Jake Trinidad, Author at NJEDA

Film Ready New Jersey Program prepares municipalities and counties across the state for film and television production

NEWARK, N.J. (August 1, 2025) – Today, the New Jersey Motion Picture and Television Commission (NJMPTVC), part of the New Jersey Economic Development Authority (NJEDA), announced that 19 municipalities and two counties have been designated as Film Ready Communities following completion of the Film Ready New Jersey Program. The Program prepares communities to accommodate movie and television producers and effectively market themselves as film destinations, bolstering the state’s standing as a national leader in film and television production.

“From the Jersey Shore to the Pine Barrens, and from vibrant cities to quiet suburban neighborhoods, New Jersey offers a remarkable variety of landscapes that meet the diverse needs of film and television productions,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, New Jersey has reestablished itself as a premier destination for the industry — creating jobs, supporting small businesses, and driving meaningful economic growth in communities across the state. Through the Film Ready New Jersey Program, municipalities are better positioned to welcome and support productions of every scale, from big-budget blockbusters to independent films.”

The new Film Ready Communities announced today include Atlantic City, Bridgewater, Carteret, Clinton Town, East Brunswick, Florence Township, Gloucester Township, Guttenberg, Keyport, Leonia, Little Silver, Livingston, Maplewood, Moorestown, Mount Holly, New Providence, Ocean, Sparta, and Union Township, as well as Hunterdon and Salem Counties. Along with the state’s first cohort announced in March 2024, New Jersey now has 43 Film Ready Communities.

“The NJMPTVC has built consistency into the Film Ready program so when studios or networks bring projects to New Jersey, Film Ready localities are prepared for any opportunity that may arise,” said NJMPTVC Executive Director Jon Crowley. “As the Garden State continues to break records in film and television production, initiatives like Film Ready exemplify the state’s commitment to ensuring towns and counties across the state share in the industry’s immense economic benefits.”

The Academy Award-nominated film A Complete Unknown showcased the vast diversity of New Jersey communities. The movie filmed in 17 municipalities across the state, with notable scenes filmed in Hoboken, Jersey City, Paterson, and Cape May. In the film, New Jersey doubles as New York City, Pittsburgh, Rhode Island, Washington D.C., and Northern California. Buildings such as the Ritz Theatre in Elizabeth doubled as Carnegie Hall and the Newark Symphony Hall doubled as a San Francisco concert venue.

Film Ready New Jersey is a 5-step certification and marketing program that educates municipalities on the basics of motion picture and television production and sets basic standards for attracting filmmaking. The NJMPTVC’s Film Ready Workshops provide training and guidance from industry professionals, local mayors, and NJMPTVC Commissioners and staff, covering topics such as the economic impact of hosting on-location filming, ordinances and permitting, opportunities for small businesses, and expanding film infrastructure.

The NJMPTVC will be hosting their next workshop at the 2025 League of Municipalities in Atlantic City on Tuesday, November 18, from 10 a.m. to 1 p.m. For more information on the event, click here.

About the New Jersey Motion Picture & Television Commission

The NJMPTVC, part of the NJEDA, is staffed by industry professionals and serves as a resource for production companies. The Commission promotes film and television production in New Jersey.

www.film.nj.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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TRENTON, N.J. (July 31, 2025) – The New Jersey Economic Development Authority (NJEDA) recently closed on two new investments through the New Jersey Innovation Evergreen Fund (NJIEF). Nascent Materials, Inc. received an initial Qualified Investment of $750,000 through an application for co-investment submitted by the Princeton-based venture capital firm, SOSV. Additionally, Enquyst Technologies, Inc. received an initial Qualified Investment of $3 million through an application for co-investment submitted by the New York City-based venture capital firm Eckuity Capital.

