the building’s existing heating or cooling system and installing on-site renewable energy generation or energy storage systems.

The NJ Cool Program complements the NJEDA’s Reducing Emissions through Retrofits, Optimization, Fuel-Switching, and Innovative Technologies (RETROFIT NJ) Grant Program, which supports multi-pronged, large-scale retrofit projects that enable holistic energy improvements for buildings, campuses, and multi-building facilities. In June, the NJEDA announced it awarded 10 large-scale projects a total of $79 million under the RETROFIT NJ Program. The NJEDA recently updated the RETROFIT NJ Program to expand available funding and advance more solar generation, battery storage, and thermal energy network projects. Applications for Phase II of the RETROFIT NJ Program are expected to open later this summer.

The NJEDA’s other clean energy programs have continued to advance innovative energy projects during Governor Sherrill’s first months in office. Recently, the NJEDA and Nuveen Green Capital closed a $101 million loan under the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program to support the construction of energy efficiency and renewable energy projects for the upcoming Lionsgate film studio in Newark. Additionally, more than $53 million in voucher funding has been approved under the New Jersey Zero-Emission Incentive (ZIP) Program in 2026, assisting in the purchase of 791 zero-emission medium- and heavy-duty vehicles from NJ-based dealerships, with more approvals ongoing. 

Collectively through its programs, the NJEDA has invested over $180 million in clean energy projects in 2026 so far. For more information on the NJEDA’s clean energy programs, visit www.njeda.gov/clean-energy/.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (August 24, 2026) – The New Jersey Economic Development Authority (NJEDA) Board approved a Cultural Arts Facilities Expansion (CAFE) Program award to support the Asbury Park Convention Hall’s $130 million renovation project. The investment in the 97-year-old convention hall in Monmouth County will expand equitable access to the performing arts for residents across the state, while catalyzing local economic development and revitalizing an important cultural anchor.

“For nearly a century, the Asbury Park Convention Hall has served as an iconic landmark that provides top-tier arts entertainment and programming for residents and visitors. It’s exciting for the NJEDA, under Governor Sherrill’s leadership, to be a part of this next chapter in its ongoing legacy,” said NJEDA Chief Executive Officer Evan Weiss. “Through investments in the arts and culture sector, the CAFE Program is helping drive new economic activity into communities and ensuring cultural hubs can continue serving the public for future generations.”

The Asbury Park Convention Hall Music & Performance Venue’s Restoration, Revitalization & Modernization Project will rehabilitate the 1920s-era performing arts center, which includes the Convention Hall, the Grand Arcade, and the Paramount Theater on the Asbury Park Boardwalk.  The entire complex will undergo a comprehensive restoration – inside and out – in accordance with historic preservation standards, revitalizing structural, mechanical, architectural, features, including the marquee, lobbies, mezzanines, storefronts, and performance spaces. ADA access upgrades will ensure the landmark is welcoming and inclusive for all visitors as it enters its next century of service.

Beyond its significance to Asbury Park, securing the future of this irreplaceable cultural landmark will serve as a cultural and economic asset for the entire State of New Jersey, drawing visitors and artists from near and far. The project’s goal to attract world-class talent will elevate New Jersey’s cultural profile far beyond the local community, creating ripple effects that bolster the state’s music, arts, and tourism sectors.

“Asbury Park is rooted in music, and the legendary Convention Hall is a center of that,” said Gary Mottola, President, Madison Marquette Asbury. “This CAFE award will ensure that Asbury Park remains a cultural heartbeat of the State for generations to come.”

First opened in 1929, the Convention Hall complex has hosted diverse programming spanning music, theater, dance, film, sports, conventions, and civic events, establishing it as a vital component of New Jersey’s creative and cultural landscape. The comprehensive upgrades will enhance the complex’s ability to attract top performers and diverse audiences while honoring its legacy as a symbol of cultural pride, resilience, and artistic expression. The project is approved for up to $75 million in CAFE Program tax credits.

“The City is thrilled about Madison’s approval application for the tax credits,” said Deputy Mayor Amy Quinn. “We thank the Sherrill administration and Senator Gopal for their support. This is a great step that has required years of work and negotiation. These credits come only if Madison stays in compliance. We look forward to working with the EDA and Madison Marquette to ensure one of the most historic and iconic structures on the East Coast is restored to its former glory.”

