TRENTON, N.J. (February 9, 2022) – The New Jersey Economic Development Authority (NJEDA) Board today approved proposed rules for the Historic Property Reinvestment Program (HPRP), a new tax credit program to incentivize rehabilitation of designated historic structures, or structures in designated historic districts, throughout New Jersey. Created under the New Jersey Economic Recovery Act of 2020 (ERA), the HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program.

As authorized by the ERA, the Board approved proposed rules that will be published for public comments, enabling the NJEDA to launch the program this year. The Board will consider final adoption of the rules after completion of the public comment period.  The HPRP is part of the suite of programs created under the ERA to address the ongoing economic impacts of the COVID-19 pandemic and build a stronger, fairer New Jersey economy.

The HPRP’s main focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving properties throughout the state that have historic value.  The program encourages smart, targeted investments in communities in the form of durable and sustainable investment in the state’s economic infrastructure. The revitalization of these historic structures will help to bring these often-underutilized properties back to productive use, thereby reducing the need for new development at these locations.

“The HPRP is a key component of Governor Murphy’s broader economic development plan, which includes a focus on attracting investment toward the revitalization of the state’s iconic cities,” said NJEDA Chief Executive Officer Tim Sullivan. “The rehabilitation of dormant historic properties in cities like Paterson, Trenton, Camden, Newark and Jersey City into new housing and innovation spaces will translate into long-term economic benefits and improved quality-of-life for these communities and their residents.”

“This exciting new program will serve as an important component in the revitalization of entire communities and will have a significant impact on the historic fabric of New Jersey.” said NJEDA Director of Historic Preservation Aidita Milsted. “Investing in and revitalizing these historic properties will have a long-term positive impact on neighborhoods and communities across the state.”

“The Historic Property Reinvestment Program will be pivotal in the state’s efforts to restore and preserve New Jersey’s history,” said DEP’s Historic Preservation Office Administrator and Deputy Historic Preservation Officer Katherine Marcopul. “The revitalization of these iconic properties will further help us to spotlight the historic value they have for the state and the communities they serve far into the future.”  

While the HPRP focuses on rehabilitating and preserving the structure, the program generally supports long-term economic benefits as these properties are re-used for job creation opportunities, transit-oriented development, and housing that includes affordable housing. Furthermore, a developer cannot utilize tax credits until the project, or a phase for certain phased projects, is completed. The legislation ensures substantial economic protection by requiring a developer to repay as taxes any tax credits received for earlier phases if the developer does not complete the rehabilitation project.

Eligible projects must include rehabilitation of a previously identified historic structure that is listed in, or a structure that is in a district designated by, the National or New Jersey Register of Historic Places, designated as historic by the Pinelands Commission, or identified as historic by a municipality in accordance with criteria approved by the Historic Preservation Officer.  The amount of tax credits a project is eligible to receive is a percentage of the project’s eligible costs, subject to a cap that is determined by the project’s location, other financing available, and other aspects of the project. Most eligible projects can receive tax credits worth up to 40 percent of eligible costs, with a maximum of $4 million for eligible properties. Projects located within a qualified incentive tract or in government-restricted municipalities can receive tax credits worth up to 45 percent of eligible project costs, with a maximum of $8 million for qualified properties. 

Additionally, transformative projects (which must meet additional specific requirements regarding project location, economic impact and historic designation of the historic property) can receive tax credits worth up to 45 percent of eligible project costs, with a maximum of $50 million.  The HPRP is subject to an annual program cap of $50 million for a total of $300 million for a period of six years. Annual unused amounts may be included in the amounts available for approval in the subsequent year. Full details on the program are available here. Applications are currently under development and an announcement about the application period will be forthcoming.

In addition to the HPRP, the ERA creates a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. More information about these programs is available at https://njeda.com/economicrecoveryact.

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 NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.

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Trenton, N.J. (February 8, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced plans to open applications for its Small Business Improvement Grant on Thursday, February 10 at 10:00 a.m. The Small Business Improvement Grant is the second of several products the NJEDA is launching under the Main Street Recovery Program, to help small businesses become more resilient and position themselves for growth.

Funded with $15 million, this product will reimburse eligible small businesses and nonprofits for up to 50 percent of eligible project costs associated with building improvements or the purchase and/or installation of new furniture, fixtures, and equipment (FFE) made on or after March 9, 2020, but no more than two years prior to application. The maximum grant award will be $50,000 per business entity for the life of this program.

“Small businesses are the backbone of New Jersey,” said Governor Phil Murphy. “This program will allow small businesses and non-profits throughout our state to make the investments necessary for their success and for improvements to their spaces. Since the beginning of our administration, the NJEDA has been focused on making New Jersey stronger and fairer for all New Jerseyans, and the Small Business Improvement Grant is just one of many examples of what we are doing to ensure that small businesses share in the benefits of the Economic Recovery Act of 2020 (ERA).”

Created under the ERA, the Main Street Recovery Program is a $100 million small business support program that will fund multiple financial assistance products aimed at supporting the growth and success of small businesses in New Jersey. More information is available at https://www.njeda.gov/main-street-recovery-fund/.