“The New Jersey Innovation Evergreen Fund is a groundbreaking tool aimed at strengthening New Jersey’s economy and backing high-potential startups by creating a self-sustaining cycle of investment for entrepreneurs seeking capital,” said Tim Sullivan, Chief Executive Officer of the NJEDA. “Under Governor Murphy’s leadership, the Garden State is cementing its position as a global hub for innovation by supporting the next generation of transformative businesses.”

The NJIEF, launched in 2022, is a unique tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State acts as an equity investor in early-stage companies, deploying up to $600 million into companies alongside professional venture capital firms. The Evergreen Fund currently has approximately $19 million of unallocated capital available to fund additional investments into high-growth businesses in New Jersey.

“The NJEDA’s funding for Nascent Materials and Enquyst will accelerate each companies’ growth by providing essential resources for success. With four investments already made, the New Jersey Innovation Evergreen Fund shows no signs of slowing, demonstrating the state’s strong commitment to supporting young, innovative ventures,” said Kathleen Coviello, Chief Economic Transformation Officer of the NJEDA. “NJIEF’s continuous venture capital investments in high-growth startups play a key role in driving job creation and economic growth across the State.”

Nascent Materials develops cost-effective cathode active materials, a key input in lithium-ion batteries. Cathodes are the single most expensive component of lithium-ion batteries, representing roughly 40 percent of total battery cell cost, with current cathode production capacity largely stemming from manufactures based in China. Nascent Materials is currently working out of SOSV-sponsored HAX, a startup development program and Strategic Innovation Center for pre-seed hard tech companies located in Newark. NJEDA’s investment of $750,000 into Nascent Materials’ Seed fundraising round attracted additional international and out-of-state capital of $1,550,000 resulting in /private/ public multiplier of 2:1.

“While the U.S. has both the lithium resources and strong end-market demand for batteries, we continue to lag in one of the most strategic segments of the value chain: cathode manufacturing. This bottleneck has left domestic cell manufacturers overly reliant on foreign suppliers for their most expensive and technically complex input,” said Chaitanya Sharma, Founder and CEO of Nascent Materials. “This investment from NJEDA enables us to expand our operations in New Jersey and build the foundation for a resilient, homegrown supply chain. With its exceptional engineering talent, global port access, and critical position in national logistics networks, New Jersey is uniquely positioned to become a key hub in the emerging U.S. battery belt. We’re proud to be part of that vision and excited to grow alongside a state that’s actively investing in clean energy innovation and advanced manufacturing.”

Based in Princeton, SOSV is a global multi-stage venture capital firm that operates early-stage deep-tech programs and has over $1 billion in assets under management. Currently, SOSV manages three development programs, including HAX, and has invested in 50 Newark-based businesses through the HAX Strategic Innovation Center (SIC) program. In June, the NJEDA also announced that it will partner with venture capital firm SOSV on a second project along with Princeton Plasma Physics Laboratory (PPPL) to create a new SIC in the Princeton area.

“New Jersey has become a critical hub for industrial deep tech, and Nascent Materials is exactly the kind of company we envisioned supporting when we chose Newark as the home for HAX HQ. Their breakthrough cathode manufacturing process tackles one of the most urgent challenges in U.S. electrification—sourcing battery materials that are affordable, reliable, and not dependent on foreign supply chains, enabling us to reshore critical manufacturing,” said Duncan Turner, General Partner of SOSV and Global Managing Director of HAX. “With support from NJEDA and the infrastructure we’ve built at HAX HQ in Newark, Nascent has a clear path to scale in New Jersey, while reshaping a core part of America’s energy future.”

Founded in 2017 and headquartered in Short Hills, Enquyst Technologies is a manufacturing technology company that developed an advanced modular equipment and process platform designed to enhance biomanufacturing, specifically in the purification of complex drugs. The company’s platform focuses on the production of monoclonal antibodies (mAbs), bispecific antibodies, protein therapeutics, biosimilars, and gene therapies, all of which are high-demand market segments in biologics, with mAbs being the largest.

