Irish-American entrepreneurs in the fields of clean energy, marketing, real estate, and small business joined the conversation

TRENTON, N.J. (March 24, 2025) – In recognition of Irish-American Heritage Month and Saint Patrick’s Day, the New Jersey Economic Development Authority (NJEDA) hosted a roundtable discussion last week with state legislators and Irish-American entrepreneurs to discuss state support for the Irish business community and efforts to strengthen economic relationships with the country. Hosted at the NJEDA’s Trenton office, the roundtable brought together business leaders from a variety of industries across New Jersey, exemplifying the impact of Irish Americans on the state’s economy.

“Under Governor Murphy’s leadership, the NJEDA is committed to creating a stronger, more diverse economy by fostering international relationships and promoting economic opportunities for every New Jerseyan,” said NJEDA Chief Executive Officer Tim Sullivan. “Irish Americans are an integral part of New Jersey’s economic fabric, and frank discussions with representatives of the community will help the state craft and refine resources to strengthen businesses and support entrepreneurs.”

Moderated by Director of the New Jersey Ireland Center Steven Lenox, the discussion included representatives from the New Jersey General Assembly, including Speaker Craig Coughlin, Majority Whip Carol Murphy, and Assemblyman William F. Moen, Jr.

“We have a lot to be proud of here in New Jersey, especially when it comes to fostering a strong business environment for Irish-American entrepreneurs and our international partners,” said Speaker Coughlin. “With nearly one million residents of Irish descent, the economic and cultural ties between New Jersey and Ireland continue to drive investment and opportunity. The partnership between our two regions has already brought tremendous growth and opportunity, and there is still so much more to build and achieve together for generations to come.”

“Through the development of the American National & New Jersey Irish Caucus, we had the opportunity to travel and speak with government officials and business leaders in Ireland,” said Assemblywoman Murphy. “Recognizing New Jersey’s potential, Ireland continues to explore future business and education opportunities in the state. Conversations, like the one held by the NJEDA, are important as we continue building our partnership with Ireland.”

“I was extremely grateful for the opportunity to participate in NJEDA’s Irish American Roundtable earlier this week on St. Patrick’s Day. It was a great opportunity to highlight the strength of the Irish American community and its continued role in the economic success of New Jersey,” said Assemblyman Moen. “As a member of the Irish Trade Commission, we are committed to strengthening the relationship between Ireland and New Jersey as well as the Irish American culture around our great state.”

“While the close ties between New Jersey and Ireland are especially evident in March, they run deep throughout the year,” said Lenox. “Not only did our discussion highlight this, but the initiatives we’ve undertaken to make our state more attractive to Irish companies looking to expand into the US — including making New Jersey the first US state with a permanent economic development presence in Ireland — put this into action every day.”

Applegreen Electric, which maintains its United States headquarters in Glen Rock, designs, develops, and operates electric vehicle charging stations at over 630 Applegreen travel plaza sites in the United States, Ireland, and the United Kingdom. Vice President of Electric Vehicles Jimmy Ellis, who participated in the roundtable discussion, oversees the expansion of convenient, high-speed electric vehicle charging infrastructure.

Originally from Cork, Ireland, Michelle McCarthy, Founder and Chief Executive Officer of MCC Marketing Group, has over 15 years of expertise in leading transformative marketing campaigns for some of the most iconic names and venues in the sports and entertainment industry. In 2023 and 2024, she was featured in Irish America Magazine’s prestigious Business 100 list, celebrating her contributions to arts, entertainment, philanthropy, and community action.

“Irish brands have long been synonymous with quality, authenticity, and innovation – values that deeply resonate with American consumers. Under Governor Murphy’s leadership, New Jersey has cultivated an environment where international businesses can thrive, offering Irish companies a unique opportunity to leverage this dynamic ecosystem,” said McCarthy. “By fostering direct connections between Ireland’s graduates, Irish entrepreneurs, and New Jersey’s industry leaders and investors, we can create even greater opportunities for growth and collaboration. As the founder of MCC Marketing Group, I’m proud to have our company based in New Jersey – a state that champions innovation and international partnerships. We understand the power of storytelling in shaping a brand’s success, and we’re excited to see Irish businesses continue to flourish in the New Jersey market.”