“The Main Street Recovery Program embodies Governor Phil Murphy’s commitment to providing small businesses and nonprofits with the resources they need to build greater resilience against economic challenges and succeed in the long run,” said NJEDA Chief Executive Officer Tim Sullivan. “Products created by the ERA include provisions to ensure equity and inclusiveness, and the Small Business Improvement Grant, combined with the other components of the Main Street Recovery Program, provides a comprehensive approach to fostering more vibrant downtowns.”

In line with Governor Murphy’s commitment to equity, 40 percent of the Small Business Improvement Grant funding will be set aside for businesses and nonprofits in Opportunity Zone-eligible census tracts.

“The pandemic hit small businesses hard and the Small Business Improvement Grant will help to offset the costs they had to incur to adapt to new and challenging circumstances,” said Christina Fuentes, NJEDA’s Managing Director of Community Development. “We encourage small business owners that have invested in their facilities and operations to adapt to new ways of doing business during these stressful times to apply for this grant to help them recover their costs and build their reserves for whatever the future may hold.”

To be eligible, work must be completed on or after March 9, 2020, but no more than two years prior to application date. Applicants must provide documentation proving payment was made for completed work (e.g. invoices, statements, payments, and/or cancelled checks.)

Applicants must also commit to remaining in the facility and meeting wage requirements for up to four years following the execution of the grant agreement and depending upon award amount. Awards greater than $25,000 will have a compliance period of four years and grant awards less than $25,000 will have a compliance period of two years.

The first offering created under the Main Street Recovery Program is the Small Business Lease Grant. That grant provides an award of 20 percent of annual lease payment for each of the first two years of a lease to small businesses and nonprofits that have entered into a new lease no earlier than 12 months prior to their date of application and the new lease is for at least 250 square feet of street-level space and has a term of at least a five years. Businesses that have amended or extended their lease and have added at least 250 square feet of space are eligible as well. Applications for the grant were launched on October 20, 2021. Details about that grant, including complete eligibility criteria, and additional information are available at https://www.njeda.gov/small-business-lease-grant-program/

Businesses and nonprofits that receive funding through the Small Business Lease Grant or Small Business Improvement Grant are required to agree to pay employees going forward for the grant term the greater of $15 per hour or 120 percent of the minimum wage. Tipped employees must be paid at least 120 percent of the minimum wage. For more information on wage compliance for the Main Street products please visit https://www.njeda.gov/main-street-recovery-fund/.

Signed in January 2021, the ERA creates a package of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry.

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 NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.

Please be advised that a telephonic meeting of the New Jersey Economic Development Authority is scheduled for 10:00 AM, Wednesday, February 9, 2022.

The Members will convene to via conference call only.  Members of the public may participate in the meeting by calling in on the conference line.  Members of the public will have an opportunity to speak during the public comment segment of the meeting.

The following conference number is being provided:

CONFERENCE NAME: NJEDA BOARD MEETING (February 9, 2022)

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.com. The meeting will also be recorded and posted to the NJEDA website shortly after the conclusion of the meeting.

Program Provides Up to $75,000 to NJ Startups Furthering Clean Tech R&D in NJ

TRENTON, N.J. (January 24, 2022) – The New Jersey Commission on Science, Innovation and Technology (CSIT) opened applications today for the $1.5 million Round 2 of its Clean Tech Seed Grant Pilot Program. The program is designed to help accelerate development and innovation of clean technologies by furthering research and development (R&D) within the Garden State’s clean technology startup community. CSIT developed the program in coordination with the New Jersey Board of Public Utilities (NJBPU) and the New Jersey Economic Development Authority (NJEDA).  

The application for Round 2 of the Clean Tech Seed Grant Pilot Program can be found at: https://www.njeda.gov/clean-tech-grant/. Applications will be accepted through March 21, 2022 at 5:00 p.m.

Similar to the inaugural round of the program, Round 2 of the Clean Tech Seed Grant Pilot Program will provide grants of up to $75,000 for R&D activities to very early-stage, New Jersey-based clean technology companies. These grants will help clean technology-focused businesses create proof-of-concepts and prototypes so the companies can more readily attract outside investors and, in some cases, begin to generate revenue. Specifically, the program will fund projects that are developing or testing clean technologies intended to recapture or avoid emissions of greenhouse gases and/or criteria pollutants, or to enable such avoidance or recapture. The following technology areas are eligible under the program: Chemicals/Advance Materials, Energy Distribution/Storage, Energy Efficiency, Energy Generation, Green Buildings, Transportation, Waste Processing, and Water and Agriculture.

CSIT will host an informational webinar, including a walk-through of the Clean Tech Seed Grant Program – Round 2 application on Wednesday, January 26, 2022.  Registration information can be found here. A recorded version of the webinar and copy of materials presented will be made available on the CSIT webpage following the event. 

This latest round offers double the amount of funding that was available in the initial round of the Clean Tech Seed Grant Pilot Program. CSIT awarded a total of nearly $750,000 to 10 companies statewide through the program’s first round last year. 

