TRENTON, N.J. (October 2, 2024) – The New Jersey Economic Development Authority (NJEDA) will host a panel discussion focused on alternative funding opportunities to help advance New Jersey-based life sciences companies. Attendees will hear from industry leaders on how to secure funding from non-traditional sources, how the next generation of drugs, diagnostics, and devices will be funded, and ways to fund early and emerging commercial biomedical research.

WHEN:           Thursday, October 24, 2024
5:00 p.m. – 7:00 p.m.

WHO:              Josh Barer, Managing Director at Hibiscus BioVentures
Kathleen Coviello, Chief Economic Transformation Officer, NJEDA
Rik Mehta, Cofounder and CEO of Lactiga US, Inc
John Pennett, Partner, Life Sciences and Technology Group, Eisner Advisory Group LLC
Jorge Ramirez, Vice President, M&A and Business Development, Quest Diagnostics.
Judith Sheft, Executive Director, New Jersey Commission on Science, Innovation and Technology

WHERE:         New Jersey Bioscience Center
675 U.S. Highway 1
North Brunswick, N.J.

PRESS:            OPEN; press wishing to attend should RSVP to media@njeda.gov.

Members of the public can register to attend here.

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

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The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Wednesday, October 9, 2024, at 10:00 am.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton NJ

TELECONFERENCE:

CONFERENCE NAME:                                NJEDA BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:              877-692-8955

PARTICIPANT ACCESS CODE:                    4204420

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 support economic development activities across communities with offshore wind transmission projects

TRENTON, N.J. (September 27, 2024) – In July, the New Jersey Economic Development Authority (NJEDA) received a notice of a $50 million funding award through the United States Department of Energy’s (USDOE) Transmission Siting and Economic Development (TSED) Grant Program. Upon NJEDA Board approval of the grant award, the NJEDA and its collaborators plan to fund a portfolio of initiatives that will prepare local residents for careers in the clean energy industry. It will also fund local projects designed to increase civic engagement, and further economic mobility in communities with new renewable transmission infrastructure. 

“Offshore wind presents us with not only a pathway to a clean energy future but an opportunity to generate impactful economic growth and family-sustaining, union jobs,” said Governor Phil Murphy. “Thanks to our partners at the U.S. Department of Energy, this critical funding puts us closer to realizing the offshore wind industry’s full potential for the benefit of all New Jerseyans.”

“Under Governor Murphy’s leadership, New Jersey is poised to capture the momentous opportunity presented by offshore wind by investing in projects and infrastructure that will contribute billions back to the state economy, grow our clean energy future, and better the environment for generations to come,” said NJEDA Chief Executive Officer Tim Sullivan. “Though the Transmission Siting and Economic Development Grants program, the NJEDA will fund locally-driven, high-impact, community projects that increase access to workforce training, connect residents with good-paying, family-sustaining careers, and improve quality-of-life.”

The NJEDA’s proposed initiatives will integrate community-driven decision making with capital improvements and foster equitable access to good-paying careers while prioritizing federally designated Disadvantaged Communities (DACs). Following NJEDA board approval and upon execution, the grant will support:

  • A Community Investment Fund to support capital projects identified and chosen by residents through Participatory Budgeting, a democratic process where residents propose, vote on, and lead spending decisions for community improvement projects in localities where new renewable transmission infrastructure is sited. At least 40 percent of the funds under this program will be targeted for DACs.
  • A new Transmission Trailblazers Training program in collaboration with Atlantic City Electric that will provide skills training to 200 individuals for entry-level jobs in transmission, with a target of 70 percent of enrollments from DACs.
  • An upskilling training program on High-Voltage Direct Current methods through the International Brotherhood of Electrical Workers (IBEW) Local Union 400. The program will be provided to 30 individuals, with a target of 40 percent of enrollments comprising workers from underrepresented communities or facing labor market displacement.
  • A Pre-Apprenticeship training program for electrical careers that supports entry into IBEW Local 400 and other electrical trade jobs, with a target of 40 percent of enrollments from DACs and underrepresented communities.
  • The development of a Transmission Corridor Bike Path that will utilize transmission rights-of-way and existing trail paths to create a larger interconnected trail system, bringing economic and quality-of-life benefits to New Jersey communities.