Ann Wycherley, a Real Estate Broker at Brown Harris Stevens, emigrated to New Jersey from Ireland and studied at the Marketing Institute of Ireland. Wycherley is an award-winning agent with over 20 years of experience in the Hudson County market. She has been recognized by the New Jersey Circle of Excellence and earned a Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Tim Bauersachs owns and manages the Cross and Shamrock, a family-run gift shop and online store located in Hamilton Township specializing in Irish gifts and religious items. He also serves as Treasurer for the North American Celtic Trade Association, which promotes the sale of Irish and Celtic products in North America. The Cross and Shamrock received grant funding through the NJEDA’s COVID-19 Small Business Emergency Assistance Program.

“Cross and Shamrock has been in my family for 40 years and it’s an honor to keep the business alive and continue serving Central Jersey,” said Bauersachs. “Irish culture runs deep throughout New Jersey and I’m proud that our family business is part of the story. I’m grateful to the NJEDA for its assistance in helping keep our doors open during the pandemic and I look forward to offering our Irish gifts and religious items for years to come.”

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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Next NJ Program and AI Innovation Challenge Administration Grant Program will increase AI investment and catalyze groundbreaking research

TRENTON, N.J. (March 18, 2025) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved the creation of the Next New Jersey Program – AI and the AI Innovation Challenge Administration Grant Program. Both programs build on Governor Phil Murphy’s goal of establishing New Jersey as a leader in AI by encouraging private investment into the state’s growing AI sector and promoting collaboration between New Jersey’s citizens and government in AI innovation.

“AI presents a tremendous economic opportunity for New Jersey, poised to create good-paying jobs, catalyze new discoveries, grow our start-up community, and foster long-term economic growth,” said Governor Murphy. “New Jersey’s continued investment in the sectors of the future will pay dividends for generations to come, setting the Garden State on a path of economic strength and prosperity.”

“Under Governor Murphy’s leadership, the NJEDA has focused on supporting cutting-edge industries like AI, creating family-sustaining jobs for residents and bolstering the state’s innovation economy,” said NJEDA Chief Executive Officer Tim Sullivan. “AI offers a multitude of economic opportunities for the state’s entrepreneurs, businesses, and residents, and these new initiatives will ensure that companies and industry stakeholders have the opportunity and resources needed to invest in AI and contribute to its ongoing growth and evolution.”

The Next New Jersey Program – AI will drive economic growth, collaboration, and the development of AI infrastructure across the state by providing tax credits to eligible businesses investing in large-scale AI data centers and companies engaging in AI-related activities. The $500 million program leverages AI to stimulate innovation, boost productivity, and attract high-tech investments, positioning New Jersey as a key player in the rapidly evolving AI economy.

A business must commit to creating at least 100 new full-time jobs and meet a minimum capital investment of $100 million to be eligible for tax credits. Additionally, the program requires that the business enter into a collaborative relationship with a New Jersey-based public or private research university, technology startup, incubator, accelerator, or similar entity. For more information, including additional eligibility requirements, click here.

The AI Innovation Challenge Administration Grant Program will provide $3.8 million in grant funding to an eligible Administrator through a competitive application process. The Administrator will develop and manage a statewide AI Challenge and disburse sub-grant awards to challenge winners. The NJEDA-approved Administrator’s creation of the AI Challenge will promote participation from a diverse array of stakeholders across New Jersey to identify challenges throughout the State, and leverage AI to develop innovative software solutions that advance social and public good.

 The AI Challenge will include an initial competitive event and virtual showcase where participants will create and present AI-based software prototypes. Winners from the initial competitive event will continue developing their prototypes towards a Minimum Viable Product and present their solutions at a demo day event. After the demo day event, winners will continue working with the Administrator on pilot testing or commercialization of the AI-based software solution. Winners will also receive mentorship and advisory support from the Administrator’s network of subject matter experts.

Applications for the AI Innovation Challenge Administration Grant Program will open during a defined application period following a Notice of Funding Availability being published on the NJEDA’s website. Entities interested in applying for the Grant Program are recommended to start the New Jersey business registration and tax clearance certificate process early to ensure timely submission and processing of applications in compliance with the NJEDA’s eligibility requirements.

The two programs approved today are part of Governor Murphy and the NJEDA’s efforts to expand state resources for the AI sector. In 2023, the Murphy Administration and Princeton University announced a partnership to develop an AI Hub, which will advance New Jersey’s leadership in the field and catalyze innovation in AI technologies. In February, Governor Murphy and Princeton University announced Microsoft and CoreWeave as founding partners of the AI Hub, helping position New Jersey as a leading East Coast center for AI innovation. The NJEDA also approved the creation of a dedicated AI cohort within the New Jersey Innovation Fellows Program (NJIF) in 2024, which will provide income replacement grants of up to $400,000 to eligible entrepreneur teams looking to launch an AI-driven business.

