Approved Projects will be eligible for Investment Funding from $25 Million in State Budget Funds

TRENTON, N.J. (May 11, 2023) – The New Jersey Economic Development Authority (NJEDA) Board yesterday approved a policy for investment in the redevelopment of stranded assets such as vacant or partially vacant office parks, retail malls, healthcare facilities, and similar buildings into new commercial, industrial, or mixed-use development projects. Through the creation of a $25 million Stranded Assets Repositioning Investment, the NJEDA will add to its suite of resources designed to help communities redevelop and reposition their underutilized properties into viable commercial real estate.

“The Stranded Assets Repositioning Investment will allow the NJEDA to directly invest in long-vacant, abandoned, or blighted properties, turning them into vibrant community assets,” said NJEDA Chief Executive Officer Tim Sullivan. “This program is our latest effort to revitalize New Jersey’s neighborhoods by creating new real estate space for businesses and bolstering tax revenues for local municipalities. As economic and work trends have evolved in recent years, supporting viable commercial and mixed-use development is essential to creating sustainable and equitable growth.”

Through the Stranded Assets Repositioning Investment, the NJEDA will consider investment opportunities through unsolicited proposals from redevelopers or through staff awareness in the regular course of promoting investment and development in the state. Proposals will be evaluated equitably based on several factors, including developer qualifications, operational readiness, economic feasibility, and developer engagement with the local community. In line with Governor Phil Murphy’s objective to create the most diverse and inclusive innovation ecosystem in the country, evaluations will also consider the degree to which investment supports woman-, minority-, or veteran-owned businesses and historically underserved communities. Recommended investments will then be presented to the NJEDA Board for final approval.

Stranded Assets Repositioning Investments will be evaluated on a case-by-case basis, considering each project’s unique characteristics to determine total investment funding. The NJEDA will consider investment opportunities in a variety of forms, including joint ventures, real estate partnerships, operating partnerships, and equity investments. Entities entering into an investment agreement with the NJEDA will be subject to normal legal and ethics reviews, State Ethics Commission approval, good standing with New Jersey government agencies, and tax clearance certificate verification from the Department of Treasury’s Division of Taxation.

The Fiscal Year 2023 Appropriations Act, signed by Governor Murphy on June 30, 2022, appropriated $70 million for real estate project funding that supports strategic economic development and spurs statewide economic growth. The Stranded Assets Repositioning Investments will utilize $25 million from those funds.

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.com and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Approval Allows Venture Firms to Apply for Co-Investment Capital to Support High-Growth Companies

TRENTON, N.J. (May 10, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved the first three venture capital firms that will be onboarded to the New Jersey Innovation Evergreen Fund (NJIEF) platform. Qualified Venture Firms (QVFs) will be able to apply and access up to $12.5 million annually from the NJIEF to co-invest in innovative, high growth New Jersey-based businesses. The qualification of these three firms marks a significant milestone in the creation of the NJIEF, a first-of-its-kind tool to increase New Jersey startups’ access to venture capital and strategic resources.

Established under the New Jersey Economic Recovery Act (ERA) of 2020, signed by Governor Phil Murphy in 2021, the NJIEF allows the State to become an equity investor in innovative early-stage businesses based in New Jersey, investing a total of up to $600 million in New Jersey companies alongside approved QVFs.

“The NJIEF is a ground-breaking public-private partnership designed to fuel New Jersey’s innovation economy by connecting entrepreneurs with venture capital and corporate mentorship, which in turn will cultivate the next generation of leading companies,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, New Jersey remains poised to recapture our role as a national leader in innovation, with programs like the NJIEF serving as a testament to our state’s continued investment in high-growth start-ups, entrepreneurs, and our innovation ecosystem.”