New Jersey’s arts and culture sector contributes billions of dollars in economic activity each year, drives tourism, and enhances quality-of-life for state residents. NJEDA initiatives like the CAFE Program and the Activation, Revitalization, and Transformation (A.R.T.) Program leverage the economic potential of arts and culture projects to boost foot traffic in downtowns and main streets across New Jersey, supporting local small businesses, creating jobs, bolstering engagement with the arts, and strengthening the vibrancy of communities. 

The CAFE Program aims to increase cultural arts activities, attract visitors, boost engagement with the arts in underserved communities, and revitalize downtowns by providing tax credits to build or renovate facilities, including aquariums, historical societies, libraries, galleries, and museums. Eligible awardees can receive tax credits covering up to 100 percent of eligible project costs, up to $75 million. 

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Fund managed by Portal Innovations will support New Jersey Innovation Hub companies affiliated with the HELIX Strategic Innovation Center

TRENTON, N.J. (August 20, 2026) – Today, the New Jersey Economic Development Authority (NJEDA) Board approved a commitment of up to $5 million to an investment fund managed by Portal Innovations to support New Jersey life sciences companies based at the New Jersey Innovation Hub in the New Jersey Health + Life Science Exchange (HELIX) Strategic Innovation Center (SIC). This investment, matched by an up to $5 million commitment from RWJBarnabas Health, the exclusive healthcare partner to the fund, will help advance innovative startups focused on drug discovery and translational medicine, supporting entrepreneurs, creating jobs, strengthening community health and access to healthcare for the communities’ services, and driving long-term growth in the state’s innovation economy.

“Through our first six months in office, my Administration is taking action to ensure the next generation of innovative companies can thrive right here in New Jersey, from cutting costs and easing burdensome regulations, to making government more responsive to the needs of the business community,” said Governor Mikie Sherrill. “The partnership between the NJEDA and RWJBarnabas Health shows the power of public-private partnerships in building our state’s innovation economy, and will further New Jersey’s leadership in the life sciences sector.”

“From cutting red tape and burdensome regulations to expanding access to capital, Governor Mikie Sherrill is taking action to ensure companies can continue to grow and thrive in New Jersey,” said NJEDA Chief Executive Officer Evan Weiss. “The NJEDA’s $5 million investment to Portal Innovations, partnering with RWJBarnabas Health’s $5 million match, will bolster the state’s leadership in the life sciences sector, advance novel research and development, and strengthen New Jersey’s entrepreneurial ecosystem, encouraging the Garden State’s continued economic growth.”

SICs are facilities that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and educational programming. Providing a physical location where entrepreneurs can collaborate helps cultivate new, diverse innovators and drives long-term economic growth. Robust public-private partnerships such as those fostered by SICs expand capital, networking, and development opportunities that strengthen New Jersey’s economy, supporting Governor Sherrill’s efforts to advance innovative economic development initiatives to increase entrepreneurship.

Building One of the HELIX development in downtown New Brunswick includes the New Jersey Innovation Hub, a collaborative environment equipped with full-service workspaces, wet and dry laboratories, conference facilities, food services and other amenities for participating startup companies. Strategic partnerships with private sector leaders like RWJBarnabas Health, which is matching the NJEDA’s $5 million commitment, will help engage and guide New Jersey Innovation Hub startups to real world patient needs, allowing healthcare innovations to quickly transition from discovery to bedside.

“At RWJBarnabas Health, we know the most promising breakthroughs in medicine shouldn’t stall on their way from bench to bedside. We see this collaboration with the NJEDA and Portal Innovations as a direct expression of Governor Sherrill’s vision for a more competitive, innovation-driven New Jersey — one where economic growth and improved health outcomes advance hand in hand,” said George Helmy, EVP and Chief Corporate Affairs Officer, RWJBarnabas Health.  “This strategic investment allows us to walk alongside entrepreneurs from their earliest ideas through clinical application, ensuring that life sciences innovation translates into better outcomes for the patients and communities we serve.”

Portal Innovations, a life sciences venture creation and development platform, was selected as the operator of the New Jersey Innovation Hub in May 2025. The company provides a comprehensive national network encompassing multiple locations and exclusive services tailored to the needs of members and founders. To date, Portal has helped more than 90 innovative startups across various therapeutic areas, including medtech, diagnostics, and data sciences.