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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New Jersey Film Works Grant Program and partnerships with institutions of higher learning will expand access to high-quality careers

TRENTON, N.J. (March 13, 2025) – The New Jersey Economic Development Authority (NJEDA) Board approved the creation of the New Jersey Film Works Grant Program and entered into Memorandums of Understanding (MOUs) with Montclair State University and Brookdale Community College to expand film and digital media workforce development initiatives. The new program and partnerships will prepare New Jersey residents for family-sustaining careers in the booming film and entertainment industry, fostering and diversifying the state’s talent pipeline in a critical economic sector and bolstering different approaches to support the state’s film industry.

“Under Governor Phil Murphy’s leadership, New Jersey has reclaimed its status as a leading hub for film and television production. Through the development of state-of-the-art film studios and the success of the Film and Digital Media Tax Credit Program, the industry remains poised for long-term growth,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA is committed to providing New Jersey residents of all backgrounds with the skills and training they need to capitalize on the immense economic opportunities created by the film and digital media industry. As more studios and production companies utilize New Jersey’s premier incentives and diverse filming locations, they can rely to the state’s expansive talent pool to fill essential roles.”

The $3 million New Jersey Film Works Grant Program will award grants of up to $750,000 to entities that provide New Jersey residents with access to workforce development training, internship, apprenticeship, and learning opportunities in film and digital media. In line with Governor Murphy’s mission to strengthen economic opportunity for every New Jerseyan, the competitive program includes a focus on providing training and career opportunities for residents of Overburdened Communities.

The program is expected to award grants to about six eligible applicants, which can include, but are not limited to, nonprofit and community-based organizations, educational institutions, and labor unions. A Notice of Funding Availability will be available for interested parties in Spring 2025.

In addition to the new program, the NJEDA Board entered into an MOU with Brookdale Community College to provide $1 million to the New Jersey Film Academy initiative. The partnership with Brookdale will provide students, adult learners, diverse underserved populations, and incumbent workers with education and career pathways to pursue careers in film and increase employers’ access to a skilled workforce. The curriculum is standardized and will be replicated in New Jersey’s community college system, expanding the reach of the program to other institutions. The MOU also dedicates $100,000 in funding to support tuition assistance and student scholarships for participation in the program.

For more information on the New Jersey Film Academy, visit https://www.njfilmacademy.org/.

“This partnership with the NJEDA is a game-changer for students and professionals looking to break into the film industry,” said Dr. David Stout, President of Brookdale Community College. “By providing high-quality, accessible education and career pathways, we are not only empowering our students but also strengthening New Jersey’s growing film sector with a skilled and diverse workforce.”

Additionally, the NJEDA Board entered into an MOU with Montclair State University to fund construction of the Making Innovations for X (MIX) Lab, which is a centerpiece of the university’s state-of-the-art Dreamscape Learn facility and curriculum. The lab, which will include a 26-seat immersive classroom and virtual reality pod, enables cutting-edge virtual reality and motion capture educational experiences to powerfully engage students in 21st-century learning.

The MIX Lab is expected to open in July 2026. For more information on Dreamscape Learn, visit https://www.dreamscapelearn.com/.

“We proposed creating the Dreamscape Learn Virtual Reality Lab at Montclair State University to host a space where students can learn and create without limitation. In partnership with Dreamscape Learn, Montclair will develop a cutting edge virtual reality curriculum that offers students an immersive learning opportunity beyond what traditional classroom settings or labs can provide,” said Montclair State University President Jonathan Koppell. “Montclair thanks Governor Murphy and the NJEDA for empowering us to prepare the next generation of creators that will support New Jersey’s growing film, television and media industry.”

“The NJEDA is committed to nurturing resources and partnerships that prepare New Jersey workers for the industries that will define the state’s economic future,” said NJEDA Executive Vice President of Clean Energy and Workforce Development Partnerships Jen Becker. “These new initiatives will strengthen the Authority’s efforts to bolster the talent pipeline for the Garden State’s thriving film and digital media industry, which is poised to provide lasting economic opportunity for decades to come.”

Since the revival and enhancement of the NJEDA’s Film and Digital Media Tax Credit Program, the state has attracted hundreds of feature films, television shows, and digital media projects. The surge in production has been accompanied by new construction on state-of-the-art studios, including Netflix in Monmouth County and 1888 Studios in Bayonne, hastening the need for skilled industry professionals in the film and digital media industry.

