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.

###

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.

###

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.

###

Strategic Innovation Center will support the growth of local biotech companies and promote regional scientific and biomedical innovation

TRENTON, N.J. (February 24, 2025) – The New Jersey Economic Development Authority (NJEDA) and the Coriell Institute for Medical Research announced the creation of a new Strategic Innovation Center (SIC) in Camden, leveraging the world-class assets available at Coriell to support biomedical research and innovation. The new innovation center will be fully equipped with state-of-the-art incubator and laboratory spaces for emerging biotech companies, will drive economic growth in the region and establish Camden as a leader in life sciences innovation. The project is expected to create approximately 150 new permanent jobs, plus 100 construction jobs.

“Since taking office, my Administration has been laser-focused on advancing New Jersey’s innovation economy through targeted investments in our most crucial industries and sectors,” said Governor Phil Murphy. “The NJ Biomedical Strategic Innovation Center is set to redefine biomedical research and development by uniting private companies, premier academic institutions, and leading entrepreneurs to pave the way for groundbreaking biomedical technologies, further cementing New Jersey’s legacy of leadership in innovation and life sciences.”

“Under Governor Murphy’s leadership, New Jersey has made historic investments in its innovation ecosystem, empowering entrepreneurs with the resources they need to thrive, further solidifying the state’s position as a global leader in innovation,” said NJEDA Chief Executive Officer Tim Sullivan. “Through the NJEDA’s Strategic Innovation Center initiative, Camden will serve as a pivotal hub for cutting edge biomedical research, advancing lifesaving technologies in cancer treatment, stem cell applications, epigenetics, and drug development. By partnering with leading corporations and academic institutions, the NJ Biomedical Strategic Innovation Center will leverage the state’s brightest minds to create companies of the future, generating high-quality jobs, and growing New Jersey’s economy.”  

The NJ Biomedical SIC will encompass approximately 45,000 square feet at the Lewis L. Coriell Medical Research Center in Camden, which will be in close proximity to the headquarters of Campbell’s and Subaru, building upon the city’s economic strength and commitment to attracting world-class enterprises. The Coriell Institute will leverage its international reputation in biobanking and cutting-edge biomedical research to support innovative startup companies at the SIC.

The Coriell Institute for Medical Research is a leader in biomedical innovation and is home to some of the most famous biobank collections, including the National Institutes of Health’s premier collections representing thousands of human diseases. Coriell scientists work to accelerate scientific discovery by generating world-class biomaterials and conducting groundbreaking research in biobanking and epigenetics.

“Coriell is thrilled to partner with Governor Murphy and the NJEDA to expand the life sciences ecosystem in southern New Jersey,” said Jean-Pierre Issa, MD, President and CEO of the Coriell Institute. “Boasting attractive advantages including the opportunity to collaborate with Coriell Institute’s world-class scientists, having immediate access to Coriell’s world renowned biobanks, and operating in a more affordable locale, will make the CoLabs incubators a highly desirable destination for emerging biotech companies.”

The SIC will host emerging biotech companies, with a focus on cancer research, epigenetics, stem cells, and drug development. The innovation center will also enter into cooperation agreements with Rutgers University, Rowan University, and other New Jersey institutions of higher education to promote academic collaboration.

Pending approval by its Board, the NJEDA intends to invest $20 million to support the NJ Biomedical SIC. The Coriell Institute will invest over $21 million to construct the innovation center, including lab and co-working space that will house specialized equipment and offices.

“The creation of the Strategic Innovation Center is a monumental step in strengthening Camden City’s position as a center for innovation in life sciences,” said State Senator Nilsa Cruz-Perez, Assemblyman William Moen, and Assemblyman William Spearman (LD-5). “With the partnership between the New Jersey Economic Development Authority and the world renowned Coriell Institute of Medical Research, we are not only driving cutting-edge biomedical research but also fostering an environment where groundbreaking discovery and progress can thrive. This center will play a critical role in advancing healthcare solutions while solidifying Camden as a leading force in the global life sciences market.”