The application for firms to be designated as a QVF is available to venture capital firms located anywhere in the world that meet the Program’s minimum requirements. Applications are reviewed on a rolling and open-ended basis. The QVF applicants approved today are:

Approved QVFs can apply for co-investment capital from the NJIEF, which can be used to make two Qualified Investments per year into eligible New Jersey businesses. They will also be able to leverage the support and insight of other NJIEF stakeholders, including large corporate businesses on the NJIEF Advisory Board and entrepreneurs directly engaged in New Jersey’s innovation ecosystem. For more information on program benefits and requirements, visit https://www.njeda.com/evergreen-investment/.

“The NJIEF relies on the support of QVFs to boost New Jersey’s innovation-focused businesses,” NJEDA Chief Economic Transformation Officer Kathleen Coviello said. “The approvals of the NJIEF’s first venture firms today as QVFs will propel the NJIEF forward as we work to connect early-stage New Jersey startups with the resources they need to succeed.”

Entrepreneurs seeking to engage with approved QVFs should visit https://www.njeda.com/evergreen-investment/, which contains links to each of the QVF’s websites. Entrepreneurs who attend future NJ Founders & Funders events will also have the opportunity to network with QVFs. Held semi-annually, NJ Founders & Funders connects entrepreneurs with seasoned angel and venture capital investors in short, one-on-one sessions to discuss business strategy and funding opportunities.

Qualified Investments will be funded through the auctioning of tax credits to corporate businesses, which are required to submit strategic plans to bolster New Jersey’s innovation economy and to serve on the NJIEF Advisory Board for one year. The NJEDA’s inaugural New Jersey Corporate Business Tax Credit Auction, held in December 2022, resulted in the sale of $50 million in tax credits to eight corporations, yielding $41 million in available capital for Qualified Investments. The 2022 State Budget approved an additional $5 million in initial funding.

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.com and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Three venture capitalist firms will manage $20M fund aimed to invest in early-stage Black & Latino owned businesses

TRENTON, N.J. (May 10, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved three firms to manage the $20 million Black and Latino Seed Fund, the only investment fund across the country aimed to increase capital access for early-stage innovative companies founded by diverse entrepreneurs throughout the State. The capital for the Black and Latino Seed Fund were appropriated through the 2021 and 2022 state budget bills that Governor Phil Murphy signed into law. The NJEDA issued Notices of Investment Opportunities (NIOs) seeking experienced investment managers for the Black and Latino Seed Fund in February.

Conscious Venture Partners LLC, Red Bike Capital LLC, and Tale Venture Partners LLC will each manage portions of the fund and make investments into early-stage, innovative, Black- and Latino-owned businesses throughout New Jersey. The three fund managers will be responsible for raising, or contribute to the raising of, private capital, managing the fund’s day-to-day operations, and developing and maintaining a pipeline of prospective, New Jersey-based small businesses that can benefit from the fund. The venture capital firms, based in Maryland, New York, and California have each committed to open a New Jersey office or Accelerator to align with the fund commitment. Additionally, the firms have committed to regularly engage the market at events and networking opportunities, including the NJEDA’s bi-annual NJ Founders & Funders event.

“New Jersey is committed to creating an environment where all entrepreneurs, regardless of race or background, have the same opportunities and access to resources needed to succeed,” said Governor Murphy. “This fund will unlock capital in Black and Latino communities and diversify our state’s innovation economy – breaking down barriers that have plagued these communities for far too long.”

“As we work to cement our role as a national leader in innovation, and build a stronger and fairer New Jersey, we must ensure minority entrepreneurs have equitable access to participate in our economy,” said NJEDA Chief Executive Officer Tim Sullivan. “Less than two percent of all venture capital dollars invested in America go to founders of color, and less than one percent to women of color. Under Governor Murphy’s leadership, New Jersey has been at the forefront of providing Black and Latino business owners the tools, resources, and capital needed to run a successful business. By ensuring equitable access to our economy, it will help attract new businesses to our state, keep thriving businesses open, and spur economic growth.”