“As major studios and networks continue to choose the Garden State due to its incredible locations and nation-leading incentives, New Jersey residents must be prepared to take on the jobs created by the industry,” said New Jersey Motion Picture and Television Commission Vice President Jon Crowley. “Through the NJ Film Works Program and our partnerships with higher education and other stakeholders, the state will deliver unique and best-in-practice job training programs not seen anywhere else in the U.S. This will position New Jerseyans to better reap the economic opportunities that are already heading to the Garden State.”

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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Sun Pharma will keep headquarters in NJ and bring 220 new jobs to the state

TRENTON, N.J. (March 13, 2025) – The New Jersey Economic Development Authority (NJEDA) Board approved tax credits under the Emerge Program to support Sun Pharmaceutical Industries Inc.’s (Sun Pharma) plan to open a new U.S. headquarters in Princeton. Sun Pharma engages in pharmaceutical and medicine manufacturing and is the fourth largest specialty generic pharmaceutical company in the world. The pharmaceutical company’s new location will create 220 new jobs and keep hundreds of jobs in the state, including the 230 that are in its current headquarters.  

“New Jersey has long been the medicine chest to the world, helping bring lifesaving pharmaceuticals to the marketplace,” said Governor Phil Murphy. “Securing a new headquarters location for Sun Pharma is another mile marker in our state’s history and a sign that New Jersey continues to be at the forefront of health care innovation. The increased economic activity created by Sun Pharma will help bolster our economy and build a stronger future for the Garden State.”

Following several recent acquisitions, Sun Pharma is committed to the continued growth of its business in New Jersey. With more than 600 employees already working at locations across New Jersey, including its Princeton headquarters and facilities in Cranbury and New Brunswick, Sun Pharma has been scouting new locations large enough to house several hundred additional employees. Sun Pharma had considered an alternate site in Horsham, Pennsylvania. However, approval of the Emerge tax credits is a material factor in the company’s decision to choose New Jersey, as well as its talent pool and proximity to colleges and universities.

“Governor Murphy’s commitment to supporting New Jersey’s life sciences industry is keeping the Garden State competitive, helping grow our economy and create new, good-paying jobs,” said NJEDA Chief Executive Officer Tim Sullivan. “From Genmab to Sun Pharma, the Emerge Program is having a major impact on cutting-edge companies choosing to do business in New Jersey. Along with our talent pool and prime location, New Jersey is poised to welcome more innovators and entrepreneurs to our state.”

Sun Pharma’s products cater to a vast range of therapeutic segments covering psychiatry, anti-infectives, neurology, cardiology, diabetology, gastroenterology, ophthalmology, nephrology, urology, dermatology, gynecology, respiratory, oncology, dental, and nutritional. Sun Pharma has over 41,000 employees in 100 locations worldwide, and its recent global revenue is $5.8 billion. In the U.S., it has nine offices with 1,527 employees.

“With our long history as a valued corporate member of the state of New Jersey and the Princeton community, Sun Pharma is proud to participate in the Emerge Program,” said Abhay Gandhi, CEO Sun Pharma North America. “As we continue to bolster investments in our innovative medicines, generics and consumer medicines businesses, we look forward to seeing the positive impact our growth will have for New Jersey, the Princeton community and the patients we support.”

The Emerge Program will award $748,000 in tax credits yearly for seven years, totaling $5,236,000 to support the opening of Sun Pharma’s new headquarters located at 750 College Road East in Princeton. As part of the program’s requirements, Sun Pharma will also remain in New Jersey for a minimum of 11 years. The new headquarters will house a total of 450 corporate jobs, almost doubling the number of employees based out of the current headquarters. The 100,000 square feet Class A office building will help attract top-level talent and allow Sun Pharma to remain competitive in the industry by including modern infrastructure, new, upscale technology, and a collaborative work environment to fuel innovation.

The Emerge Program was created under the New Jersey Economic Recovery Act of 2020 (ERA). Through the Emerge Program, small to large businesses, as well as non-profits, can apply for tax credits to support projects that meet minimum capital investment, job creation or retention, and other requirements when competing with another State.

