Press Releases Archives - Page 2 of 153

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

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

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

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

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

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

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

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

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

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

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

About the NJEDA

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

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

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A Special Meeting of the New Jersey Economic Development Authority is scheduled for 10:00 AM, Thursday, August 20, 2026. The Members will convene via conference call and Microsoft Teams only, to discuss and vote on the following matters:

AUTHORITY MATTERS

ITEM: MOU with NJ Innovation Authority for Technology Initiatives

STRATEGIC INNOVATION CENTER

ITEM: Life Sciences Fund Investment

CLEAN ENERGY

ITEM: Modifications to the Take Charge Program

ITEM: NJ Cool Pilot Program Phase 2

ITEM: Modifications to the Reducing Emissions Through Retrofits, Optimization, Fuel-switching and Innovative Technologies Grant Program (RETROFIT NJ)

CAFÉ

ITEM: Madison Asbury Retail LLC: Asbury Park Convention Hall Music & Performance Venues Restoration, Revitalization & Modernization, Asbury Park

DIGITAL MEDIA TAX CREDIT PROGRAM

ITEM: NBA Properties, Inc. FY24

ITEM: Audible, Inc. FY23

ASPIRE

ITEM: Notice of Final Adoption of the July 2025 Specially Adopted and Concurrently Proposed Rules to the Aspire Program (N.J.A.C. 19:31V)

ITEM: 533 Main St LLC (Applicant), NSI Aspire LLC (Co-Applicant) – Modification – (East Orange, Essex County)

BOARD MEMORANDA – FYI ONLY

Credit Underwriting Delegated Authority Approvals, August 2026

Real Estate Delegated Authority August 2026

Members of the public may participate in the meeting by calling in on the conference line or joining via Microsoft Teams. Members of the public will have an opportunity to speak during the public comment segment of the meeting.

The following conference number is provided:

CONFERENCE NAME: NJEDA SPECIAL BOARD MEETING

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

PARTICIPANT ACCESS CODE: 7825427

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

About the NJEDA

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

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

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

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

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

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

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

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

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

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

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

About the NJEDA

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

WHEN: Wednesday, August 12, 2026

10:30 a.m.

WHO: NJEDA CEO Evan Weiss

Camden County Commissioner Jeffrey L. Nash

Camden Mayor Victor Carstarphen

Battleship New Jersey CEO Marshall Spevak

WHERE: Battleship New Jersey Museum & Memorial

100 Clinton Street

Camden, N.J

PRESS: OPEN

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

TRENTON, N.J. (August 5, 2026) – The New Jersey Economic Development Authority (NJEDA) announced today that the New Jersey Chapter of Golden Seeds has invested more than $10 million in women-owned start-ups since its launch in 2020. The announcement follows Golden Seeds’ milestone of investing more than $200 million in women-owned companies. Golden Seeds is one of the nation’s largest and most active angel investment networks. The New Jersey Chapter of Golden Seeds was launched in 2020 in partnership with the NJEDA.

“This $10 million investment milestone reflects the transformative impact of expanding access to capital for women entrepreneurs,” said NJEDA Chief Executive Officer Evan Weiss. “Golden Seeds is supporting Governor Sherrill’s mission to build businesses that drive innovation, create jobs, and strengthen the state’s economy by connecting female founders with the funding, mentorship, and networks they need to grow and succeed.”

Founded in 2004, Golden Seeds is the third-largest national angel group based on number of transactions and the largest angel investment group nationwide focused on investment in women-led businesses. Golden Seeds members, nearly 300 strong, along with its venture funds, invested $200 million in more than 270 women-led companies.

“New Jersey is fostering an environment where women-led businesses can thrive by expanding access to capital and cultivating a strong angel investment ecosystem,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “This milestone demonstrates how strategic investment in female founders fuels innovation, creates economic opportunity, and strengthens communities across our state.”

The New Jersey Chapter currently has 23 members and invests primarily in technology, life sciences and healthcare, and consumer sectors. There are currently eight New Jersey companies that came through the New Jersey Chapter Office Hours that are funded by Golden Seeds.

Based in Moorestown, Burlington County, Otava RF, Inc. develops end-to-end technology and radio frequency chips used by advanced 5G and Department of War applications. Otava raised a total of $1.5 million to date from Golden Seeds in 2022, 2024, and 2025. Otava Inc. is also a recipient of the NJEDA’s Angel Match Program.

“Golden Seeds has been far more than an investor – they have been a trusted partner throughout Otava Radio Frequency (RF)’s journey,” said Victoria Pereira, CEO and Founder of Octava. “Their early confidence in our team and technology provided both the capital and credibility needed to pursue an ambitious vision in the highly competitive semiconductor industry. Through multiple rounds of investment, they have continued to believe in our mission and support our growth. We are grateful to have Golden Seeds as we build the next generation of RF semiconductor technologies.”