“Innovation doesn’t happen in isolation—it thrives in places where ideas collide, where mentorship meets ambition, and where the next generation of pioneers has the tools to turn bold ideas into reality,” said Assembly Majority Leader Lou Greenwald. “Through this historic collaboration between the NJEDA and Camden, we are not just investing in a facility—we are investing in the future of this city as a powerhouse for biomedical discovery and economic growth. The future is being built right here in Camden, and I’m proud to be part of it.”

“The formation of the NJ Biomedical Strategic Innovation Center in Camden marks a transformative step in our commitment to fostering scientific advancement and economic growth in South Jersey,” said Assemblywoman Melinda Kane. “Thanks to the partnership between NJEDA and Coriell Institute, New Jersey remains at the forefront of life sciences and technology, driving innovation in cancer treatment, stem cell applications, and drug development.”

“I commend Governor Murphy and NJEDA for working with the leadership of Coriell Institute for Medical Research on this exciting expansion,” said Camden Mayor Victor G. Carstarphen. “Camden is the proud home to the growing Eds and Med’s community.  Coriell is a longtime partner here in Camden and we are pleased to build upon that relationship to ensure Camden leads the way in life sciences innovation.  The new Strategic Innovation Center will result in the creation of over 100 new jobs, the creation of a new state of the art facility, and retention of the world’s best scientists.”

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.

Last week, the NJEDA announced it was partnering with Nokia Bell Labs to create the NJ Nokia Innovation Center and New Jersey Bell Labs Venture Studio focused on accelerating and commercializing intellectual property in the fields of communication, artificial intelligence (AI), cloud computing, and optical and wireless networks. For more information on the NJEDA’s Strategic Innovation Center initiative, 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.

About the Coriell Institute for Medical Research

The Coriell Institute for Medical Research is a globally recognized leader in biobanking and biomedical research. Coriell is home to one of the world’s foremost biobanks which distributes biological samples and offers research and biobanking services to scientists around the world. Coriell is the trusted steward of world-renowned collections for the National Institutes of Health (NIH), disease foundations and commercial clients. Also a leader in genomic and epigenomic research, Coriell is uncovering the ways our genetic makeup affects our health, especially with regard to cancer, aging, and personalized medicine. Coriell leads or participates in several research partnerships, including the Camden Cancer Research Center and the Camden Opioid Research Initiative. For more information, visit www.coriell.org.

TRENTON, N.J. (February 20, 2025) – The New Jersey Economic Development Authority’s (NJEDA) Food Equity and Economic Development in New Jersey (FEED NJ) Program is now accepting applications. FEED NJ is a $30 million pilot program awarding grants between $50,000 and $500,000 for innovative projects that strengthen food access and food security in New Jersey’s most acute Food Desert Communities (FDCs).

WHAT:              FEED NJ will provide grants between $50,000 and $500,000 to cover up to 100 percent of costs for projects aimed at improving New Jersey residents’ ability to access fresh, affordable, and healthy food in one or more of 14 Primary Focus FDCs. Proposed projects may be new initiatives, an expansion of existing services, or both. Applicants can propose to complete their projects within either 12 or 24 months.

WHO:               Eligible applicants must be for-profit or non-profit entities that have been in existence for at least two years at the time of the application. Projects must primarily serve residents of one or more of the 14 Primary Focus FDCs. Applicants may elect to serve additional FDCs, provided the primary focus remains on at least one of the 14. Entities demonstrating a track record of serving FDC residents and providing programming and services related to food access and/or food security will earn higher scores.

A complete list of eligibility requirements and scoring criteria can be found here.

WHEN:           Applications for FEED NJ are now open, and are due by Thursday, April 3, 2025, at 5:00 p.m. For more information and to apply, 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.

###

NJ Nokia Bell Labs Innovation Center and Bell Labs Venture Studio will support research and development of cutting-edge technologies and bolster NJ’s innovation economy

TRENTON, N.J. (February 19, 2025) – Today, the New Jersey Economic Development Authority (NJEDA) announced it will partner with Nokia Bell Labs, the industrial research arm of Nokia, to launch a Strategic Innovation Center (SIC) consisting of the NJ Nokia Bell Labs Innovation Center and Bell Labs Venture Studio 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.

