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NJ AI Hub investment fund will provide entrepreneurs with essential resources for scaling inventive businesses

TRENTON, N.J. (December 15, 2025) –Today, the New Jersey Economic Development Authority (NJEDA) and CoreWeave, along with other accredited investors, announced a $20 million investment to support a fund for startups that are associated with the NJ AI Hub Strategic Innovation Center (SIC). The investment fund will help startups access capital, overcome challenges, and accelerate growth, strengthening New Jersey’s standing as a national leader in AI innovation.

On Monday, the NJEDA Board approved the $10 million investment into the fund, which will be matched by an equal investment from CoreWeave and affiliated investors.

“The growth of New Jersey’s innovation ecosystem creates immense opportunities for residents and entrepreneurs, helping create jobs in growing industries, transform communities, and catalyze new startup creation,” said Governor Phil Murphy. “With this new Hub Fund, along with our ongoing efforts to shape AI’s future, we are reviving the Garden State’s legendary legacy of innovation and, in the process, making our state more competitive in the global economy for decades to come.”

“Under Governor Murphy’s leadership, the NJEDA has utilized its Strategic Innovation Center initiative to support growth among the state’s most dynamic industries, partnering with private sector leaders, academia, and other stakeholders to accelerate research and bolster entrepreneurship,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA’s and CoreWeave’s investment into the NJ AI Hub will ensure that startup founders in New Jersey have access to the capital needed to grow in the state, helping create jobs and boost local economies.”

This morning, the NJ AI Hub announced that Plug and Play will manage an accelerator program at the SIC, connecting New Jersey’s AI startups and higher-ed-affiliated entrepreneurs with mentors, investors, and industry partners. Plug and Play will run selected cohorts each year that support startups at different stages of development.

The NJEDA also announced today that Plug and Play has been awarded a $3.8 million grant to develop and manage the upcoming AI Challenge, which will engage New Jersey residents, researchers, entrepreneurs, students, and companies to identify challenges across the state and develop AI-based software solutions. Winners of the challenge will work with Plug and Play on pilot testing or commercialization of the software and receive mentorship and advisory support from Plug and Play’s network of subject matter experts.

Building on its partnership with the NJEDA through the existing New Jersey Fintech Accelerator at Stevens Institute of Technology (NJ FAST) SIC and a new multi-location SIC in Camden, Mullica Hill, and Trenton in collaboration with Rowan University, Plug and Play will leverage its global network of venture capital firms, corporate investors, and innovation partners to help founders secure follow-on funding and achieve long-term growth. With over 60 offices globally and partnerships with more than 550 corporations, Plug and Play runs more than 100 accelerator programs annually across sectors like AI, fintech, health, and energy.

“New Jersey is fast becoming one of the most compelling places in the country to build an AI company, and this fund makes that real for founders, not just on paper,” said Plug and Play Partner and Chief Revenue Officer Michael Olmstead. “By pairing NJEDA’s commitment with CoreWeave and the NJ AI Hub, we’re giving New Jersey startups the capital, connections, and support they need to go from first pilot to meaningful scale right here in the Garden State. We’re excited to back founders who are using AI to solve practical problems, create good jobs, and carry New Jersey’s long legacy of innovation into the next decade.”

Announced in December 2023 and founded by the NJEDA, CoreWeave, Microsoft, and Princeton University, the NJ AI Hub brings together AI researchers, industry leaders, start-up companies, and other collaborators to advance research and development, bolster startup creation, advance the use of ethical AI for positive societal impact, and promote workforce development. The $20 million investment announced today will foster further private capital funding into AI startups, eliminating barriers to capital and resources faced by early-stage companies

“New Jersey has the talent, the infrastructure, and the drive to become a national leader in AI innovation,” said Brian Venturo, Co-Founder and CSO at CoreWeave. “This commitment is designed to deliver real benefits for people across the state, more opportunity, more high quality jobs, and a stronger economy, while supporting the next generation of AI leaders building technology that will improve how we live and work. We are proud to partner with Governor Murphy, the NJEDA, and the NJ AI Hub to help make New Jersey a top destination for AI advancement.”

“The launch of this $20 million fund is an essential catalyst for AI startups in New Jersey,” said NJ AI Hub Executive Director Liat Krawczyk. “It will provide critical support to entrepreneurs, helping to position New Jersey for the next generation of transformative technologies.”