Conscious Venture Partners, based in Baltimore, Maryland, will manage up to $7.5 million of the fund. The firm has a history of investing in diverse entrepreneurs and disadvantaged urban communities. California-based Tale Venture Partners will also manage up to $7.5 million of the fund. The firm, which was founded by first- and second-generation Jamaican-Americans, has invested in diverse entrepreneurs across their portfolio, which has resulted in nearly 1,700 jobs over the past five years. Tale Venture Partners has committed to relocating their headquarters to New Jersey. Lastly, Red Bike Capital, a Latino- and woman-led early-stage fund, will manage up to $5 million of the Black and Latino Fund. The New York-based firm is committed to improving equity and diversity in the venture capital industry and investing in startups that drive the economy and improve people’s lives. Red Bike Capital has committed to opening an office in New Jersey.

“Ensuring Black and Latino business owners have equitable access to capital will transform neighborhoods and boost our state economy,” said Lieutenant Governor Sheila Oliver. “I am proud that Governor Murphy, throughout his tenure, has invested financial resources into communities that have historically been left out. This fund will give entrepreneurs of color the fair opportunity they deserve to succeed.”

“The NJEDA is working to remove systemic obstacles that far too many Black and Latino business owners face when trying to get their businesses off the ground,” said NJEDA Chief Diversity and Inclusion Officer Michelle Bodden. “The seed fund we are launching will strengthen Black and Latino businesses owners, their families, and their communities – creating a stronger, fairer economic future for generations to come.”

“New Jersey is making smart investments into our early-stage companies, particularly in minority-owned businesses,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “By investing in strategic sectors, New Jersey is supporting the growth of our diverse business community and our innovation industry, while strengthening our economy.”

Governor Murphy and the New Jersey Legislature committed up to $20 million to form a New Jersey- specific fund that will drive capital to innovative Black- and Latino-owned enterprises. The fund aims to address the nationwide investment crisis within the innovation economy by helping close funding gaps that exist for far too many entrepreneurs of color. Crafted with input from Black and Latino founders, investors, and policy experts, this seed fund is an important step toward tearing down the institutional barriers that hold Black and Latino entrepreneurs back and replacing them with accessible resources that respond to these innovators’ unique needs.

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.com and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Funding will help local and county governments improve food access in New Jersey’s Food Desert Communities

Trenton, N.J. (May 9, 2023) – The New Jersey Economic Development Authority (NJEDA) has awarded nine grants totaling over $1 million to seven county and municipal governments to support the development of plans to improve food access and food security by leveraging and repurposing distressed assets in New Jersey’s Food Desert Communities (FDCs).

Established under the New Jersey Economic Recovery Act of 2020 and signed into law by Governor Phil Murphy, the Food Security Planning Grant Program provides grants of up to $125,000 to municipal governments, county governments, and/or redevelopment agencies to fund development of plans to decrease food insecurity in designated FDCs. All of the grants that have been awarded thus far have gone to entities servicing seven of the top 20 FDCs, including three of the highest-ranked FDCs (Camden, Atlantic City and Newark), which have the greatest acuity of need.

“Connecting every New Jerseyan with equitable access to nutritious food is a core component of Governor Murphy’s strategy for building a stronger and fairer New Jersey economy,” NJEDA Chief Executive Officer Tim Sullivan said. “Through the Food Security Planning Grant Program, we are providing funding to help local government leaders design creative and sustainable reuses that transform their distressed assets into resources that will aid in the fight against hunger and support local economic development.”

The Food Security Planning Grant Program is one tool that the NJEDA is deploying in order to empower local governments to develop and submit plans to improve food access while transforming distressed assets that have historically hindered economic growth.

NJEDA Executive Vice President of Economic Security Tara Colton noted that the NJEDA will leverage the findings and outcomes from awardees’ plans to help develop and deploy future comprehensive food security initiatives and economic development across the state while equipping municipalities with the tools to think about how to repurpose distressed assets.