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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Nokia Bell Labs will serve as main tenant in H-2

TRENTON, N.J. (March 12, 2025) – The New Jersey Economic Development Authority (NJEDA) Board today approved tax credits through the Aspire Program to support the second New Jersey Health + Life Science Exchange’s (HELIX) building in New Brunswick, known as H-2. Nokia Bell Labs, the industrial research arm of Nokia, will serve as the main tenant of H-2, a 10-story, nearly 370,000-square-foot building that will be an innovation hub in the city’s downtown. The first phase of the HELIX was approved for Aspire tax credits in 2023.

“This approval by the NJEDA Board serves as another milestone in our mission to cement New Jersey as a national leader in technological innovation, helping strengthen the New Brunswick community and create long-term economic growth across the state,” said Governor Phil Murphy. “Through the partnership of major institutions, like Nokia Bell Labs, the HELIX will support the creation of advanced technologies and allow startups to scale their business and commercialize lifechanging inventions.”

The HELIX will bring together New Jersey’s public, private, and academic sectors to create a world-class hub of innovation and a strong base of support and talent pipeline for innovative companies. The HELIX campus, consisting of three separate buildings, will provide 1.5 million square feet of multifaceted, state-of-the-art environments supporting the gamut of health and life science organizations and professions.

“The HELIX serves as a cornerstone of Governor Murphy’s vision to supercharge New Jersey’s economy and retain our legacy as a national leader in innovation,” said NJEDA Chief Executive Officer Tim Sullivan. “The Aspire Program fuels catalytic development projects that transform communities into dynamic, transit-oriented hubs, ideal for living, working, and doing business. With today’s Aspire award, Nokia Bell Labs addition to the HELIX will further support New Brunswick’s innovation ecosystem by creating cutting-edge technology, high-quality jobs, and long-term economic growth that will benefit generations of New Jerseyans.”

Last month, the NJEDA announced it will partner with Nokia Bell Labs to launch a Strategic Innovation Center (SIC) consisting of the NJ Nokia Innovation Center and Bell Labs Venture Studio, both of which will eventually be located at H-2. Both components will be focused on enabling startups to accelerate and commercialize intellectual property from Nokia Bell Labs and local universities with an emphasis in the fields of communication, artificial intelligence (AI), cloud computing, and optical and wireless networks.

“We are thrilled that the NJEDA Board has approved the Aspire tax credits for the second phase of the HELIX project. New Jersey has long been a significant hub for innovation, and this significant achievement would not have been possible without the unwavering support from Governor Murphy and the NJEDA through the Aspire Program,” said Nokia Chief Strategy and Technology Officer Nishant Batra. “This state-of-the-art facility will not only enhance our research and development capabilities, but will also drive the creation of cutting-edge technology, generate new jobs, and stimulate long-term economic growth in the state through the NJ Nokia Innovation Center and the Bell Labs Venture Studio.”

H-2 will be a research and development facility comprised of chemistry and biology laboratories, data centers, 3D printing areas, machine shops, office space, and conference rooms. The main lobby of H-2 will include a technology showcase and a coffee shop, which will have access to the Paseo, a public outdoor space connecting the Rutgers campus, the Robert Wood Johnson University Hospital District, the New Brunswick train station, and the Government and Arts District in downtown New Brunswick.

“This investment in New Brunswick’s HELIX campus is another example of how New Jersey is solidifying its position as a national leader in life sciences and technological innovation,” said Speaker Craig J. Coughlin. “With world-class partners like Nokia Bell Labs and transformative programs like Aspire, we’re building on an already impressive ecosystem that draws in top talent, keeping New Jersey at the cutting edge of global innovation. Further, major public-private partnerships such as the HELIX illustrates to the American and foreign private sector job-creators that New Jersey can get big things done with the right leadership and vision in place.”

“The approval of Aspire tax credits for H-2 marks another transformative step in New Brunswick’s evolution as a hub for cutting-edge research, innovation, and economic growth,” said New Brunswick Mayor Jim Cahill. “Nokia Bell Labs’ decision to establish its headquarters in New Brunswick is a tremendous opportunity that will further enhance our City’s role as a leader in technological advancement. This move will attract top-tier talent, drive new investment, and create opportunities that will benefit our community for years to come.”

SJP Properties is the lead developer of H-2 and was approved for Aspire tax credits of up to 80 percent of the eligible project cost, not to exceed $103.9 million.

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.

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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The program aims to reduce greenhouse gas emissions from buildings in select New Jersey municipalities

TRENTON, N.J. (March 4, 2025) – The New Jersey Economic Development Authority (NJEDA) has awarded more than $3.3 million under the NJ Cool program to support five clean energy projects in Edison and Newark. Through this program, building owners and tenants in eligible municipalities can receive grants for construction projects that reduce greenhouse gas emissions.