“The Transmission Siting and Economic Development Grant Program’s $50 million award will create numerous opportunities across New Jersey to stimulate the economy, help residents learn new skills through training programs, and enhance the quality of life in disadvantaged and vulnerable communities,” Environmental Protection Commissioner Shawn M. LaTourette said. “We are grateful to our partners at the U.S. Department of Energy for this funding, which will boost our green economy by creating good-paying clean energy sector jobs and enhancing community engagement statewide.”

“The New Jersey Board of Public Utilities (NJBPU) thanks the Biden Administration for its continued support of the Garden State’s growing offshore wind industry, which remains pivotal to our achievement of 100% clean energy by 2035,” said NJBPU President Christine Guhl-Sadovy. “This significant funding will support union job training and spur economic opportunities in the local communities hosting critical transmission infrastructure projects across our state.”

“These programs are exactly the type of smart investments into our disadvantaged communities that the IBEW Local Union 400’s Joint Apprenticeship and Training Committee is proud to be a partner in,” said IBEW Local Union 400’s Director of Training Todd Larsen. “We can bring career opportunities to those who need it most, while building up our State infrastructure and doubling down on clean energy.”

About the NJEDA

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

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

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TRENTON, N.J. (September 26, 2023) – The New Jersey Economic Development Authority (NJEDA) is now accepting applications for the Activation, Revitalization, and Transformation (A.R.T.) Phase II Program. The $15 million program will support the creation of public space activation initiatives, such as place making projects, public art installations, and arts-based projects along commercial corridors in 31 municipalities.

WHAT:            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 supporting non-profit organizations focused on creating placemaking projects, public art installations, and arts-based activities and initiatives. With $15 million in funding, the NJEDA will award grants from $100,000 to $500,000.

WHO:              Non-profit organizations with a 501(c)(3), 501(c)(6), or 501(c)(19) status are eligible to apply. Permitted uses of funding include: placemaking projects, public art installations, arts-based projects, art exhibitions, performances, festivals, parades, concerts or concert series, film and video screenings, and cultural programming. Projects must take place within 1.5 miles of an eligible municipality’s passenger rail station.

For a complete list of eligible municipalities and other eligibility requirements, click here.

WHEN:           Applications are now being accepted during a competitive window and will close Monday, November 25, 2024, at 5:00 PM EST.

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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An informational webinar will be held next week

TRENTON, N.J. (September 25, 2024) – The New Jersey Economic Development Authority (NJEDA) today announced that applications will open for the Main Street Acquisition Support Grant on October 1, 2024. The Main Street Acquisition Support Grant is a pilot program that will help boost small business owners’ liquidity following the purchase of a New Jersey commercial property. A webinar outlining the details of the program will be held on September 30, 2024.

WHAT: The Main Street Acquisition Support Grant will reimburse small business applicants up to $50,000 for a portion of closing costs incurred after they have purchased an existing New Jersey commercial property from which their small business will operate. The closing must have taken place after the program application was made open to the public and the grant application date must be no later than one year from date of closing. 

WHO: The small business must be the applicant for this grant and occupy at least 1,000 square feet of total usable square footage of the building purchased. All loans must have been closed in an arm’s length commercial transaction with a conventional lender. More information can be found here.

WHEN: The NJEDA will host a webinar outlining the details of the Main Street Acquisition Support Grant on Monday, September 30, 2024, at 2:00 p.m. For more information and to register, please visit here.

Applications for the Main Street Acquisition Support Grant will open on Tuesday, October 1, 2024.

About the NJEDA

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

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

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TRENTON, N.J. (September 24, 2024) – Last week, the New Jersey Economic Development Authority (NJEDA) opened applications for Phase II of the Child Care Facilities Improvement Program. The $5 million program will provide grants of up to $20,000 to registered Family Child Care homes (FCCs) to purchase furniture, fixtures, and equipment, supporting the improvement of health, safety, accessibility, and quality in the child care environment.