The NJEDA plans to make a $25 million investment to support the NJ Nokia Bell Labs Innovation Center and the Bell Labs Venture Studio. The NJ Nokia Bell Labs Innovation Center will be located along the state’s innovation corridor at the planned Health & Life Science Exchange (HELIX) 2 building in New Brunswick, which is expected to open by 2028. The Bell Labs Venture Studio will initially be located at Nokia Bell Labs’ Murray Hill campus by mid-2025 and will later be housed within the NJ Nokia Bell Labs Innovation Center.

“For a century, Nokia Bell Labs has been a world-class leader in research and development and our partnership with them sends a clear message that when it comes to technology and innovation, the Garden State is the place to be,” said Governor Phil Murphy. “By providing office and lab space and networking and collaboration opportunities, the NJEDA’s Strategic Innovation Center initiative is helping entrepreneurs grow their business and develop the next generation of life changing technologies.”

“Bell Labs has long been at the forefront of cutting-edge innovation and this partnership will help bring new technologies to the marketplace and bolster New Jersey’s innovation ecosystem,” said NJEDA Chief Executive Officer Tim Sullivan. “Since he took office, Governor Murphy has been committed to reestablishing New Jersey as a national leader in innovation and he has invested resources to help entrepreneurs grow and scale their business. Powered by the NJEDA’s Strategic Innovation Center initiative, the NJ Nokia Bell Labs Innovation Center and New Jersey Bell Labs Venture Studio will foster the development of state-of-the-art technology, create new jobs, and drive long-term economic growth.”

The NJ Nokia Bell Labs Innovation Center will be a 13,500 square foot co-working office and lab space and offer specialized equipment to support the companies’ ongoing research. The center will provide emerging companies with necessary business training, operating services, physical space, and management guidance to transform their research into commercially viable products and services. Pending approval by its Board, the NJEDA intends to invest $10 million into the project on a 1:1 basis with Nokia. Additionally, Nokia plans to partner with at least one of the state’s engineering schools, which will allow the companies at the center to benefit from various university resources.

The Bell Labs Venture Studio will be operated by the Nokia Ventures team, and over a five-year period the studio will facilitate company creations that are expected to generate hundreds of high-skilled jobs in the state. The venture studio will provide entrepreneurs and researchers with necessary business training, operating services, and management guidance to transform their research into commercially viable products and services. The venture studio will also assist its ventures with access to a network of academic, corporate, and venture partners to accelerate venture growth. Pending approval by its Board, the NJEDA intends to invest $15 million into the project on a 1:1 basis with Nokia.

“Nokia Bell Labs has a long-standing commitment to innovation and excellence in New Jersey. Our partnership with NJEDA to launch the Bell Labs Venture Studio and the NJ Nokia Bell Labs Innovation Center is a testament to our dedication to fostering cutting-edge research and supporting the growth of startups in the state,” said Nokia Chief Strategy and Technology Officer Nishant Batra. “By collaborating with academic institutions and leveraging our intellectual property and state-of-the-art facilities, we aim to drive technological advancements and bolster New Jersey’s innovation economy.”

“Bell Labs has proudly called New Jersey home for most of our 100-year history, and we are thrilled to launch the Bell Labs Venture Studio in partnership with NJEDA in 2025, as we celebrate our centennial anniversary,” said Nokia Bell Labs Solutions Research President Thierry Klein. “The Bell Labs mission has always been to create ground-breaking technologies that have a demonstratable impact on society and industry. This initiative will not only create new opportunities for emerging startups in New Jersey but also unlock the potential of groundbreaking innovations, and reinforce our legacy of pioneering breakthroughs in communication, AI, and other transformative technologies.”

“This announcement marks another exciting milestone for the HELIX and New Jersey’s innovation economy, strengthening our communities and reaffirming our state’s position as a leader in cutting-edge industries,” said Speaker Craig Coughlin. “Through this partnership, we are driving economic growth and creating opportunities for local scholars, entrepreneurs, and businesses to prosper. It was legislation, the Economic Recovery Act of 2020, that shows world-class companies like Nokia that New Jersey is ready to partner with the private sector to make smart, strategic investments in the jobs of the future. I am proud of our progress and look forward to the lasting impact it will have for generations to come.”