“Thanks to Governor Murphy and the New Jersey Legislature, we have $300 million in resources that enable us to take a comprehensive approach to addressing food insecurity,” Colton said. “This robust toolkit to combat hunger includes innovative community-driven initiatives like this planning grant and our Sustain & Serve NJ program, which gives grants to local organizations to buy meals from local restaurants and distribute them for free into the community. It also includes tax credits to build new supermarkets in food deserts and our innovative Food Retail Innovation in Delivery program to broaden access to a booming grocery e-commerce industry.”

The following planning grants have been awarded through the program:

Atlantic City (two grants in different parts of the city), #2 ranked FDC: A $125,000 grant will be used to pay costs associated with planning the development of Midtown Co-op Market. Additionally, an $89,000 grant will help plan the development of Mighty Uptown Food Pantry.

City of Camden, #1 ranked FDC: A $125,000 grant will support preliminary building plans and a market feasibility study to develop a state-of-the-art multi-purpose food market, eatery, and indoor farm facility.

Newark (two grants in different parts of the city), #3 and #8 ranked FDCs: A nearly $125,000 grant will pay for the development of a business plan for a new food co-op in the City of Newark. Additionally, Newark intends to use a grant of approximately $112,000 to complete a feasibility study and identify the best use of ground floor retail space in an existing parking deck to increase food security.

City of Passaic, #10 ranked FDC: A $125,000 grant will be used to develop the Passaic City Food Access and Security Action Plan, which will provide a framework for the successful transformation of the selected distressed property into a thriving supermarket center of the Eastside Neighborhood.

Passaic County, #15 ranked FDC: A $125,000 grant will be used to develop a feasibility study for a supermarket, food retailer, or farmers market to be located within a mixed-use development site in Paterson.

Penns Grove, #20 ranked FDC: A $100,000 grant for a feasibility study for a full-service grocery store.

City of Salem, #9 ranked FDC: A $125,000 grant will be used to conduct a feasibility study to bring food from local producers to Salem residents to boost the local supply chain for the region.

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.com and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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lease be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, May 16, 2023, at 11:00 am. 

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

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:                    378 638 069#

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

A meeting of the Commission of Science, Innovation and Technology (CSIT) Board has been scheduled for Friday, May 12, 2023, at 10:00 am.

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

+1 551-220-2262
Conference ID: 135 168 993#

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Vouchers Enable Manufacturers to Purchase Equipment to Improve Production Processes

TRENTON, N.J. (May 4, 2023) – As of today, the New Jersey Economic Development Authority (NJEDA) has already approved over $8 million in vouchers to 69 New Jersey manufacturers under the New Jersey Manufacturing Voucher Program (MVP). Approved awardees can use the vouchers to purchase equipment to help New Jersey manufacturers upgrade their businesses. The program application window is now closed after being fully subscribed. NJEDA staff will continue to review applications with additional approvals expected in the coming month.

“New Jersey’s manufacturing sector continues to be a strategic component of our state’s economy, by creating essential products for people and businesses and creating skilled jobs,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, the New Jersey Manufacturing Voucher Program is providing manufacturers will the support they need to drive economic activity, boost our supply chain, and ensure New Jersey’s strong economic future.” 

Governor Murphy announced the New Jersey MVP in October 2022 as a pilot program. Originally funded with $20 million from the Governor’s Fiscal Year 2023 budget, the program offers vouchers valued at 30 to 50 percent of the cost of eligible equipment, including installation, up to a maximum award amount of $250,000. In March, in order to fulfill a robust pipeline of eligible applications, the NJEDA’s Board voted to increase available funding to $33.75 million. Governor Murphy’s Fiscal Year 2024 budget includes another $20 million for the program. The program focuses on manufacturers within targeted industries that will use purchased equipment to integrate innovative technologies, processes, and materials to improve the efficiency and productivity of their manufacturing business. Both for-profit and not-for-profit companies are eligible for vouchers.

In line with Governor Murphy’s vision to create the most diverse and inclusive innovation ecosystem in the nation, the New Jersey MVP offers stackable bonuses for certified woman-, minority-, or veteran-owned businesses, businesses in opportunity zones, and businesses purchasing equipment within New Jersey, as well as manufacturers that have a collective bargaining agreement in place and small companies with fewer than 100 full-time equivalent (FTE) employees.