“Successful life sciences ecosystems are built through collaboration, and public-private partnerships are essential to creating the conditions where entrepreneurs can thrive, and we’ve already had success in New Brunswick by signing 18 members at the New Jersey Innovation Hub” said John Flavin, Founder and CEO of Portal Innovations. “The investment from NJEDA and RWJBarnabas Health is a seminal moment for life sciences innovation in the state. These funds represent an important commitment to giving New Jersey startups the resources they need to reach their next milestones and build on the momentum already underway in the state’s life sciences ecosystem.”

The New Jersey Innovation Hub is further supported by public and private partners, including Rutgers University, Hackensack Meridian Health, Johnson & Johnson, the New Brunswick Development Corporation, and Middlesex County.

The NJEDA has announced investments into 12 SICs in New Jersey, focused on industries such as artificial intelligence, fintech, aerospace, life sciences, and biotech. In addition to the New Jersey Innovation Hub, several SICs, including the NJ AI Hub, The New Jersey Accelerator for Innovation in Medtech, and the Nurture New Jersey SIC, have associated investment funds in recognition of the importance of access to capital in startup growth. To learn more about the NJEDA’s SIC initiative, visit https://www.njeda.gov/strategic-innovation-centers/. 

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Funding will facilitate the installation of energy efficiency, renewable energy, EV charging, and water conservation measures  

TRENTON, N.J. (August 13, 2026) – Today, the New Jersey Economic Development Authority (NJEDA) and Nuveen Green Capital announced the closing of a $101 million loan under the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program. The funding, administered alongside senior lender and alternative investment manager MCCP, will support the construction of energy efficiency and renewable energy projects for the upcoming Lionsgate Studios Newark, which is owned and operated by Great Point Studios, increasing power generation, easing upfront costs for developers, creating high-quality jobs, and expanding New Jersey’s nation-leading film and television infrastructure.   

 C-PACE financing will be used to install seven electric vehicle charging stations and a 1.1 mega-watt (MW) solar power system with anticipated annual generation of 1.34 million kilowatt-hours (kWh), advancing Governor Mikie Sherrill’s efforts to bolster power generation and lower costs for New Jerseyans. Energy-efficient building envelope, lighting, and electrical HVAC systems will also help reduce electricity consumption by 388,000 kWh annually, reducing strain on the power grid and lowering utility costs, while water conservation measures are projected to save 259,000 gallons of water annually.  

“Governor Sherrill has taken meaningful action throughout her first year in office to expand power generation, cut red tape for businesses, lower costs for New Jerseyans, and strengthen the state’s high-growth industries,” said NJEDA Chief Executive Officer Evan Weiss. “To advance the Governor’s efforts, the NJEDA continues to make impactful investments through its clean energy programs, and support for Lionsgate under the Garden State C-PACE Program exemplifies the tremendous economic opportunities available for businesses while simultaneously bolstering the state’s booming film and television industry.”  

The Garden State C-PACE Program allows property owners to repay investments from Qualified Capital Providers into eligible projects through a special assessment to a Participating Municipality, similar to the owner’s real property tax, sewer, or water bill. The Participating Municipality then remits the payment to the initial capital provider. This unique form of financing results in lower-cost, longer-term financing, making it easier for projects to be cash flow positive from the outset. Municipalities are required to opt-in prior to any project application.  

“We are thrilled to partner with NJEDA as well as MCCP to capitalize this significant project, which marks not one, but two milestones, as the largest C-PACE transaction ever closed in New Jersey and the first in the city of Newark,” said Mike Doty, Senior Director of Originations, Nuveen Green Capital. “Through C-PACE, the sponsor will realize meaningful cost savings by financing eligible improvements at a competitive rate over a longer term, preserving capital that can be redeployed into the development itself. As C-PACE continues to expand across asset classes and use cases, it is exciting to see it applied to a project of this scale and cultural significance, one that is strategically located close to New York City and will bring jobs, production activity, and sustainable infrastructure to Newark for years to come.”

Lionsgate Studios Newark will sit on a 12-acre site and feature six soundstages designed to accommodate simultaneous film and television productions of varying scale. The property will include comprehensive production support infrastructure with mill shops for set construction and fabrication, dedicated production offices, support space, and equipment storage. The studio will also provide career training to Newark high school students as the film and production economy in New Jersey continues to grow. Construction is expected to be complete in 2027.   