Currently, the production capacity for these drugs meets only 50 percent of the market’s demand, with Enquyst looking to close that gap. Enquyst was founded in Boston, Massachusetts where the technology has been developed, but is pivoting its core operations to New Jersey as a result of the proposed Program investment and to leverage the State’s strong biotech ecosystem. NJEDA’s investment into Enquyst is expected to catalyze additional private funding on a 3:1 basis.

“For decades, we have seen minimal innovation in bioprocessing, due to the highly regulated and conservative nature of the biotech and biopharma industries. Strategies fall short in meeting the cost and purification demands of today’s increasingly diverse biological medicines,” said Dr. Jason Criscione, Founder and CSO of Enquyst Technologies. “Our platform technology is disrupting biological drug manufacturing by enabling truly continuous processing, delivering best-in-class purity with no yield loss, offering flexibility across diverse biological drug classes, and lowering downstream processing costs by more than 70 percent. With investment from NJEDA and Eckuity Capital, Enquyst is expanding its NJ footprint to facilitate early adoption through strategic partnerships within the region’s biomanufacturing ecosystem.”

Eckuity Capital was established in 2021 and is based in New York City. The firm invests in companies with innovative solutions that it judges can achieve commercialization faster than traditional timelines, with a focus on life sciences, devices and diagnostics, and digital health. Enquyst Technologies represents Eckuity’s first investment in a New Jersey-based business.

“We believe Enquyst can fundamentally transform the purification process for complex molecules, but more importantly, change the way we think about manufacturing costs, time, and speed to market for the broader biologics industry,” said Vishal Jain, Managing Partner of Eckuity Capital.

Both Nascent Materials and Enquyst Technologies, like all companies approved for investment under the NJIEF, will benefit from the strategic commitments made by NJIEF tax credit purchasers. These purchases, which fund investments made by the Qualified Venture Firms (QVFs), are made in tandem with commitments to provide strategic support to strengthen the State’s innovation ecosystem. These commitments, which include networking, mentoring, and educational opportunities, are a scored component of the tax credit purchasers’ bids.

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 strong momentum from interested managers. The roster of the 19 currently 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 now open. The total capital available for new investments stands at approximately $19 million.

About the NJEDA

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NJ ZIP & NJ ZEV programs will expand number of zero emission vehicles on NJ roadways

TRENTON, N.J. (July 31, 2025) – Vendor applications are now open for the New Jersey Economic Development Authority’s (NJEDA) two programs that are aimed at putting more zero emissions vehicles on roads across the state. Together, Phase III of the New Jersey Zero Emission Incentive Program (NJ ZIP) and the New Jersey Zero Emission Vehicle Financing Program (NJ ZEV), aim to accelerate the adoption and use of commercial zero emission medium- and heavy-duty vehicles within the state, while reducing harmful emissions.

WHAT: NJ ZIP Phase III will provide vouchers to businesses and institutional organizations to offset the cost of purchasing new, zero emission medium- and heavy-duty vehicles. The size of vouchers awarded through Phase III, which is funded at $75 million, will vary depending on the class of vehicle being purchased, from a minimum of $15,000 for Class 2b vehicles to $175,000 for Class 8 vehicles. Bonuses will be available for school busses, small businesses; women-, minority-, and veteran-owned businesses. Additionally, 50 percent of funds will be set aside for applications from small businesses in Overburdened Communities (OBCs).

NJ ZEV, which is funded at $25 million, is a loan program to support businesses adopting medium- and heavy-duty zero emission vehicles. The program complements NJ ZIP by offering financing for vehicle costs that may not be met by NJ ZIP vouchers or other available grant funding resources. Loans will also be available through the program for business not utilizing the NJ ZIP program. NJ ZEV will offer low-interest rate loans ranging from $50,000 to $500,000 for the purchase of one or more eligible vehicles.

WHO: Licensed vehicle dealers offering new zero emission medium- or heavy-duty vehicles. Detailed guidelines and eligibility criteria are available here.