The NJ AI Hub is an integral part of Governor Murphy and the NJEDA’s efforts to expand state resources for the AI sector. In June, the NJEDA opened applications for the Next New Jersey Program – AI, which provides tax credits to eligible businesses investing in large-scale AI data centers and companies engaging in AI-related activities. The NJEDA also approved 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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Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Thursday, December 18, 2025, at 11:00 am.

Members of the public who wish to speak during the public comment segment of the meeting, pertaining to agenda items, may attend in person or call into the meeting by using the conference number, and are encouraged to call in prior to the meeting start time to avoid any delays.

The agenda can be found 48 hours prior to the meeting on the website: https://www.nj.gov/ccrc/

TRENTON, N.J. (December 10, 2025) – The New Jersey Economic Development Authority (NJEDA) recently closed on investments for three cutting-edge businesses through the New Jersey Innovation Evergreen Fund (NJIEF). The companies, which span across three municipalities in New Jersey, received investments through the approvals of applications submitted by Qualified Venture Funds for a combined $6.2 million.

“The New Jersey Innovation Evergreen Fund is a pioneering initiative that strengthens New Jersey’s economy by combining public and private funding to support high-potential startups and entrepreneurs and creating a sustainable investment cycle for innovators who require access to capital,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, New Jersey is strengthening its reputation as a global innovation hub by making significant investments in the next wave of groundbreaking companies based in the Garden State.”

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 is an equity investor in early-stage companies, deploying up to $600 million into companies alongside professional venture capital firms. The Evergreen Fund currently has over $5 million of unallocated capital available and is expected to use this to fund initial investments into additional high-growth businesses in New Jersey. The NJEDA recently auctioned $85 million in tax credits to raise additional capital, which will be available for investment in early 2026.

“These investments build on the momentum of the NJIEF and highlights the state’s dedication to backing emerging minority and women-led businesses and entrepreneurs,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “By generating a steady flow of venture capital into high-growth startups, the NJIEF will keep fueling job creation and economic development throughout New Jersey.”

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. Commitments include networking, mentoring, and educational opportunities, and are a scored component of the tax credit purchasers’ bids.

The following companies received investment funding through the NJIEF:

PolyGone Systems – Princeton

PolyGone Systems was founded by Princeton University graduates Yidian Lu and Nathaniel Banks. Through the use of their patented filtration media, PolyGone is revolutionizing the water treatment industry, and has launched the world’s first industrial microplastic treatment pilot, which is set to capture over 580 million microplastics annually. Through an application submitted by FYRFLY Venture Partners, PolyGone received an NJIEF investment of $1.25 million.

“The New Jersey Evergreen Fund has been transformational for our company, PolyGone Systems. As a cleantech startup developing hardware, raising early-stage capital is uniquely difficult. The Evergreen Fund served as a powerful catalyst, motivating investor commitments and enabling us to close our full seed round within just six months,” said Yidian Lui, Co-Founder of PolyGone Systems. “Throughout the process, the Evergreen team was collaborative and deeply supportive, working closely with our team and prospective investors to help accelerate the round. Their involvement is a testament to New Jersey’s commitment to advancing cleantech innovation and supporting startups addressing urgent environmental challenges. Looking ahead, we’re proud to be expanding our operations by establishing our new headquarters in Kearny. It’s our way of paying forward the Evergreen Fund’s support by building global-scale innovation within the Garden State.”

Founded in 2012, FYRFLY Venture Partners is a woman-led seed-stage venture capital firm with an office in San Francisco, California and a presence in Zurich, Switzerland. With a focus on the enterprise information technology and deep technology sector, PolyGone is its first New Jersey investment.

“PolyGone Systems is tackling one of the most urgent environmental challenges of our time—removing microplastics from water at scale” said Julie Maples, Founding Partner at FYRFLY Venture Partners. “FYRFLY invests in teams building transformational technologies with enduring value, and we’re proud to partner with NJEDA to help PolyGone grow in New Jersey, a state that’s fast becoming a national hub for climate innovation and advanced manufacturing.”