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.

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.

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Media inquiries
Nokia Press Office
Email: Press.Services@nokia.com

**Below is a copy of the official TEFRA notice that was published in the Trenton Times and South Jersey Times on February 17, 2025**

The New Jersey Economic Development Authority (the “Authority”) has rescheduled its February 12, 2025 public hearing due to inclement weather.  The rescheduled public hearing will be held on February 24, 2025 at 10:00 a.m. via teleconference at 1-888-790-3708 (Conference ID: 7825427).  The public hearing will be held for the purpose of providing a reasonable opportunity for interested persons to express their views with respect to a proposed issuance by the Authority of one or more series of its bonds, from time to time, as part of a plan of financing with respect to the following application for economic development bond financing for the facilities described below: 

Owner, Operator or Manager of Project: 

The Authority will be the leaseholder of the Series 2025 Facilities (hereinafter defined) under a long-term lease from DRP Urban Renewal 4, LLC (the “Borrower”).  The Authority will sublease the Series 2025 Facilities back to the Borrower, which will place responsibility on the Borrower, to be delegated to Delaware River Partners LLC (“DRP”), to construct, operate, maintain and manage the Series 2025 Facilities.  The Borrower is a wholly-owned subsidiary of DRP.

Description of Project: 

The bonds will be issued to: (i) finance the costs of a project consisting of the expansion, renovation, construction and/or equipping of certain dock and dock-related facilities at the Repauno Port & Rail Terminal (the “Repauno Terminal”), including (a) two new loading arms and related facilities at the existing Terminal dock; (b) a functionally related new above-ground cryogenic tank for storing bulk liquid products at very low temperatures, together with associated product chilling facilities; (c) new piping and related facilities connecting the cryogenic tank facilities to the new liquids dock facilities, and connecting the new system with the existing terminal facilities; and (d) facilities ancillary to the foregoing (collectively, the “Series 2025 Facilities”); (ii) pay certain costs incurred in connection with the issuance of the bonds; (iii) fund a deposit to a debt service reserve fund securing the payment of principal and interest on the bonds; (iv) fund a deposit into an interest reserve fund to pay interest during the construction of the Series 2025 Facilities; and (v) fund one or more deposits to other required reserve funds, if necessary (collectively, the “Project”).

Location of Series 2025 Facilities: 

All of the equipment, machinery and other structures that are part of the Series 2025 Facilities will be located at the Repauno Terminal.  The Repauno Terminal is a port and rail storage and transloading terminal operated by DRP.  The Repauno Terminal has been developed by DRP and its affiliates on a disused brownfield site within an approximately 1,630-acre property in Gibbstown, New Jersey, the former location of DuPont’s chemical manufacturing facility.  The Repauno Terminal is in the Township of Greenwich, County of Gloucester, New Jersey.  The mailing address for the Repauno Terminal is 200 N. Repauno Avenue, Gibbstown, New Jersey 08027.  The Gloucester County block/lots within which the Project will be located are as follows: Block 8, Lot 2, Lot 3, Lot 4 and/or 4.02.  Within Lots 2, 3, 4 and/or 4.02, the Series 2025 Facilities will be located in an approximately 18.7-acre area adjacent to the Delaware River, about a mile from the nearest Gibbstown residences. This brownfield waterfront area is also the location of the existing Repauno Terminal dock and other existing Repauno Terminal facilities.

Maximum Aggregate Face Amount of Bonds Requested: $350,000,000

At the hearing, members of the public may call in on the Authority’s telephone conference line at 1-888-790-3708, Conference ID: 7825427 to provide information and make statements concerning the foregoing application. 

ECONOMIC DEVELOPMENT FINANCINGS OF THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY WILL BE SPECIAL, LIMITED OBLIGATIONS OF THE AUTHORITY PAYABLE SOLELY FROM THE LOAN OR LEASE PAYMENTS MADE BY THE BORROWER TO THE AUTHORITY AND CERTAIN FUNDS AND ACCOUNTS ESTABLISHED UNDER THE INDENTURE FOR THE BONDS AND ARE NOT OBLIGATIONS OF THE STATE OF NEW JERSEY, NOR OF ANY COUNTY OR MUNICIPALITY THEREOF. 