“Under Governor Phil Murphy’s leadership, New Jersey continues to invest in our clean energy economy by supporting programs and initiatives that lower our carbon footprint, and foster a cleaner and greener state,” said NJEDA Chief Executive Officer Tim Sullivan. “These approvals will help improve the health and well-being of families and children in the Newark and Edison communities, while creating jobs and boosting New Jersey’s clean energy sector.”

Edison 27 Investors, LLC, the owners of a multi-tenant office building in Edison, was awarded $1 million in grant funding through NJ Cool to replace six existing rooftop Heating, Ventilation, and Air Conditioning (HVAC) units with efficient electric models, as well as upgrade the associated system controls within the building.

“We are thrilled to receive this NJ Cool funding to modernize our building’s HVAC systems and enhance energy efficiency,” said David Elkouby, a partner at American Equity Partners, the owner of Edison 27 Investors, LLC. “Energy conservation and sustainability are top priorities for us, and this project will reduce emissions, lower costs, and create a greener environment for our tenants.”

Samp Spirits II Inc., the owners of Harvest Wines & Spirits in Edison, was awarded over $200,000 in grant funding to replace the store’s existing natural gas fired rooftop HVAC unit with a new air-source heat pump and auxiliary gas burner, as well as install solar photovoltaic panels, upgrade the interior and exterior lighting to energy-efficient LED lighting, and replace the roof with improved thermal insulation.

“HWS is taking a bold step toward sustainability with new energy efficiency upgrades, supported by NJEDA incentives that reduce costs and maximize savings,” said Rakesh Patel, Partner at HWS. “These upgrades include high-efficiency lighting, HVAC system modernization, and renewable energy solutions, cutting greenhouse gas emissions while lowering operational expenses. By leveraging these incentives, we are achieving top-tier efficiency and a greener footprint, benefiting both the environment and the community.”

Samarpan at Edison, LLC, an independent franchisee of a Dunkin’ in Edison, was awarded over $130,000 in grant funding through NJ Cool to replace the building’s existing HVAC system, as well as upgrade the interior and exterior lighting systems to utilize energy-efficient LEDs.

“With the support of the NJ Cool grant, we are taking meaningful action to combat climate change by reducing emissions and improving energy efficiency,” said Himanshu Patel, a partner at Samarpan at Edison LLC (DBA Dunkin’). “This initiative reflects our ongoing commitment to environmental stewardship and a more sustainable future for New Jersey.”

153 Halsey Newark, LLC was awarded two grants through NJ Cool totaling $2 million for projects at two commercial condominium units they own in Newark. The grants will be used to replace existing natural gas boilers in the building with an electric Variable Refrigerant Flow (VRF) system, as well as make energy-efficient lighting upgrades.

“153 Halsey Newark LLC and our partners, SHIFT Capital, The Hanini Group, and Mahalakshmi LLC, are excited for the opportunity to partner with the New Jersey Economic Development Authority on the NJ Cool Program,” said Jamie Graziano, Senior Asset Manager at SHIFT Capital. “Our companies have been significant players in the rehabilitation of Newark and other metropolitan areas with a focus on creating equitable and mixed-income communities for the long-term. We believe community-centered investments create shared and sustainable economic opportunity and growth, and community impact that unites people, businesses, neighborhoods, and cities. With the help of the NJEDA, we hope to continue our investments in Newark and have a positive impact on the local communities that we serve. We thank NJEDA for their continued support.”

Under NJ Cool, the NJEDA provides grants of up to $1 million for 50 percent of project costs to applicants for eligible hard construction costs for emissions-reducing retrofit projects. Projects are required to update the building’s heating or cooling system and can also include other energy efficiency measures or adding on-site renewable energy systems, such as solar panels. In addition to reducing emissions, the program intends to accelerate the adoption of more environmentally friendly building systems, technologies, and construction practices within New Jersey. Currently, projects in the municipalities of Atlantic City, Edison, and Newark are eligible.

Applications for NJ Cool are currently open and are being accepted on a first-come, first-served basis. For more information on the program, including full application requirements and eligible projects, please visit https://www.njeda.gov/njcool/ or email njcool@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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Business owners from Trenton, Ewing, Burlington, and Hamilton joined the discussion

TRENTON, N.J. (February 28, 2025) – Earlier this week, four Black-owned business owners joined a roundtable discussion to share their stories of opening and growing their businesses in New Jersey. The roundtable, which was hosted by the New Jersey Economic Development Authority (NJEDA) as part of its Black History Month celebration, centered around the entrepreneurs’ experience as Black business owners in the state and how New Jersey can continue providing resources to uplift Black-owned businesses.