JOGO Health – Bridgewater

JOGO Health is a MedTech and digital health company that focuses on developing treatments for chronic pain and neuromuscular disorders. Their innovative approach leverages neuroplasticity through an Artificial Intelligence (AI)-powered platform to provide non-invasive and drug-free relief for conditions such as chronic back pain, stroke paralysis, migraines, and incontinence. JOGO Health has treated over 25,000 patients across more than 50 hospital partnerships, such as Mayo Clinic, Mount Sinai, and Brigham & Women’s. JOGO Health also received support from the Authority through the Technology Business Tax Certificate Transfer (NOL) program.

“The NJEDA, and in particular the Evergreen Fund, continues the long tradition of keeping New Jersey at the forefront of the innovation economy,” said Sanjali Murali, Co-Founder & CEO of JOGO Health. “This funding has been key to further commercialization of digital therapies that are a game changer for millions of patients who suffer from migraines, incontinence, and stroke related movement disorders.”

JOGO Health received two investments through the NJIEF, one for $2 million through an application submitted by Atma Capital, and one for $1.18 million through an application submitted by Creative Ventures Management, LLC.

Atma Capital was founded in 2021 as a women-led Seed-stage venture capital firm, with offices located in California, Dubai, and China, with an investment focus on deep technology startups with positive societal and environmental impacts. The investment into JOGO Health will be the firm’s first investment in a New Jersey-based business.

“At Atma Capital, we invest in technologies that elevate human potential through the intelligent integration of mind and body,” said Ying Lee, Managing Partner at Atma Capital. “JOGO’s non-invasive neuro-muscular platform exemplifies this vision—bridging modern neuroscience with holistic wellness to promote healthy, happy aging and empower individuals to take charge of their own vitality.”

Creative Ventures is a minority-owned, California-based, early-stage deep-tech venture capital firm. The firm was founded in 2015 and invests in early-stage companies that address labor shortages, rising healthcare costs, and climate change. JOGO Health will be the firm’s first investment in a New Jersey-based business.

“We always look for transformative technologies and are excited to partner with JOGO Health. We think their team and technology have incredible potential to positively impact the lives of patients, and bring a new model to management of chronic conditions in the healthcare system,” said James Wang, General Partner at Creative Ventures.

Hill Research – Bridgewater

Hill Research is an AI startup that initiated its relocation from Boston to Bridgewater, New Jersey. Hill Research leverages Generative AI to accelerate the last mile of clinical trials for pharmaceutical companies. The company’s modular AI agents address key challenges in the clinical trial life cycle, including patient screening, Case Report Form annotation, clinical evidence synthesis, compliance, and reporting. Hill Research received an NJIEF investment of $1.75 million through an application submitted by Covenant Venture Capital.

“Clinical trial data analysis is often repetitive and slow, with processes like double programming taking valuable time away from biostatistics experts. Hill Research changes that process with AI tools that automate routine work while keeping human expertise at the center for accuracy and control,” said Louise Liu, Co-Founder & CEO of Hill Research. Our platform helps biostatistics teams to interpret data faster and make smarter decisions that accelerate drug development, bringing new treatments to patients sooner. Support from NJEDA allows us to expand our R&D team, strengthen partnerships, and scale our technology across the biopharma sector. As a women-led company, we’re proud to drive innovation and create opportunities for diverse talent across New Jersey’s innovation ecosystem.”

Founded in 2020, Covenant Venture Partners is a minority-owned venture capital firm based in New York City, with a focus on investing in companies developing AI technologies that will disrupt existing processes, as well as unique, early-stage technology and life science companies.

“The Evergreen Innovation Fund program demonstrates the effectiveness of a public-private partnership when it’s designed to achieve specific outcomes, including more founders funded, faster growth, and stronger talent pipelines,” said René Bastón, Venture Partner at Covenant Venture Partners. “With the NJEDA’s support, Covenant led Hill Research’s seed round to scale Agentic AI in clinical development to shorten trial timelines and improve submission readiness. This is New Jersey at its best: aligning capital, capability, and community to create real economic value.”

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 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. The total capital available for new investments stands at over $5 million and the NJEDA recently auctioned $85 million in tax credits to raise additional capital for further investment.

About the NJEDA

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Please be advised that the New Jersey Economic Development Authority Board Meeting previously scheduled for Tuesday, December 16, 2025, has been rescheduled to Monday, December 15, 2025, at 10:00 AM. The meeting will be held in person, via conference call, and via Microsoft Teams.