WHEN: Vendor applications will be accepted on a rolling basis. However, vendors interested in being listed on the programs’ website prior to purchaser application launch should submit applications by Tuesday, September 2, 2025 at 5:00 p.m.

For more information about Phase III of NJ ZIP, click here.

For more information about NJ ZEV, click here.

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Funding will assist the hub in entrepreneurship, workforce development, and community engagement initiatives

JERSEY CITY, N.J. (July 31, 2025) – The New Jersey Economic Development Authority (NJEDA) announced yesterday it has provided financial support for the development and operation of the Statewide Hispanic Chamber of Commerce of New Jersey’s (SHCCNJ) Innovation Business Hub. The Hub, located at New Jersey City University (NJCU), offers a physical location for local business owners and leaders to gather and attend workshops, seminars, and networking events aimed to strengthen connectivity, provide educational resources and tools, foster innovation, and spur economic growth.

“This partnership is an extension of our administration’s commitment to expanding our innovation economy and creating an ecosystem where all businesses can thrive,” said Governor Phil Murphy. “The SHCCNJ Innovation Business Hub will provide resources to emerging businesses across our state, strengthening New Jersey’s long-term economic competitiveness.”

“Under Governor Phil Murphy’s leadership, New Jersey continues to invest in initiatives and resources that support the state’s entrepreneurs, encourage startup creation, and strengthen the state’s small business ecosystem,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA is proud to collaborate with the SHCCNJ and NJCU on its Innovation Business Hub, which will create networking opportunities and expand access to resources for the next generation of business owners.”

“Latino-owned businesses contribute more than $100 billion to New Jersey’s economy—a number that speaks volumes not just here at home, but across the river in the broader regional market,” said SHCCNJ President Carlos Medina. “This Innovation Hub is about impact. It’s about turning that economic power into lasting opportunity. At the Chamber, our culture of advocacy grows stronger every day as la familia levels up small business for big impact.”

With the NJEDA’s $75,000 in funding, the SHCCNJ was able to convert a classroom at NJCU to serve as office space for the Innovation Business Hub. The Hub will offer comprehensive technical education programs, providing small businesses with access to an educational platform where they can take courses, review materials, and access key resources. SHCCNJ will also provide personalized mentoring and coaching for business owners, facilitating one-on-one sessions with industry experts. The Innovation Business Hub will offer space to host foreign guests, diaspora businesses, and entrepreneurial exchanges, making the Hub a center for knowledge-sharing and innovation.

Through the Innovation Business Hub, the SHCCNJ will connect business owners with the NJEDA’s Small Business Bonding Readiness Assistance Program, which provides a comprehensive series of classes, workshops, and strategic counseling sessions covering a variety of topics relevant to small businesses in all sectors, including bonding and insurance, business development, financial presentation, construction and contract law, construction management, estimating, and credit. At the end of the program, all participating businesses receive a Bonding Readiness Segment Report, which provides an in-depth assessment of their strengths and weaknesses to help them plan for the future.

“This investment from NJEDA represents more than just funding—it’s a commitment to our community’s future,” said SHCCNJ Chairman Luis O. De La Hoz. “The SHCCNJ Innovation Business Hub will serve as a launchpad for entrepreneurs to scale their businesses, access critical resources, and foster meaningful connections. We’re proud to partner with NJEDA and NJCU to turn vision into opportunity and drive sustainable economic impact across New Jersey.”

The funding was announced yesterday at a press conference held at the NJCU School of Business in Jersey City.

In October 2024, the SHCCNJ and NJCU signed a memorandum of understanding to facilitate the expansion of SHCCNJ’s Hispanic Business Hub to NJCU’s campus, as well as create new educational and professional opportunities for NJCU students. The agreement was structured around several key objectives, including enhancing collaboration on workforce development and entrepreneurship initiatives.