            This notice is published in accordance with the public notice requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended.

NJEDA BOARD MEETING NOTICE – 2/24, 10:00 AM

A Special Meeting of the New Jersey Economic Development Authority is scheduled for 10:00 am, Monday, February 24, 2025. The Members will convene in person, via conference call, and via Microsoft Teams at NJEDA Offices, 36 West State Street, Trenton, NJ.

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 (FEBRUARY 24, 2025)

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

PARTICIPANT ACCESS CODE:             7825427

MICROSOFT TEAMS MEETING ACCESS LINK: https://ezy.ovh/RqQau

FOR TEFRA NOTICE: Notice of Public Hearing (TEFRA) – NJEDA

Members of the public are encouraged to join the meeting early to avoid any delays.  The meeting agenda and access information (conference call and Microsoft Teams link) can also be found 48 hours prior to the meeting on our website: www.njeda.gov. Thank you.

The film spent over $80M in the state and hired over 4,700 crew members for the production

TRENTON, N.J. (February 11, 2025) – The New Jersey Economic Development Authority (NJEDA) applauds New Jersey-filmed production A Complete Unknown for receiving eight Academy Award nominations, including for Best Picture. The Bob Dylan biopic was filmed almost entirely in New Jersey and utilized the Film Tax Credit Program, serving as a testament to the growing momentum of the state’s film industry.

A Complete Unknown, starring Timothée Chalamet and Elle Fanning, received eight nominations at the Academy Awards, including for Best Picture, Best Actor, and Best Director. A Complete Unknown, which filmed for over 60 days in New Jersey, spent $81 million in the state and hired over 4,700 crew members for the production.

“Under Governor Murphy’s leadership, New Jersey has become one of the top states to film large-scale, Oscar-worthy productions, all while serving as a top location to work, live, and raise a family,” said NJEDA Chief Executive Officer Tim Sullivan. “A Complete Unknown serves as a prime example to filmmakers that between our robust tax credit program, regional talent, and diverse locations, New Jersey cannot be beat. As more productions and studios choose New Jersey, the film industry will help strengthen our economy by creating family-sustaining jobs and supporting local small businesses across the state.”

A Complete Unknown, which was also nominated for three Golden Globes, was filmed in 17 municipalities across New Jersey, 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. Other notable filming locations include Paterson City Hall, White Mana Diner and William J. Brennan Courthouse in Jersey City, Columbus Park in Hoboken, Rutt’s Hut in Clifton, and the former Essex County Isolation Hospital in Belleville. All of the stage work for the film was done at Palisade Stages in Kearny.

“From bustling city streets to quaint beachside towns, A Complete Unknown reflects New Jersey’s unique ability to transform into any desired location,” said Jon M. Crowley, Executive Director of the New Jersey Motion Picture and Television Commission. “Our unbeatable tax credit incentives will allow us to continue raising the bar on the scale and quality of productions for years to come.”

Aside from A Complete Unknown, New Jersey is heavily represented at the 2024 Oscars.

Anora, which received six Oscar nominations including for Best Picture and Best Director, was directed by Sean Baker, a native of Summit.

Zoe Saldaña, who is nominated for Best Supporting Actress for her role in Emilia Perez, was born in Passaic.

Jesse Eisenberg, who is nominated for Best Writing (Original Screenplay) for A Real Pain, is from East Brunswick.

Sebastian Stan, who is nominated for Best Actor for his role in The Apprentice, studied acting at Rutgers University’s Mason Gross School of the Arts.

Mike Marino, who is nominated for Best Makeup and Hairstyling for A Different Man, currently resides in New Jersey.

According to the Film Tax Activity Report, A Complete Unknown and over 190 productions to-date have recently been attracted to New Jersey by the state’s Film Tax Credit Program, which offers eligible production companies up to 35 percent transferrable tax credit on qualified film production expenses, plus an additional 2 percent or 4 percent diversity bonus for qualified productions. Since the revival of the tax credit program, production has been booming in the Garden State, unlocking opportunities for thousands of businesses, residents, and filming locations across New Jersey.

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.

###