Members of the public may participate in the meeting attending in person, by calling in on the conference line, or joining via Microsoft Teams link. Members of the public will have an opportunity to speak during the public comment segment of the meeting. The following conference number and Microsoft Teams link are being provided:

MEETING NAME: NJEDA BOARD MEETING (DECEMBER 15, 2025)

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton NJ

PARTICIPANT DIAL-IN NUMBER: 1-888-790-3708

PARTICIPANT ACCESS CODE: 7825427

MICROSOFT TEAMS MEETING ACCESS LINK

Members of the public are encouraged to call in prior to the time the meeting is scheduled to begin to avoid any delays.

The agenda can be found 48 hours prior to the meeting on our website: https://www.njeda.gov. The meeting will also be recorded and posted to the NJEDA website shortly after the conclusion of the meeting.

The program supports the revitalization of commercial corridors by community-focused arts and cultural organizations

TRENTON, N.J. (December 4, 2025) – The New Jersey Economic Development Authority (NJEDA) has approved $15 million in grant awards to 39 organizations under Phase II of the Activation, Revitalization, and Transformation (A.R.T.) program. First piloted in Newark and Atlantic City, these awards mark the first announcement since A.R.T. was expanded to include 31 municipalities across New Jersey.

“The A.R.T. program delivers essential grant funding to local arts and cultural organizations for initiatives that boost foot traffic, support small business growth, and strengthen the economic resiliency of municipalities most impacted by the pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, New Jersey is continuing to make significant investments in our downtowns and main streets. These A.R.T. awards will help communities across the state activate public spaces, host events, and advance arts-based initiatives that promote long-term growth and vibrancy.”

The A.R.T. Phase II program aims to catalyze community placemaking efforts by leveraging New Jersey’s arts and cultural sector as a creative force for change, and by supporting non-profit organizations focused on public art installations and arts-based initiatives. Funded through the American Rescue Plan (ARP), A.R.T. Phase II replicates the first phase of the program, which focused on Atlantic City and Newark, by expanding eligibility to municipalities throughout the state.

“Today marks a major milestone in the NJEDA’s mission to bolster the arts and culture sector, which boasts a rich legacy in New Jersey and serves as an economic powerhouse for local communities across the state,” said NJEDA Chief Community Development Officer Tai Cooper. “The funding announced today continues Governor Murphy’s efforts to leverage the sector as a creative force for change, supporting a range of non-profit organizations that are focused on revitalizing their communities through the wholistic impact of the arts. I appreciate the work of Barbara Bickart, NJEDA Senior Advisor for Arts & Culture, for spearheading this effort and her advocacy for this vital sector, ensuring it has the tools needed to drive their organizations forward and cultivate economic prosperity, while improving the quality of life for all New Jerseyans.”

“The State Arts Council is proud to help connect the NJEDA with New Jersey’s nonprofit arts community for these exciting funding opportunities,” said Allison Tratner, Executive Director of the New Jersey State Council on the Arts. “Not only do arts nonprofits contribute to the state’s overall economy and employ tens of thousands of people, they also serve as vital anchors in their communities. These significant A.R.T. grants come at a crucial time for the sector, supporting stability – and that means these organizations are better positioned to successfully deliver both economic and social benefits to individuals and families across New Jersey.”

The following organizations were awarded funding under A.R.T. Phase II:

Art House Productions (Jersey City, Hudson County): $500,000
Arts Council of the Morris Area (Dover, Morris County): $500,000
Arts Guild New Jersey, Inc. (Burlington, Burlington County): $500,000
Camden FireWorks Incorporated (Camden, Camden County): $457,800
Center for Modern Dance Education (Hackensack, Bergen County): $387,405
coLAB Arts, Inc. (New Brunswick, Middlesex County): $500,000
Educational Arts Team, Inc. (Jersey City, Hudson County): $220,068.30
Frontline Arts (Perth Amboy, Middlesex County): $256,506.93
George Street Playhouse, Inc. (New Brunswick, Middlesex County): $500,000
Grand Artistry Inspires (Plainfield, Union County): $500,000
Hackensack Performing Arts Center, Inc. (Hackensack, Bergen County): $500,000
Healthy People Worldwide (Perth Amboy, Middlesex County): $500,000
James R. Halsey Foundation of the Arts (Trenton, Mercer County): $475,475
Jersey City Theater Center, Inc. (Jersey City, Hudson County): $350,000
Jump for Joi (Jersey City, Hudson County): $307,000
Literature to Life, Inc. (Paterson, Passaic County): $103,912.50
Luna Stage Company, Inc. (Orange, Essex County): $303,179.71
Monmouth County Arts Council, Inc. (Long Branch, Monmouth County): $290,780
Monmouth Museum and Cultural Center (Dunellen, Middlesex County): $500,000
New Jersey Ballet Company, Inc. (Rahway, Union County): $225,000
New Jersey Capital Philharmonic Orchestra, Inc. (Trenton, Mercer County): $242,777
New Jersey Repertory Company (Long Branch, Monmouth County): $500,000
New Jersey Symphony Orchestra (Jersey City, Hudson County): $500,000
Nimbus Dance Works, Inc. (Jersey City, Hudson County): $500,000
Riverview Jazz Org (Jersey City, Hudson County): $500,000
Rutgers, the State University of New Jersey (New Brunswick, Middlesex County): $500,000
Symphony in C (Camden, Camden County): $451,591
Teen Arts (Asbury Park, Monmouth County): $298,829.50
The Actors Studio of New Jersey (Dunellen, Middlesex County): $382,896.88
The American Graffiti Museum, Inc. (Trenton, Mercer County): $210,161
The Passage Theatre Company (Trenton, Mercer County): $500,000
The Princeton Ballet Society (New Brunswick, Middlesex County): $129,300
The State Theatre Regional Arts Center at New Brunswick, Inc. (New Brunswick, Middlesex County): $102,000
The Wharton Institute for Performing Arts, Inc. (Rahway, Union County): $185,454
The Wooden Walls Mural Project (Asbury Park, Monmouth County): $500,000
Trenton Community A-Team, Inc. (Trenton, Mercer County): $408,717
Union County Arts Center, Inc. (Rahway, Union County): $497,500
University of Orange (Orange, Essex County): $499,354.76
Word Seed, Inc. (Paterson, Passaic County): $266,540

The A.R.T. Phase II program adds to the NJEDA’s robust toolkit of existing programs meant to expand access to arts and culture, which includes the Cultural Arts Facilities Expansion (CAFE) program, which provides tax credits to incentivize broad scale capital projects for arts and cultural venues in New Jersey. The first awards under the CAFE Program were announced in November 2025.

About the NJEDA

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TRENTON, N.J. (November 25, 2025) – Purchaser applications are now open for the New Jersey Economic Development Authority’s (NJEDA) two programs that are aimed at decarbonizing transportation and saving businesses money. Together, Phase III of the New Jersey Zero Emission Incentive Program (NJ ZIP) and the first phase of the New Jersey Zero Emission Vehicle Financing Program (NJ ZEV Financing), aim to accelerate the adoption and use of commercial zero emission medium- and heavy-duty vehicles within the state, while reducing harmful greenhouse gas emissions and other pollutants.

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 this first round of Phase III, which is funded at $37.5 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 buses, small businesses; and 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 Financing, 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 businesses not utilizing the NJ ZIP program. NJ ZEV Financing will offer low-interest rate loans ranging from $50,000 to $500,000 for the purchase of one or more eligible vehicles.

WHO: To be eligible, an applicant’s vehicle must be purchased within 18 months of voucher approval or issuance of a loan commitment letter and procured from an approved vendor. Eligible vendors and vehicles for both programs will continue to be updated on a rolling basis.

WHEN: Purchaser applications are now open and will be accepted on a rolling basis.

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

For more information about NJ ZEV Financing, click here.

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Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, November 25, 2025, at 11:00 am.

The agenda can be found 48 hours prior to the meeting on the website: https://www.nj.gov/ccrc/

TRENTON, N.J. (November 17, 2025) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved a tax credit award under the Aspire Program to support the development of a new hotel in Hoboken, which will include up to 350 guest rooms. The hotel will be located along the waterfront, one block from the Hoboken Terminal, which offers access to public transportation options including NJ TRANSIT bus and rail service, Hudson-Bergen Light Rail, ferry service, and PATH.

“Under Governor Murphy’s leadership, the Aspire program has supported meaningful transit-oriented development projects throughout the state, helping grow communities and create jobs,” said NJEDA Chief Executive Officer Tim Sullivan. “Adding a new major hotel to Hoboken’s iconic waterfront will attract tourism and spur economic activity in the area, building a stronger, more resilient city that will benefit Hoboken residents for decades to come.”