Sullivan announced the awards at the New Jersey Manufacturing Extension Program’s (NJMEP’s) 8th Annual State-of-the-State Manufacturing Summit in Trenton today. The event featured a “MADE in NJ’ product showcase and the opportunity for manufacturers to hear from, and engage with, industry leaders and policymakers.

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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The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Wednesday, May 10, 2023, 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.

NJ Tech & Life Sciences Companies Can Now Apply to Sell Their Net Operating Losses & Unused Research & Development Tax Credits for Cash

TRENTON, N.J. (May 3, 2023) – The New Jersey Economic Development Authority (NJEDA) opened applications this week for its 2023 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) Program. The program enables early-stage technology and life sciences businesses in the Garden State to sell a percentage of their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash.

The NOL Program is accepting applications through June 30, 2023, at http://www.njeda.gov/nol. Participants can use the capital raised through the NOL Program to help cover allowable costs incurred in connection with operating their businesses such as salaries, R&D, and other working capital expenditures.

The New Jersey Economic Recovery Act of 2020 (ERA), which was signed into law by Governor Phil Murphy in 2021, increased the program’s annual cap from $60 million to $75 million. It also increased the lifetime cap for an individual applicant from $15 million to $20 million.

“It’s fitting that the application for this year’s NOL Program opened during Small Business Week, as the program routinely helps companies keep their lights on, their employees paid, and propels their research and development forward,” said NJEDA Chief Executive Officer (CEO) Tim Sullivan. “Enhancements made to the program by the ERA help ensure emerging companies have access to the capital they need to succeed, which is a key component of fulfilling Governor Murphy’s vision to establish New Jersey as a leader in innovation.”

In line with Governor Murphy’s vision to create the most diverse and inclusive innovation ecosystem in the nation, $15 million of the $75 million program allocation will be reserved for the surrender of transferable tax benefits exclusively by eligible companies operating within the boundaries of the State’s three Innovation Zones of Newark, Camden, and the Greater New Brunswick area, companies located in Opportunity Zones, and/or women- or minority-owned businesses certified by the State of New Jersey.

Potential applicants interested in learning more should visit the program website, which covers eligibility requirements in detail at http://www.njeda.gov/nol and attend the NJEDA’s upcoming NOL Program webinar on May 9. Registration can be found at http://www.njeda.gov/nol. A recording of the webinar, which will include a walk-through of the application, will be available at http://www.njeda.gov/nol following the event.  

Since the program’s inception in the late 1990s, more than $1.17 billion in funding has been distributed to over 570 technology and life sciences companies. The average award for companies approved to sell their net operating losses through the program in 2022 was over $3.1 million.

“Given the broad range of acceptable funding uses, the NOL Program has been hailed for decades as a lifeline for emerging companies that have yet to reach profitability,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “The ability to secure an average award of over $3 million without giving up any equity makes this extremely attractive to entrepreneurs. At the same time, it complements the state’s many assets as an attraction tool for entrepreneurs choosing to grow their businesses in New Jersey.”   

United Silicon Carbide, BioAegis Therapeutics, and Palatin Technologies are among the hundreds of companies that have taken advantage of the program. Here’s what their CEOs had to say about the program:

“The NOL Program was a consistent source of funding for us and was among the many state resources that helped sustain us until we were acquired by Qorvo in 2021. My advice to entrepreneurs just starting out is simple: Apply for this program. It gives you cash without requiring you to give up equity.”

–Dr. Christopher Dries, former United Silicon Carbide President and CEO and current General Manager of Power Device Solutions for Qorvo
United Silicon Carbide also previously benefited from the NJEDA’s Angel Investor Tax Credit Program and its Edison Innovation Fund

“We’ve been fortunate to leverage a variety of New Jersey’s assets as we’ve worked to develop groundbreaking discoveries in inflammation and infection. The ability to sell our losses for cash through the NOL Program, combined with the Garden State’s proximity to major pharmaceutical companies and highly talented scientists, make this the ideal place for biotechnology companies like ours.”