The roundtable was held at Mercer County Community College’s Trenton Campus and included businesses from a variety of industries such as cannabis, maternal health, hydroponic farming, and the arts.

NJEDA CEO Tim Sullivan, Tahir Johnson, Jaye Wilson, Assemblywoman Tenille McCoy, Erica Jones, Desmond Hayes, NJEDA Chief Diversity & Inclusion Officer Michelle Bodden

“Since day one, Governor Murphy has been committed to uplifting Black business owners and creating a strong, diverse, and equitable economy. Thanks to Assemblywoman McCoy and the entire Legislature, the NJEDA has been able to implement programs that unlock critical resources to ensure Black entrepreneurs can make their dream a reality,” said NJEDA CEO Tim Sullivan. “While New Jersey has made great progress, our work continues to ensure minority business owners have the resources to grow their businesses in the Garden State.”

“Governor Murphy’s dedication to supporting Black-owned businesses plays a crucial role in strengthening our families, communities, state, and nation,” said NJEDA Chief Diversity & Inclusion Officer Michelle Bodden. “Discussions like these are vital to ensuring that the NJEDA’s programs are responsive to the needs of minority business owners, who face unique challenges in accessing the capital and resources needed to grow and thrive.”

“As the daughter of a small business owner, I’ve witnessed the dedication, resilience, and innovation required to establish and maintain a business,” said Assemblywoman Tennille R. McCoy. “Black entrepreneurs are crucial to our state’s economic growth, and it’s imperative that we keep investing in programs that dismantle barriers and foster equitable opportunities. The NJEDA’s commitment to supporting Black-owned businesses empowers more entrepreneurs to realize their visions, ultimately strengthening communities and fueling economic success throughout New Jersey.”

Simply Pure Trenton is a cannabis dispensary located in Ewing and is the first Black-owned social equity dispensary to receive a license in New Jersey. Founder and CEO Tahir Johnson received funding through the Cannabis Seed Equity Grant.

“As a Black entrepreneur in the cannabis industry, the support from the NJEDA has been instrumental in turning my vision into reality. Access to capital remains one of the biggest barriers for minority-owned businesses, and programs like the Cannabis Seed Equity Grant are critical in leveling the playing field,” said Tahir Johnson, Founder & CEO, Simply Pure Trenton. “Through this funding, Simply Pure Trenton was able to establish itself in New Jersey’s cannabis market, creating jobs and economic opportunities in our community. I appreciate the NJEDA’s commitment to ensuring Black-owned businesses have the resources they need to thrive.”

Based in Trenton, Melinated Moms is a consulting firm that focuses on services for corporations, non-profits, government entities, and other organizations committed to strengthening maternal health outcomes for marginalized communities. Founding President and CEO Jatesha ‘Jaye’ Wilson was awarded funding through the Commission on Science, Innovation, and Technology’s (CSIT) Maternal and Infant Health R&D Grant.

“As a Black woman-owned business, having opportunities to share the challenges, complexities, and championing moments of social entrepreneurship is always important. While we know Black women account for less than one percent of Venture Capital funding; it is important to learn how other investment funds can diversify their revenue and resource access in the same way the NJEDA invested in my company,” said Jatesha ‘Jaye’ Wilson, Founding President & CEO, Melinated Moms. “My goal with sharing the work of my ‘MOM Profit’ is to gain direct visibility of what Black women business owners are experiencing and give insight to how to improve our business relationships with the right support behind us.”

GeoGreens, located in Hamilton, is an indoor hydroponics farm that grows fresh, local produce year-round for the Tri-State area. Because GeoGreens is entirely indoors, it is not subjected to the effects of climate seasonality and is aiming to become as close to 100 percent zero waste as possible.

Founder and Owner of GeoGreens Desmond Hayes is the recipient of the Clean Tech Research and Development (R&D) Voucher Pilot Program, Manufacturing Voucher Program (MVP) Phases I and II, the CSIT Food and Agriculture Research & Development Pilot Seed Grant Program, the CSIT Pilot Clean Tech Demonstration Grant Program, the Main Street Micro Business Loan, the Small Business Improvement Grant, and the Small Business Emergency Assistance Grant Phase IV.