“What makes this partnership so meaningful is our shared belief that in New Jersey, you don’t have to uproot yourself to tap into your potential—you can prosper in place. We’re anchored right here in Hudson County, where nearly half of our population is foreign-born and where the promise of America speaks in an accent. This initiative allows us to institutionalize the organic connections that have existed for years, providing our students with direct internship and externship opportunities,” said NJCU President Andres Acebo. “While it’s great to work for an established company, imagine being able to say on your resume that you helped launch a startup while you were climbing toward your own success. That kind of hands-on experience, combined with the grit and resolve that defines our students and our community, creates something truly powerful — students who are not just learning, but actively contributing to the economic vitality of their own neighborhoods.”

The SHCCNJ was established in 1989 to foster, mentor, and train Hispanic-owned businesses in New Jersey and now represents over 120,000 businesses, contributing over $100 billion to the state’s economy. The Chamber is committed to creating new business opportunities, educating and training entrepreneurs and business owners, fostering advantageous relationships with the public and private sectors, advocating actively and visibly in the political process, and promoting trade between the business communities at the state, national, and international levels.

About the NJEDA

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TRENTON, N.J. (July 15, 2025) – The New Jersey Economic Development Authority (NJEDA) is seeking public input on proposed amendments to the Historic Property Reinvestment Program Rules. The program’s focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving properties that have historic value.

WHAT: A summary of the proposed changes can be found here. The final amendments will be presented to the NJEDA Board for its review and consideration for approval. If approved, the amendments will be published in the New Jersey Register for formal public comment as required by the Administrative Procedure Act before adoption.

WHEN: Feedback must be submitted through the NJEDA’s website by Monday, July 21, 2025, at 12:00 p.m.

About the NJEDA

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TRENTON, N.J. (July 8, 2025) – The New Jersey Economic Development Authority (NJEDA) today issued a Request for Information (RFI) regarding potential programs and funding allocations from the NJEDA to support electric vehicle charging infrastructure for commercial and industrial fleets in the State. The RFI can be found here.

WHAT: The NJEDA is seeking information on the opportunities, barriers, potential partnerships, and best practices for new programs that will accelerate investment in charging infrastructure that can support fleet electrification. Currently, the Authority has programs that support transportation decarbonization by addressing the purchase price of medium and heavy-duty zero emission vehicles. The NJEDA is seeking additional insight regarding the associated investments required for charging infrastructure to support continued electrification of vehicle fleets in New Jersey.

WHO: The RFI is seeking responses from all interested stakeholders, including owners and operators of private commercial and industrial fleets, charging-as-a-service providers, electric vehicle technical assistance providers, and other subject matter experts or entities involved in fleet electrification. Qualified entities do not need to be located in the State of New Jersey to provide a response.

WHEN: All questions must be submitted in writing no later than 5:00 p.m. on July 15, 2025, via email to cleanenergy@njeda.gov. The subject line of the email should read: “Questions-2025-RFI-258.” Answers to questions submitted will be publicly posted on the Authority’s website at Bidding Opportunities – NJEDA as Addenda.

All RFI responses must be submitted no later than 5:00 p.m. on July 30, 2025, via email to cleanenergy@njeda.gov. The subject line of the email should state “RFI Response-2025-RFI-258.”

About the NJEDA

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TRENTON, N.J. (June 27, 2025) – The New Jersey Economic Development Authority (NJEDA) will open applications for the Apprenticeship Training Centers Construction Grant Program on Monday, June 30, 2025 at 10:00 a.m. The program will support the construction of workforce training facilities in New Jersey’s Overburdened Communities, preparing local residents for high-paying jobs, eliminating transportation barriers, and creating positive economic benefits for communities.

WHAT: The $9.7 million Apprenticeship Training Centers Construction Grant Program will award grants between $500,000 and $6.5 million for new construction or the substantial rehabilitation of facilities in Overburdened Communities. Grants will cover up to 70 percent of all eligible project costs, and up to 80 percent of eligible project costs in a Government Restricted Municipality.