The developer, One SD Hoboken, plans to build a full-service Hilton Hotel on the site of the former parking lot of the Hoboken Post Office on Sinatra Drive. The proposed 20-story hotel will include ground-floor retail, a lobby-level restaurant and bar, meeting and event spaces, and a rooftop bar and terrace.

The project also includes the creation of a publicly accessible pocket park, as well as significant streetscape and sidewalk enhancements to improve pedestrian connectivity along Sinatra Drive. Guest parking will be accommodated via valet service utilizing an existing adjacent underground garage. This project will be designed and constructed to the U.S. Green Building Council (USGBC) Leadership in Energy and Environmental Design (LEED) Silver standard, satisfying the Aspire program’s Green Building Standards. One SD Hoboken was awarded a tax credit award of 60 percent of the total project cost, not to exceed $63.4 million.

“Support from the Aspire Program and this meaningful investment in Hoboken will help ensure that the city continues to be a model for green, accessible, and transit-oriented economic development,” said State Senator Raj Mukherji (D-32). “The construction of a brand new hotel right on the Hoboken waterfront will help welcome tourists and other guests, spur business, and create more publicly accessible green space.”

“Today’s announcement represents a major step forward for Hoboken,” said Hoboken Mayor Ravi S. Bhalla. “The new hotel represents a win for our city, bringing new jobs, open space, and vital infrastructure improvements that will benefit residents and visitors alike. It’s a prime example of what we can accomplish when local and state partners work together toward a shared vision for smart, sustainable growth. Thank you to Governor Murphy and NJEDA Chief Executive Officer Tim Sullivan for their continued partnership and commitment to Hoboken’s future.”

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

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TRENTON, N.J. (November 17, 2025) – The New Jersey Economic Development Authority (NJEDA) Board recently approved a tax credit award under the Aspire Program for Phase 3 of the New Jersey Health + Life Science Exchange (HELIX) building in New Brunswick. Known as H-3, the proposed development consists of a 42-story, nearly 560,00-square-foot mixed-use tower that will include affordable residential units, commercial office space, specialized laboratories, and housing for Rutgers School of Medicine students.

“The NJEDA Board’s approval of Aspire awards for this next phase of the HELIX represents a key milestone in our ongoing effort to make New Jersey a leader in technological innovation,” said Governor Phil Murphy. “With strong partnerships from institutions such as Rutgers University, the HELIX will accelerate groundbreaking research, help startups expand, and generate sustained economic opportunity across the state.”

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. H-3 will be located directly across from the New Brunswick Train Station, adjacent to a NJ TRANSIT bus stop, in close proximity to Rutgers University, and approximately 15 miles from Newark Liberty International Airport.

“The HELIX exemplifies Governor Murphy’s vision to drive inclusive economic growth and strengthen New Jersey’s position as a national leader in discovery and innovation,” said NJEDA Chief Executive Officer Tim Sullivan. “Through the Aspire Program, the NJEDA continues to support transformative development projects that bring together housing, business, and transit to create vibrant, walkable communities. This award will help expand New Brunswick’s innovation ecosystem while delivering high-quality housing options, new jobs, and long-term economic opportunity for residents.”

The proposed development has four main components, including:

Residential: The 298,390-square-foot residential portion will include 265 units, 53 of which will be affordable. The 212 market-rate units will comprise 38 studios, 148 one-bedrooms, and 26 two-bedrooms. The 53 affordable units will include 4 studios, 6 one-bedrooms, 32 two-bedrooms, and 11 three-bedrooms. Amenities include a gym, co-working and lounge spaces, communal kitchen, billiards room, and outdoor terrace.
Rutgers WINLAB & ESRG Research Facilities: Rutgers University will consolidate its Wireless Information Network Laboratory (WINLAB) and Energy Storage Research Group (ESRG) into 33,620 square feet of dedicated research space within H-3. These programs will benefit from proximity to campus and adjacency to Nokia Bell Labs’ new Research & Development facility at H-2, enabling enhanced collaboration and accessibility for students.
Rutgers School of Medicine Student Housing: H-3 will include 52,304 square feet of purpose-built housing for medical students, creating a living-learning environment that integrates researchers, entrepreneurs, and faculty within the HELIX ecosystem.
Commercial Office Space: Additionally, H-3 will include 178,522 square feet of commercial office space that will be leased to Middlesex County to accommodate various County departments and administrative functions.