Lionsgate Studios Newark was announced as New Jersey’s first-ever Studio Partner in December 2022, allowing the company to access expanded benefits under the state’s Film and Digital Media Tax Credit program. Under the designation agreement, Lionsgate (NYSE: LION) commits to occupy a New Jersey film production facility for at least 10 years and is potentially eligible for a 40 percent base tax credit for qualified production expenses on future New Jersey film projects.  

Since the state’s Film and Digital Media Tax Credit Program was reinstated, film production in New Jersey has surged. In 2024, in-state production spending from filmmaking hit an estimated $834 million, surpassing the previous record of $701 million in 2022. To accommodate the surge in film production, the new Lionsgate Studios Newark, along with Netflix’s new studio at Fort Monmouth and 1888 Studios in Bayonne, will significantly expand the state’s film and television infrastructure, attracting more productions, creating jobs, and stimulating local economies.    

“Newark represents one of the most exciting opportunities for the future of film and television production,” said Robert Halmi, Founder and CEO of Great Point Studios. “This financing is an important milestone that allows us to bring a world-class, purpose-built studio to a city with tremendous potential. Lionsgate Newarkwill deliver sustainable infrastructure that supports the next generation of film and television production while creating high-quality jobs, supporting local businesses, and helping establish Newark as a new center for creative and economic growth.”

“As large and as creative as this complex financial transaction is, it is dwarfed by the enormous benefit it bestows on the people of our city,” said Newark Mayor Ras J. Baraka. “Rising from a long-neglected expanse of land in the South Ward, this investment brings palpable hope in the form of forward-facing infrastructure, job creation and over-arching economic development. The construction phase brings employment and infuses collateral spending in the neighborhood. The studios spur relevant workforce development, permanent careers and a host of local support businesses. Beyond that, by signing the Community Benefits Agreement, Great Point has committed to ongoing educational, arts and cultural programs that will further enrich residents of all ages, for generations to come.”

 “Asset Environments appreciates our continued relationship with NJEDA and Nuveen Green Capital to evaluate and review the energy and economic impacts of exciting developments in New Jersey. Working with outstanding administrative, financing, design, and engineering teams are what allow projects like this to be successful,” said Asset Environments Energy Engineer Troy Teeter. “New Jersey C-PACE’s use of whole building energy modeling in combination with bonus technologies provides access to capital financing with tangible benefits to the sponsor. Through the PACE review process, the project design team implemented additional energy saving improvements into the building’s design enabling access to additional financing. As a result, the project is expected to reduce its total site energy consumption to align with the project’s sustainability and operational goals, while maximizing financial benefit. This project is a showcase of how sustainably minded borrowers benefit from the advantages of C-PACE as a tool to both improve their building and meet their financial goals.”

Over the past decade, C-PACE programs in more than three dozen states have proven an effective tool to attract private capital into the renewable energy, energy efficiency, and resiliency markets. To date, according to the non-profit entity PACENation, there have been 3,581 C-PACE projects throughout the United States, which have drawn a collective investment of over $9.75 billion and have created 148,795 jobs. The Garden State C-PACE Program is already making meaningful investments in projects around the state, closing more than $176 million in financing since launching in July 2025.   

A list of current Participating Municipalities, Qualified Capital Providers, and Qualified Technical Reviewers can be found here. The NJEDA will continue accepting applications for municipalities, capital providers, technical reviewers, and C-PACE projects on a rolling basis.   

For more information, including C-PACE eligibility requirements and program guidelines, visit https://www.cpacenj.gov/ or email Gardenstatecpace@njeda.gov.   

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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CAMDEN, N.J. (August 12, 2026) – Today, New Jersey Economic Development Authority (NJEDA) Chief Executive Officer Evan Weiss and Battleship New Jersey Museum & Memorial CEO Marshall Spevak announced that the Authority’s Cultural Arts Facilities Expansion (CAFE) Program will support the museum’s planned expansion and improvement project. Since opening as a museum in 2001, the Battleship New Jersey has preserved its storied naval history while serving as a cultural landmark and educational destination that has strengthened community pride and helped connect local residents with national history. The Battleship’s $24.25 million renovation plans include a new visitor center as well as various improvements and upgrades to the ship itself to ensure it can continue educating the next generation. 