The New Jersey chapter of Golden Seeds holds monthly Office Hours to introduce entrepreneurs with Golden Seeds investors, provide information on the angel investing process and support qualified founders through the Golden Seeds funding pipeline. From February 2020 thru June 2026, the chapter has hosted 225 female entrepreneurs in 64 monthly office hours. The next Office Hours session for the New Jersey chapter of Golden Seeds will be on September 9 at 4 p.m. To sign up, click here.

Investors interested in Golden Seeds membership and the broader angel investing community can join an online forum to observe members as they consider future investments. For more information, visit https://goldenseeds.com/angel-network/interested-in-joining/.

A meeting of the Commission of Science, Innovation and Technology (CSIT) Board has been scheduled for Friday, August 7, 2026, at 10:00 am.

A copy of the proposed agenda can be found at https://www.njcsit.gov/

The following Microsoft Teams link and conference number are provided:

Join the meeting now

Meeting ID: 284 944 464 110 69

Passcode: 8NP7UN3Z

Dial in by phone

Dial-in number: +1 551-220-2262

Phone conference ID: 828 032 403#

TRENTON, N.J. (July 30, 2026) –The New Jersey Economic Development Authority (NJEDA) will auction up to $25 million in corporation business tax and insurance premiums tax credits through the Food Desert Relief Tax Credit Auction. The auction, which was approved during the NJEDA’s July Board meeting, helps businesses reduce their New Jersey taxes by up to 15% while raising funds to strengthen food security and fight hunger in communities across the state. The NJEDA will begin accepting applications on Tuesday, September 8, 2026.

WHAT: Up to $25 million in tax credits will be up for sale through the Food Desert Relief Tax Credit Auction, allowing bidders to offset their NJ tax liability by up to 15%.

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

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

WHEN: Applications for the Food Desert Relief Tax Credit Auction will open on Tuesday, September 8, 2026 at 10 a.m. and will close on Friday, October 9, 2026 at 5 p.m. Applications and additional information can be found here.

An informational webinar will be held on Monday, August 10, 2026 at 1 p.m. For more information and to register for the webinar, click here.

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Aligned with Gov. Sherrill’s clean energy goals, the second phase of the program will bolster efforts to reduce greenhouse gas emissions and energy costs

TRENTON, N.J. (July 28, 2026) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved modifications to the Reducing Emissions through Retrofits, Optimization, Fuel-Switching, and Innovative Technologies (RETROFIT NJ) Grant Program to expand available funding and advance more solar generation, battery storage, and thermal energy network (TEN) projects. The changes, which will take effect when applications reopen later this summer, support Governor Mikie Sherrill’s efforts to lower energy costs, reduce greenhouse gas emissions, and provide meaningful cost relief to residents and business owners.

“Starting on her first day in office, Governor Mikie Sherrill has taken aggressive action to expand energy capacity, bolster the state’s electric grid, and lower costs for New Jerseyans,” said NJEDA Chief Executive Officer Evan Weiss. “The changes to the RETROFIT NJ Program build on the NJEDA’s existing clean energy efforts to make energy efficiency, decarbonization, and power generation projects easier and more affordable, stimulating economic growth and enhancing our long-term economic competitiveness.”

The RETROFIT NJ program utilizes Regional Greenhouse Gas Initiative (RGGI) funds to support projects that advance at least three building decarbonization components, such as solar, energy storage, electrification of heating, refrigerant replacement, and energy efficiency upgrades, or is a TEN, which connects heating, cooling and/or hot water systems across multiple buildings. Funding can cover both hard and soft project costs, including design, engineering, equipment, construction, and commissioning.

The Board approved increasing the RETROFIT NJ Program’s base funding pool to up to $225 million to support future phases of the program if demand warrants. Projects involving a TEN will remain open to commercial, industrial, or institutional buildings, while projects without a TEN will be limited to institutional applicants serving a non-profit or public purpose or private manufacturers. To better align the program with Governor Sherrill’s Executive Orders 1 and 2, which aim to expand power generation and lower energy costs, projects that do not involve TENs must now include either on-site renewable energy generation or on-site energy storage as one of three required project scope categories.

In June, the NJEDA Board approved $79 million in grant awards to ten large-scale decarbonization and energy efficiency projects under the RETROFIT NJ Program, including a combined 20.3 megawatts (MW) of solar and 86.9 MW of battery storage and supporting $238 million in economic activity. The suite of approved projects will reduce electricity usage by 30.7 million kilowatts (kW) annually, relieving strains on the state’s electric grid and lowering energy costs. $54 million of the awarded funding has been directed to projects in the state’s Overburdened Communities.