The Applicant, Downtown HUB Associates III, LLC, which is owned by DEVCO and Pennrose Holdings, LLC, was awarded a tax credit award of up to 80 percent of the total project cost, not to exceed $359.3 million.

“When we created the Aspire program through legislation, we did so with a vision of supporting transformative projects that create jobs, expand housing, and spur long-term economic growth both in New Brunswick and across the state,” said Assembly Speaker Craig J. Coughlin. “The Board’s approval of these awards marks another major step forward for the HELIX project and for New Jersey’s leadership in life sciences and innovation. Together, we are showing the world that New Jersey is open for business and ready to compete, without losing sight of our commitment to our local communities.”

“The HELIX continues to redefine what’s possible for New Brunswick and for our entire state,” said New Brunswick Mayor Jim Cahill. “H3 represents another major step forward in creating a world-class destination for research, innovation, and opportunity. We are grateful for the NJEDA’s continued support and for the strong partnerships with Rutgers University, Middlesex County, DEVCO, and our private-sector collaborators. Together, we are building a place where students, scientists, entrepreneurs, and residents can thrive, and where ideas become breakthroughs that strengthen our community and New Jersey’s economy for generations to come.”

“This region has the potential to become one of the top research corridors in the country, and HELIX is a critical piece of that,” said Rutgers University president William F. Tate IV. “Grateful to Governor Murphy, the Legislature, the EDA, and our local leaders for making this happen. Rutgers is excited to add leading-edge technology, energy, and biomedical discovery to this space, and to deepen our partnerships with the state’s public and private sectors.”

“By the end of 2028, the HELIX will encompass 1.5 million square feet, representing an investment of over $2 billion. More than 4,000 people will be researching, working, living, and learning as part of this dynamic ecosystem,” said New Brunswick Development Corporation (DEVCO) President Chris Paladino. “It will be a place where creative collisions spark new companies, drive innovation, and fuel growth across New Jersey’s economy, exceeding even our highest expectations.”

The first phase of the HELIX was approved for Aspire tax credits in 2023, and the second phase, with Nokia Bell Labs as its main tenant, was approved for Aspire tax credits in March 2025.

About the NJEDA

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Major investment from FEED NJ will support initiatives that improve residents’ ability to access fresh, affordable, and healthy food

TRENTON, N.J. (November 14, 2025) – The New Jersey Economic Development Authority (NJEDA) Board recently approved more than $20.6 million in grant awards to 50 organizations under the Food Equity and Economic Development in New Jersey (FEED NJ) Pilot Program. The awards are the first set of approvals under the $30 million FEED NJ program and will support food security projects in New Jersey’s 14 most acute Food Desert Communities (FDCs), catalyzing innovative, sustainable, and scalable food access initiatives in underserved areas. The total funding of $30 million is one of the largest investments in recent years dedicated to strengthening New Jersey’s food security infrastructure.

“My administration has been laser-focused on erasing systemic barriers that limit access to affordable, healthy food options,” said Governor Phil Murphy. “By expanding food access in New Jersey communities, we will improve quality-of-life for residents and strengthen our economic security, creating a stronger and fairer Garden State.”

“Under Governor Murphy’s leadership, the NJEDA has expanded our robust food security toolkit to combat hunger through innovative approaches, which is helping improve the well-being of New Jerseyans, while strengthening our economy and expanding access to new opportunities for residents,” said NJEDA Chief Executive Officer Tim Sullivan. “From establishing mobile markets to renovating community food pantries, the creative initiatives to bolster food security funded through FEED NJ will give a boost to local organizations and ensure they have the resources to support underserved communities for the long-term.”

Each of the 50 awardees under FEED NJ will receive awards of up to $500,000 and will primarily focus their projects on serving residents of one or more of the highest-need FDCs, which are spread across seven counties, comprise portions of 12 municipalities, and are home to 567,349 residents. Primary Focus FDCs include portions of Bridgeton, Camden, Fairfield Township, Lawrence Township, Newark, New Brunswick, Passaic City, Paterson, Pennsauken, Salem City, Trenton and Woodlynne.