“Simply put, without the NJEDA and CSIT, and the wonderful staff that have remained accessible, GeoGreens would not be in a position of growth, with a prosperous future ahead,” said Desmond Hayes, Founder & Owner of GeoGreens. “Both agencies have helped our organization remain operational through turbulent times in the industry, pivot into different disciplines, and grow national relationships. For this, and much more, we are truly appreciative of the agencies’ assistance!”

Located in downtown Burlington, The Turquoise Cup is a paint-your-own pottery and ceramics studio specializing in art and pottery classes for kids and adults, as well as events such as birthday parties. The studio is also a full-service cafe, offering coffee, tea, boba, sandwiches, and baked goods. Founder and Owner Erica Jones received funding through the Small Business Improvement Grant and the Main Street Micro Business Loan.

Through the Main Street Recovery Program, which provides grants, loans, and technical support to eligible New Jersey businesses, the NJEDA is supporting minority-owned businesses across the state. Last year alone, the NJEDA supported nearly 500 Black-owned businesses, totaling $7.8 million in funding.

To view the full roundtable discussion, please click 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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Onyx Partners Group and Lazear Capital Partners will utilize $2.7 million to assist businesses as part of future ESOP Assistance Program

TRENTON, N.J. (February 27, 2025) – The New Jersey Economic Development Authority (NJEDA) Board approved contract agreements with Onyx Partners Group and Lazear Capital Partners to help New Jersey companies create Employee Stock Ownership Plans (ESOP). The NJEDA’s forthcoming ESOP Assistance Program will connect approved applicants with one of the vendors to perform feasibility studies and provide technical assistance, which is often the first step in creating an employee ownership model.

In 2021, Governor Murphy issued Executive Order No. 262, which established the Wealth Disparity Task Force, which examines the causes of, and creates remedies for, the longstanding wealth disparities that affect Black and Hispanic or Latino New Jerseyans. ESOPs, an employee ownership model in which employees retain interest in shares of a company through holding corporate stock in a trust, can create generational wealth for workers and provide unique succession plans for business owners.

“Under Governor Murphy’s leadership, New Jersey has made great strides building a stronger and fairer economy for communities, residents, and business owners. As part of ensuring equitable economic growth, ESOPs serve as a resource for New Jersey companies that want to craft sustainable business transition plans, create access to economic opportunity for workers and their families, and support the state’s growing, diverse, business ecosystem.” said NJEDA Chief Executive Officer Tim Sullivan. “Through the NJEDA’s upcoming ESOP Assistance Program, the state’s companies will be better able to determine if the ESOP model is feasible, eliminating technical and financial barriers that can be difficult for business owners to navigate.”

In July 2024, the NJEDA entered into an agreement with the Rutgers School of Management and Labor Relations to create educational and informational programming to increase the quantity of New Jersey businesses utilizing an ESOP. ESOPs are successful nationwide and around the state, creating and sustaining wealth for employee owners. New Jersey is home to 88 ESOPs, holding $64.9 billion in plan assets covering 423,429 current employees and retirees, with an average stock account for eligible current employees of $188,868.

“By promoting employee ownership models, especially among people of color, we aim to build generational wealth and reduce economic disparities,” said Michelle Bodden, NJEDA Chief Diversity, Equity, and Inclusion Officer. “Employee ownership is a powerful solution that extends the promise of the American Dream to workers and business owners across all backgrounds. For Black workers and Black-owned businesses, the impact is particularly meaningful. Converting businesses to employee ownership not only helps preserve Black-owned enterprises but also empowers Black employees to benefit directly from their labor, potentially increasing household income by up to 92 percent. These transitions have the potential to close racial wealth gaps and uplift entire communities.”

“Rutgers is proud of the opportunity to partner with NJEDA as it develops this assistance program,” said Rutgers Institute for the Study of Employee Ownership and Profit Sharing Associate Director and Rutgers Center of Employee Ownership Executive Director William Castellano. “Together we are continuing our work to promote the many benefits of employee ownership throughout the State; from the business owner who is looking for a sustainable succession plan option, to the worker who stands to gain an added benefit through these opportunities.”

Onyx Partners Group and Lazear Capital Partners were selected following a Request for Proposals for the forthcoming ESOP Assistance Program in September 2024, which solicited proposals from firms experienced in ESOP transitions, including the design and development of feasibility studies and valuations.

The NJEDA’s ESOP Assistance Program is expected to be presented to the NJEDA Board for final approval in March. Following approval, applications are expected to open in early April.

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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