“As a Navy veteran, I know Battleship New Jersey stands as an enduring testament to the service and sacrifice of generations of Americans,” said New Jersey Governor Mikie Sherrill. “This investment will preserve that legacy and strengthen one of New Jersey’s most treasured historic destinations. It will also bring more visitors to Camden and create new activity along the waterfront, supporting the surrounding community. Future generations deserve the opportunity to experience this extraordinary ship and understand what it represents.” 

“Under Governor Mikie Sherrill’s leadership, the CAFE program is helping to spur economic activity, drive foot-traffic into key corridors, and revitalize communities across the state,” said NJEDA CEO Evan Weiss. “The NJEDA is proud to support Battleship New Jersey’s improvement project, which will expand access to this historic icon for students, families, and visitors to hands-on educational experiences, ensuring it remains a community cultural hub for years to come.” 

The Battleship New Jersey Redevelopment Project, located at 100 Clinton Street in Camden, will consist of a new three-floor visitor center which will include a lobby area, ticketing space, artifact displays, a small café and gift shop, landscaping improvements, and administrative support areas. There will also be various security improvements and renovations to help provide a better visitor experience. The credit award is for up to 100% of eligible project costs, not to exceed $19.9 million. 

“After successfully preserving the Battleship’s physical future through her historic dry docking in 2024, our responsibility is to build an institution around her that can thrive for generations,” said Battleship New Jersey CEO Marshall Spevak. “This project will fundamentally change how visitors arrive, how they experience the ship, and how we sustain this national treasure over the long term. It is the culmination of years of planning and partnership, and it gives us the opportunity to match the greatness of the ship with the visitor experience she deserves.” 

The announcement was made today during a press conference at Battleship New Jersey. NJEDA CEO Weiss and Battleship New Jersey CEO Spevak were joined by Camden County Commissioner Jeffrey L. Nash, Camden Mayor Vic Carstarphen, and other local officials. 

“Camden County is proud to be a partner to the Battleship New Jersey in this project and in its continued growth as one of our region’s most important cultural and historic institutions,” said Camden County Commissioner Jeffrey Nash, “This investment will improve the visitor experience, support tourism, and strengthen the Battleship’s role as an anchor of the Camden waterfront. It is a significant investment not only in the ship, but in the future of Camden County and the entire region.”

“The Battleship is an unmistakable part of Camden’s identity and an enduring symbol of our city’s strength and resilience,” said Camden Mayor Victor Carstarphen. “This project means new investment, new activity, and new opportunities along our waterfront. Most importantly, it ensures that Camden residents and visitors from around the world will continue to experience this historic ship right here in our city.”

Battleship New Jersey serves as a cultural and educational resource for Camden and the surrounding region. The museum draws a wide and diverse audience including students, military veterans, families, and tourists exploring the Camden and Philadelphia region, and attracts approximately 80,000 visitors annually. 

New Jersey’s arts and culture sector contributes billions of dollars in economic activity each year, drives tourism, and enhances quality-of-life for residents. NJEDA initiatives like the CAFE Program and the Activation, Revitalization, and Transformation (A.R.T.) Program leverage the economic potential of arts and culture projects to boost foot traffic in downtowns and main streets across New Jersey, supporting local small businesses, creating jobs, bolstering engagement with the arts, and strengthening the vibrancy of communities. 

The CAFE Program aims to increase cultural arts activities, attract visitors, boost engagement with the arts in underserved communities, and revitalize downtowns by providing tax credits to build or renovate facilities, including aquariums, historical societies, libraries, galleries, and museums.  

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

TRENTON, N.J. (August 10, 2026) – On Wednesday, August 12, 2026, the New Jersey Economic Development Authority (NJEDA) and Battleship New Jersey will host a press conference to announce the museum’s multimillion-dollar renovation project, which is supported by the Authority’s Cultural Arts Facilities Expansion (CAFE) Program. The improvements will help ensure the museum will remain an educational and cultural hub for future generations.

WHEN:           Wednesday, August 12, 2026

10:30 a.m.

WHO:               NJEDA CEO Evan Weiss

Camden County Commissioner Jeffrey L. Nash

Camden Mayor Victor Carstarphen

Battleship New Jersey CEO Marshall Spevak

WHERE:          Battleship New Jersey Museum & Memorial

100 Clinton Street

Camden, N.J

PRESS:            OPEN

(RSVP to Christopher.Flores@njeda.gov or dan.keashen@camdencounty.com)

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.