The first round of awards approved by NJEDA’s board will also serve 25 additional FDCs such as Elizabeth, Irvington, Jersey City, Lakewood and Perth Amboy, though the primary focus of each applicant’s project will remain on at least one of the Primary Focus FDCs. Atlantic City/Ventnor, the second-highest ranked FDC, is not designated as a Primary Focus FDC as it is the sole focus of NJEDA’s existing Atlantic City Food Security Grants Pilot Program. Additional awards totaling approximately $9.4 million will be made at a later date. Grantee’s projects include creating new or expanded food pantries and mobile markets, partnering with farmers to bring locally-grown food to New Jersey residents, buying new delivery vehicles and trucks, and growing meal recovery initiatives.

Click here to view the full list of awardees and descriptions of their proposed projects.

“Through innovative and community-driven programs like FEED NJ, the NJEDA continues to make historic investments to bolster food security efforts across the state, recognizing that access to fresh, affordable food is both an economic and social imperative,” said NJEDA Chief Economic Security Officer Tara Colton. “The awards under FEED NJ will expand incredible food access initiatives by nonprofits and private companies into underserved communities, helping expand economic opportunity for countless families.”

The NJEDA’s list of New Jersey’s 50 FDCs, which was created in consultation with the New Jersey Department of Community Affairs and the New Jersey Department of Agriculture, considers more than 24 variables related to the food retail environment, demographics, and economic, health, and community factors. A full list and map of all 50 FDCs is available on the FEED NJ website.

“Far too many families in our state wake up every morning carrying the quiet fear of not knowing how they will feed their children, and that is a reality we should never accept in a place as strong and as resourceful as New Jersey,” said Assembly Speaker Craig J. Coughlin. “The Food Desert Relief Act was built on a recognition that food insecurity is both a symptom of the pressures that make life harder for working families and a barrier to future opportunity, and that the state has a responsibility to intervene with meaningful investments to ensure every neighborhood has the resources to keep people fed. Through FEED NJ, we are honoring that commitment by giving these organizations the resources they need to grow their reach and deliver food straight to the communities that need it most.”

“Expanding access to fresh, affordable food is a key priority for this administration. Recent events have underscored just how critical it is for every family to have dependable access to nutritious food,” said New Jersey Department of Human Resources Commissioner Sarah Adelman. “These grants will enable community organizations to expand their reach and enhance their impact, directly addressing hunger in neighborhoods that lack reliable access to healthy food. I commend NJEDA for this innovative program, which supports the organizations already doing the hard work on the ground to close the hunger gap and ensure that families in underserved communities have access to nutritious, affordable food.”

“The FEED NJ grants are a big step in New Jersey’s continued efforts in closing the gaps in our emergency food system” said Ed Wengryn, NJ Secretary of Agriculture. “With New Jersey being a top producer of fruits and vegetables in this country, these grants are making investments that ensure what we produce in this State can address the food needs of our citizens from our rural communities to our urban centers.”

“Successfully tackling food insecurity requires multi-pronged initiatives that focus on innovation, economic mobility, and public health,” said NJ Office of the Food Security Advocate (OFSA) Executive Director Mark Dinglasan. “At OFSA, we believe that food security truly exists when all people, at all times, have physical, social and economic access to sufficient, safe, and nutritious food for both dietary and cultural preferences for both an active and healthy lifestyle. I believe that the FEED NJ program and all the efforts of the NJEDA encompass such multi-pronged approaches that bring this definition of food security to life. I congratulate all the FEED NJ grantees and OFSA stands committed to continually supporting the NJEDA and all of its grantees.”

FEED NJ complements the NJEDA’s robust toolkit of existing programs taking different approaches to expanding food access, which includes the Food Security Planning Grant Program, Atlantic City Food Security Grants Pilot Program, and the Food Desert Relief Supermarket Tax Credit Program. Additionally, the NJEDA announced this month that it provided $900,000 to support the State’s six Emergency Feeding Organizations as they faced increased demand due to the federal Supplemental Nutrition Assistance Program (SNAP) benefits crisis caused by the federal government shutdown.

FEED NJ is funded with $30 million in proceeds from the NJEDA’s 2023 and 2024 Food Desert Relief Tax Credit Auctions, which were authorized by the Food Desert Relief Act of 2021. For more information on the NJEDA’s food security programs, visit https://www.njeda.gov/food-security-programs.

About the NJEDA

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