–Dr. Susan Levinson, CEO of BioAegis Therapeutics
BioAegis Therapeutics is a tenant at the NJEDA’s NJ Bioscience Center – Step-Out Labs and a graduate of its NJ Bioscience Center – Incubator.

“New Jersey’s decision to increase the lifetime cap from $15 million to $20 million has afforded us the opportunity to realize the benefits of the NOL program for additional years. Funding provided through the program has been critical to the growth of our bio-pharmaceutical R&D company, and we are thankful to the NJEDA for aiding our efforts as we work to continue to develop drugs for various indications.”

–Dr. Carl Spana, CEO of Palatin Technologies

About the New Jersey Economic Development Authority

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 state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Update May 16, 2023: The NJEDA has extended the deadlines to submit questions regarding the Clean Hydrogen RFI to 5:00 p.m. EDT on May 22, 2023 and to submit responses to the RFI to 5:00 p.m. on June 5, 2023.

TRENTON, N.J. (May 2, 2023) – The New Jersey Economic Development Authority (NJEDA) today issued a Request for Information (RFI) seeking insight from stakeholders as New Jersey explores uses for clean hydrogen to accelerate the state’s transition to a green economy. The information gathered through this RFI will inform the potential development of a program that will fund the demonstration of clean hydrogen technologies. Up to $10 million may be made available for this program. The RFI can be found at http://www.njeda.gov/bidding with responses due by May 30.


WHAT: New Jersey is exploring opportunities for clean hydrogen that will accelerate the transition to a clean energy economy, complement electrification strategies, and promote energy resiliency. Specifically, the NJEDA wants to gather information about the key opportunities and barriers around the deployment and adoption of clean hydrogen technologies in New Jersey. It also wants to solicit input on potential projects or solutions that demonstrate best opportunities for market adoption and development of a broader ecosystem for the production and use of clean hydrogen.

Given cost, technology, and availability considerations, it is important that the NJEDA understand and articulate the most effective use cases for clean hydrogen in New Jersey’s clean energy transition. The Authority is particularly interested in clean hydrogen applications with the potential to alleviate environmental and health burdens and stimulate equitable economic development in environmental justice communities, particularly those surrounding busy ports, including heavy duty transportation such as long-haul trucking, aviation, marine vessels, fuel cell applications, long-term energy storage, and industrial decarbonization.

The NJEDA has deployed unique strategies to propel our green economy forward as it works to achieve Governor Phil Murphy’s goal of making New Jersey 100 percent clean energy by 2035. The RFI announced today is another important step in those efforts and will capitalize on the current momentum around clean hydrogen development both nationally and globally.

WHO: Respondents do not need to be located within the State of New Jersey to provide input.The RFI seeks responses from all interested stakeholders in innovative clean hydrogen technologies. This includes, but is not limited to:

  • Subject matter experts on new, innovative, or emerging clean energy technologies;
  • Entities representing the interests of clean energy/clean technology manufacturing supply chain businesses and workers, such as industry associations, chambers of commerce, and unions;
  • Environmental and other public policy-focused organizations;
  • Organizations representing environmental justice communities, together with individual residents of these communities;
  • Institutions interested in the investment and financing of clean hydrogen related technologies.


HOW TO RESPOND: All questions concerning this RFI must be submitted in writing no later than 5:00 p.m. EDT on May 8, 2023 via e-mail to cleanhydrogen@njeda.gov. The subject line of the e-mail should state: Questions-2023-RFI-177. Answers to questions submitted will be publicly posted on the Authority’s website on or about May 15, 2023 at https://www.njeda.gov/bidding/#RFI as Addendum.

All RFI responses must be submitted in writing no later than 5:00 PM EDT on May 30, 2023 via e-mail to: cleanhydrogen@njeda.gov. The subject line of the e-mail should state: RFI Response-2023-RFI-177.

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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