Funding for the Apprenticeship Training Centers Construction Grant Program will be utilized from the New Jersey Department of Labor and Workforce Development’s (NJDOL) Workforce Development Partnership Fund.

WHO: The program will be open to sponsors of a Registered Apprenticeship Program as defined by the United States Department of Labor’s Office of Apprenticeship and must have been in continuous operation for a minimum of 10 years at the time of application. Applicants will be required to be in and conduct training for the building and construction trades in the funded facility. For more eligibility requirements, and a full list of eligible occupations covered, click here.

WHEN: Applications for the Apprenticeship Training Centers Construction Grant Program will open on Monday, June 30, 2025 at 10:00 a.m. Applications will close on Monday, September 29, 2025, at 5:00 p.m. For more information, and to apply, click here.

About the NJEDA

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NJ BASE will provide office space and marketing services to businesses seeking to expand in the United States

TRENTON, N.J. (June 25, 2025) – The New Jersey Economic Development Authority (NJEDA) has issued a Request for Proposal (RFP) to solicit proposals for an Operator to manage and oversee the New Jersey Business Acceleration and Softlanding Ecosystem (NJ BASE) in Jersey City. NJ BASE will serve as the state’s first ever facility to attract foreign companies in key industries by offering a supportive co-working space and marketing services, helping businesses expand and grow in the United States.

WHAT: NJ BASE will serve as a launchpad for foreign companies seeking to establish or expand operations in the United States, offering complimentary coworking space, tailored business support, and a structured six-week Business Immersion Program designed to integrate participants into New Jersey’s innovation ecosystem. The intent of this RFP is to award a contract for a term of three years, with two optional one-year extensions, to an Operator that will manage the NJEDA’s leased office space and oversee the day-to-day operations of NJ BASE.

WHO: The Operator’s experience should include the following:

Developing/managing innovation centers or business ecosystems with government partners, accelerators, or similar types of facilities (especially for government entities);
Experience with United States laws and regulations (preferably New Jersey) regarding operational compliance;
Experience supporting the growth of and market access to international and domestic U.S. businesses;
Management of office space, including in coworking areas or other corporate facilities with multiple tenants; and
Experience in social media management, content creation, and marketing, including, but not limited to, online engagement and in-person events.

The RFP and complete list of eligibility requirements can be found here.

WHEN: All questions must be submitted no later than 2:00 p.m. on Monday, July 7, 2025, on the NJEDA’s Bidding Opportunities page. Answers to questions submitted will be publicly posted on the NJEDA’s website as Addendum.

All RFP responses must be submitted no later than 2:00 p.m. on Tuesday, July 29, 2025, on the NJEDA’s Bidding Opportunities page.

About the NJEDA

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TRENTON, N.J. (June 24, 2025) – Applications for the New Jersey Economic Development Authority’s (NJEDA) Next New Jersey Program – AI are now open. The program 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.

WHAT: The $500 million allocation to the Next New Jersey Program – AI will provide tax credits to eligible businesses to engage in building and fostering New Jersey’s fast-growing AI ecosystem. The program builds on Governor Phil Murphy’s goal of establishing New Jersey as a leader in AI by encouraging private investment into the state’s AI sector.

WHO: The program will be open to businesses or divisions primarily engaged in the AI industry or the large-scale AI data center industry. Businesses must commit to creating at least 100 new eligible 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.

WHEN: Applications for the Next New Jersey Program – AI are open. For more information, and to apply, visit https://www.njeda.gov/nextnjai/.

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The NJ HAX Plasma Forge will transform plasma physics research into startups, jobs, and novel technologies

PRINCETON, N.J. (June 17, 2025) – Today, the New Jersey Economic Development Authority (NJEDA) announced it will partner with venture capital firm SOSV and the U.S. Department of Energy’s Princeton Plasma Physics Laboratory (PPPL) to create a new Strategic Innovation Center (SIC) in the Princeton area. The NJ HAX Plasma Forge will leverage the world-class research conducted by PPPL and SOSV’s robust investment experience to bolster plasma-focused startup creation and acceleration, promote industry collaboration, and commercialize groundbreaking technologies in an emerging economic sector.