Applications for Phase II of the RETROFIT NJ Program are expected to open in Summer 2026. For more information, visit https://www.njeda.gov/retrofit/ or email retrofit@njeda.gov.

About the NJEDA

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TRENTON, N.J. (July 24, 2026) – The New Jersey Economic Development Authority (NJEDA) Board approved two awards under the Cultural Arts Facilities Expansion (CAFE) Program, paving the way for projects at the Center for Creativity at the Rialto in Westfield and the Paper Mill Playhouse in Millburn. Together, these investments will expand access to performing arts programming for residents and students across Essex and Union Counties, while revitalizing two cultural destinations.

“New Jersey’s arts and culture sector is a powerful economic driver, fueling local businesses, creating good-paying jobs, and strengthening communities across the state. Governor Sherrill is committed to investing in this thriving sector and expanding opportunities for economic growth,” said NJEDA Chief Executive Officer Evan Weiss. “Through the CAFE Program, the NJEDA is increasing access to major arts and cultural institutions, which helps attract visitors, support regional economies, and ensure that residents from every community can share in the economic and cultural benefits that these organizations provide.”

The Rialto Center for Creativity project will breathe new life into Westfield’s 1920s-era Rialto Theater, transforming the landmark into a modern cultural hub. Plans include an adaptive reuse and a gut renovation. The first floor will be renovated to include a flexible performing arts and events space with a 450-person capacity, a lobby and ticketing area, a catering kitchen and cafe, dressing rooms, and a gallery space. The second floor will encompass four multi-use classrooms to be used for cultural arts education, workshops, and rehearsals, as well as admin space and a gallery. The building will also receive mechanical, geothermal wellfield, and heating, ventilation, and air conditioning (HVAC) upgrades, and will also be renovated to include an elevator.

The theater is positioned to serve as Westfield’s cultural arts hub, offering diverse programming across the visual and performing arts and generating year-round economic activity. Its operating model includes sliding scale rental fees, scholarships, and discounted ticketing to support broad community access. Additional plans include youth programming and partnerships with organizations serving individuals with cognitive and mobility challenges. The project was approved for up to $43.3 million in CAFE Program tax credits.

The Front of House project will reconfigure and expand the entrance and lobby area of Paper Mill Playhouse in Millburn. The project will address longstanding deficiencies in accessibility, circulation, and building systems, and will also replace outdated and undersized restrooms with modern, Americans with Disabilities Act (ADA)-compliant facilities, upgrade the mechanical, electrical, and plumbing systems, and will redesign main entrances and interior walkways to eliminate accessibility barriers. The new two-story lobby will feature box office, concessions and merchandising areas, monumental stairs and elevators, bathrooms, and an enlarged donor lounge.

The Paper Mill Playhouse is a statewide cultural asset that has a variety of programs for underserved schools and individuals with disabilities, as well as comprehensive accessibility programming and discounted and reduced cost access. The project was approved for up to $24.8 million in CAFE Program tax credits.

“I am deeply grateful to the NJEDA and the CAFE Program for this transformative investment in Westfield,” said Westfield Mayor Jeremy Berman. “The Rialto is one of our community’s most cherished historic landmarks, and its restoration represents an extraordinary opportunity to honor our past while investing in our future. As a vibrant arts and cultural anchor, the Rialto Center for Creativity will strengthen our downtown, support local economic development, and create a welcoming destination for residents, visitors, artists, and businesses alike.”

“The Paper Mill Playhouse is our crown jewel. We’re incredibly lucky to have a theater of this caliber right here in Millburn, and we are thrilled to see the State stepping up to support its future,” said Millburn Mayor Frank Saccomandi.

“The Rialto’s return marks a new chapter for Westfield and the region,” said Bill Crandall, President of the Rialto Board of Trustees. “Thanks to the NJEDA’s generous commitment to the arts, we’re rebuilding more than a theater; we’re creating a home where creativity thrives and people come together. Now we invite both individuals and institutions to help us cross the finish line. We are so thankful for and appreciative of the donors who are helping us meet our vision.”

“Paper Mill Playhouse is profoundly grateful to the New Jersey Economic Development Authority for supporting our Front of House renovation project,” said Mike Stotts, Executive Director of Paper Mill Playhouse. “The patron experience at Paper Mill will be greatly enhanced and improved for generations to come with the upgrades that are included in this project. Greater accessibility and a more thoughtful layout of our public spaces are the driving forces of this project, not to mention the upgrades to mechanical, plumbing, and electrical systems that are severely outdated and inefficient. Founded in 1938, Paper Mill Playhouse is the largest producing theatre in New Jersey, serving a statewide audience of over 200,000 people annually, including 40,000 students. Paper Mill’s Next Act Campaign is about ensuring that the legacy of this nationally renowned theatre continues for generations.”

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

About the NJEDA

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