WHAT: Phase Two of the Child Care Facilities Improvement Program supports the enhancement of New Jersey’s 1,300 registered FCCs, an essential component of the state’s child care mixed delivery system. To expand access to the positive effects of early child care, the NJEDA aims to provide FCCs with support that promotes long-term stability and ensures that the child care environment that they provide is safe, healthy, accessible, and conducive to high-quality early learning.

Phase Two of the Child Care Facilities Improvement Program builds on the success of Phase One, which has awarded over $80 million in funding to 400 child care centers to date. Child care centers approved through the first phase of the program are located in 20 counties, serve more than 33,000 children, and employ over 8,200 teachers and administrators. 

WHO: Eligibility for Phase Two of the program is limited to registered FCCs that have enrolled at least one child receiving support from the New Jersey Department of Human Services (DHS) Child Care Assistance Program. Up to 40 percent of grant funding will be reserved for eligible applicants in Opportunity Zones. Child care centers are not eligible for Phase Two funding. For more information on eligibility, click here.

WHEN: Applications for the program are open and will be accepted until funds have been exhausted. To apply, visit https://www.njeda.gov/child-care-facilities-improvement-program-phase-2/.

About the NJEDA

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

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

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TRENTON, N.J. (September 23, 2024) – The New Jersey Economic Development Authority (NJEDA) is extending the deadline of its Request for Information (RFI) seeking insight from qualified entities that provide registered apprenticeship programs and have perspectives on establishing new registered apprenticeship training locations in Overburdened Communities.

The information gathered through the RFI will help the NJEDA better understand the scope and characteristics of a potential grant program that would support the planning and implementation of new or expanded training facilities and fund costs for the planning, construction, or renovations. The deadline to submit responses will be extended to 5:00 p.m. ET on Tuesday, October 15, 2024.

The RFI can be found here: Bidding Opportunities – NJEDA.   

WHAT:            The NJEDA is seeking information on the needs, challenges, opportunities, and best practices to build or expand physical locations in Overburdened Communities for apprenticeship training facilities, as well as associated costs for planning and construction. The responses will help the Authority better understand the registered apprenticeship landscape, especially in regard to physical locations of training facilities. The potential creation of a grant program would help reduce barriers to training and employment and help New Jersey employers retain qualified workers.

WHO:               The RFI seeks responses from qualified entities that provide or have experience with U.S. Department of Labor Registered Apprenticeship programs with perspectives on establishing new apprenticeship training locations in Overburdened Communities.

WHEN:            All RFI responses must be submitted in writing no later than 5:00 p.m. on September 24, 2024, via e-mail to WorkforceInnovation@njeda.gov. The subject line of the e-mail should state: “RFI Response-2024 [RFI-229]”.

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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Oasis at Greate Bay will create 43-units in Somers Point

TRENTON, N.J. (September 19, 2024) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved an Aspire tax credit award for an affordable housing development project in Atlantic County. Located in Somers Point, Oasis at Greate Bay is set to create 43 rental units, including five for special needs residents. 

“Under Governor Murphy’s leadership, the Aspire Program has supported affordable and mixed-income residential developments in communities across the state, helping expand affordable housing options for countless New Jerseyans,” said NJEDA Chief Executive Officer Tim Sullivan. “The Oasis at Greate Bay development will serve as an economic engine for both Somers Point and Atlantic County, broadening the tax base and providing high-quality, accessible residences for generations to come.

Constructed on a vacant site along Mays Landing Road, Oasis at Greate Bay will be made up one-, two-, and three-bedroom apartments that will be located within two separate three-story buildings. 42 units will be designated affordable for persons making 60 percent or less of county area median income. All the units will include central air, washer, dryer, and new kitchen appliances. The property will also include pedestrian walkways, two trash and recycling enclosures, open space and landscaped buffers, a community room, fitness room, bike racks, and on-site management offices.

Oasis at Greate Bay was approved for up to 60 percent of the total project cost, not to exceed $11.5 million. The project is also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.

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

About the NJEDA

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

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

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Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, September 24, 2024, at 12:00 pm. 