“Through targeted investments and expanded resources for our state’s entrepreneurs, New Jersey is poised to lead in innovative industries like plasma and artificial intelligence,” said Governor Phil Murphy. “The NJ HAX Plasma Forge, along with other Strategic Innovation Centers across New Jersey, will support startup creation, generate high-paying jobs, and strengthen the state’s long-term economic competitiveness.”

“Under Governor Murphy’s leadership, New Jersey is partnering with inventive entrepreneurs, world-class academic institutions, and private sector experts to strengthen the state’s position as a leader in innovation,” said NJEDA Chief Executive Officer Tim Sullivan. “With the support of the NJEDA’s Strategic Innovation Center initiative, entrepreneurs will be able to harness transformative advances in plasma research to create businesses that drive this exciting industry forward and further the state’s ambitious clean energy and energy resiliency goals.”

The HAX Plasma Forge will include up to 10,000 square feet of lab and co-working space close to PPPL’s facility in the Princeton area, with equipment, staff and infrastructure suitable for low-temperature plasma research, which is essential to semiconductor manufacturing processes, and fusion supply chain development. Princeton-based SOSV will operate the SIC in collaboration with PPPL, providing up to $24.5 million in seed funding to startup companies located in the SIC and engaging with established industry leaders to work alongside entrepreneurs and researchers. Pending approval by its Board, the NJEDA intends to invest $24.5 million to support the HAX Plasma Forge operations and investment into participant companies.

SOSV previously partnered with the NJEDA to establish HAX, LLC’s United States flagship headquarters in Newark, a SIC which provides support for emerging companies, including up to a $550,000 initial investment in each participating company, 180 days of hands-on collaboration, and a global community for early-stage founders building hard tech startups.

“Plasma is a powerful tool in the deep tech arsenal, a technology that unlocks nuclear fusion, powers advanced spacecraft, and manufactures futuristic AI chips,” said SOSV General Partner and HAX Managing Director Duncan Turner. “PPPL is a world-renowned leader in this field, and we’re thrilled to partner with them to unlock new possibilities. At SOSV, we’ve already backed a handful of startups harnessing plasma technology, and this new lab, made possible by the NJEDA, will allow us to expand and deepen that effort.”

PPPL, a U.S. Department of Energy national laboratory managed by Princeton University, conducts essential research across a full range of plasma applications to solve science and technology challenges. The laboratory aims to develop the scientific knowledge and advanced engineering to enable fusion to power the U.S. and the world, advance the science of nanoscale fabrication and sustainable manufacturing, and further the development of the scientific understanding of the plasma universe.

Today, plasma is being harnessed to power fusion reactors for carbon-free energy, propel advanced satellites, and build the next generation of artificial intelligence chips that will drive global innovation. PPPL is the premier plasma physics lab in the United States and a world leader in plasma science. The NJEDA’s investment will allow new technologies to be developed and support efforts to build a plasma valley in New Jersey.

“PPPL brings world-class talent and capabilities and is uniquely positioned to drive innovation in the state and the nation,” said PPPL Laboratory Director Steve Cowley. “Partnering with SOSV and NJEDA will expand our scientific footprint, enabling our expertise to drive economic development and advance new technologies. This is an exciting new chapter.”

SICs are facilities that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and education opportunities. SICs can be accelerators, incubators, or research centers. Having a physical location where entrepreneurs can collaborate will help support new, diverse innovators and help drive long-term economic growth.

The NJEDA has announced investments into 11 SICs in New Jersey, focused on industries such as artificial intelligence, fintech, aerospace, life sciences, and biotech. To learn more about the NJEDA’s SIC initiative, visit https://www.njeda.gov/strategic-innovation-centers/.

About the NJEDA

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