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.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton, NJ 08625

TELECONFERENCE:

CONFERENCE NAME:                                CCRC BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:              551-220-2262

PARTICIPANT ACCESS CODE:                    759 816 683#

The agenda can be found 48 hours prior to the meeting at our website: www.njeda.gov/ccrc.

RICOVR is the fourth investment from the NJIEF

TRENTON, N.J. (September 13, 2024) – This week, the New Jersey Economic Development Authority (NJEDA) Board approved the fourth investment from the New Jersey Innovation Evergreen Fund (NJIEF) into an emerging Princeton-based life sciences company, RICOVR Healthcare, which is developing a rapid diagnostic test for cannabis use. The investment into RICOVR comes from the approval of an application submitted by Yaax Capital for an initial Qualified Investment of $400,000.

“The New Jersey Innovation Evergreen Fund is a transformative initiative, designed to boost New Jersey’s economy and support high-growth start-ups by providing a self-sustaining investment cycle for entrepreneurs in need of access to capital. At a time when overall market investments are lower, New Jersey’s investments into young companies continues to grow,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s leadership, the Garden State remains a global innovation leader by investing in the next generation of emerging companies.”

The NJIEF, launched in 2022, is a unique tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State acts as an equity investor in early-stage companies, deploying up to $600 million into companies alongside professional venture capital firms. The Evergreen Fund currently has over $30 million available and is expected to use this to fund initial investments into additional high-growth businesses in New Jersey. The NJEDA is planning for another tax credit auction in 2025 to raise additional capital for further investment.

“Today’s Board approval into RICOVR boosts the company’s momentum, giving them the tools they need to succeed. The New Jersey Innovation Evergreen Fund has made four investments thus far with no signs of slowing down, proving that New Jersey is dedicated to nurturing life science ventures,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “NJIEF’s ongoing venture capital investments into high-growth start-ups foster job creation and economic development throughout the State.”

Based in Princeton, RICOVR Healthcare is a life sciences company founded by Dr. Himanshi Bhatia, the company’s CEO. RICOVR is currently in the process of developing an innovative technology called XALIVA, a point-of-care medical device that uses saliva to provide rapid diagnostics results. Initially, XALIVA will be targeting Tetrahydrocannabinol (“THC”) testing. RICOVR’s initial product offering aims to solve the problem in today’s workforce where employees are unjustly fired for consuming cannabis in off-work hours. The XALIVA THC test only detects recent use (within the past 8-10 hours), compared to standard urine tests that can detect THC for 30 days or more.

The technology has the potential to expand to other vertical markets such as reproductive health, infectious diseases, and other illicit drug testing.

“We are thrilled and honored to receive this investment from the New Jersey Economic Development Authority,” said Himanshu Bhatia, CEO of RICOVR Healthcare. “This support underscores the innovative work we’re doing at RICOVR, and it will accelerate our mission to deliver cutting-edge diagnostic solutions that prioritize accuracy, speed, and accessibility. New Jersey has been an incredible place for us to grow, and we look forward to continuing our partnership with NJEDA as we drive advancements in diagnostic technology.”

RICOVR has previously received support from the NJEDA and Commission on Science, Innovation, and Technology (CSIT), and has received two grants from the COVID NJ Entrepreneur Support Program, two grants from the Catalyst Research and Development (R&D) Voucher Pilot Program, and one grant from the CSIT Maternal and Infant Health R&D Grant Program.

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

Yaax Capital is managed by a seasoned team of investment professionals with extensive venture capital and private equity experience. Managing Partners John Farrell and Andres Azcarraga Riveria Torres co-founded the firm together in 2018 after working together at DILA capital, a Latin American-focused venture capital firm. RICOVR Healthcare will be the first New Jersey-based business that the firm has invested in.

“We are thrilled to partner with the New Jersey Economic Development Authority to support RICOVR as they continue to develop cutting-edge technology to ensure a safe work environment,” said John Farrell, Managing Partner of Yaax Capital. “As more and more states legalize medical and adult cannabis, companies in all sectors of the economy will rely on RICOVR to promote a safe working environment while ensuring workers are treated fairly.”

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 now open. The total capital available for new investments stands at over $30 million.

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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