All applicants for the Clean Tech Seed Grant Program should be between a minimum technology development level of Technology Readiness Level (TRL) 2 (applied research) and maximum of TRL 7 (full-scale, similar (prototypical) system demonstrated in relevant environment), based on the Department of Energy definitions. Applicants should use the tool included in the Technical Proposal attachment on the application portal to determine TRL score.

Additional eligibility criteria require that applicants:

  • Be authorized and in good standing to conduct business in New Jersey as evidenced by a New Jersey current New Jersey tax clearance certificate;
  • Have a minimum of one full-time equivalent employee (working 35 hrs. per week) including founders, with at least one employee working 50% of their time on the project being proposed;
  • Have 50 percent or more of the work of its employees, including founders and contractors conducted in NJ (calculated on a full-time equivalent basis – 35 hours per week);
  • Have 50 percent or more of employees including founders/contractors live or pay withholding taxes in NJ;
  • Have less than two million dollars ($2,000,000) in prior third-party funding over its lifetime (excluding government grants);
  • Have less than five hundred thousand dollars ($500,000) in previous calendar year sales revenue.

Applications from businesses located in an Opportunity Zone-eligible census tract, minority- or woman-owned businesses or businesses with technology coming out of New Jersey universities are all eligible for bonus points with respect to the scoring criteria. At least one award will be reserved for an applicant that is a women-owned company as certified by the State of NJ and one award will be reserved for an applicant that is minority-owned as certified by the state of NJ.

About CSIT

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the state as a home for academic and technological research, development, and commercialization.


To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit http://www.njeda.gov/csit or follow @NewJerseyEDA on Twitter, Facebook, LinkedIn and Instagram.

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TRENTON, N.J. (January 19, 2022) – The New Jersey Economic Development Authority (NJEDA) began accepting applications today for the Aspire program, a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA). The Aspire program supports mixed-use, transit-oriented development by providing tax credits to commercial and residential real estate development projects that have financing gaps.

The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information, are available at https://www.njeda.gov/aspire.

“The Aspire program will help to advance new housing and commercial development projects throughout the state, with a focus on communities that have long been overlooked,” said Governor Phil Murphy. “New Jersey’s economy is rebounding, and housing is in high-demand. Our Administration has long prioritized transit-oriented development, affordable housing, and other projects of public interest, and we will continue to do so under the Aspire program.”

“Gov. Murphy’s economic development strategy is focused on attracting investment to underserved communities and revitalizing our urban centers and places served by transit,” said NJEDA Chief Executive Officer Tim Sullivan. “With the new Aspire program, we look forward to helping to catalyze a series of mixed-use, transit-oriented, mixed-income and affordable housing projects that advance important administration economic and social goals.”

“The Aspire program applicants with affordable housing components will also be eligible for Low-Income Housing Tax Credits, which are issued by the New Jersey Housing and Mortgage Finance Agency (NJHMFA). These two programs can be leveraged to advance the state’s priorities through the development of transformative mixed-income, mixed-use projects,” said NJHMFA Executive Director Melanie R. Walter.

The Aspire program is part of the suite of resources created under the ERA to address the ongoing economic impacts of the COVID-19 pandemic and build a stronger, fairer New Jersey economy.  It encourages mixed- use, transit-oriented development in New Jersey by providing tax credits to commercial and residential development projects that have a financing gap. The amount of tax credits a project is eligible to receive is a percentage of the project’s eligible costs, subject to a cap that is determined by the project’s location, other financing available, and other aspects of the project. Most projects are eligible for tax credits up to $42 million, but projects that meet specific criteria may receive tax credits up to $60 million. Projects that meet certain parameters can qualify as “transformative projects,” which may receive tax credits up to $350 million.

Transformative projects must have eligible costs of at least $100 million and be at least 500,000 square feet or up to 250,000 square feet for film studio projects. Transformative projects must also demonstrate special economic importance to New Jersey and leverage New Jersey’s mass transit assets, higher education assets, and other economic development assets to attract or retain employers and skilled workers.

The NJEDA’s Aspire Mapping Assistant is available to help potential applicants determine if proposed projects may be eligible to participate in the Aspire Program, including whether they may qualify as “Transformative Projects.”

“Aspire will help generate greater investment in our communities by providing enhanced incentives for projects in distressed municipalities, including the creation of affordable housing and returning long-dormant sites to productive use,” said Senator M. Teresa Ruiz, the prime sponsor of the ERA. “Aspire exemplifies the ERA’s core principles of responsible investment, greater oversight and tangible community benefits.”

“The Economic Recovery Act of 2020 was designed to help communities recover from the pandemic and set them on a path toward sustainable economic growth,” said Assembly Budget Chair Assemblywoman Eliana Pintor Marin. “The Aspire program offers incentives for redevelopment and investment in many areas of the state that have struggled to compete for the type of projects that will move these communities forward.”

To be eligible for Aspire program tax credits, a project must be located in an eligible incentive location, which may include: Planning Area 1, Aviation District, Port District, or Planning Area 2 or other Designated Center that is within a half mile of a rail transit station or a high frequency bus stop. Film production projects may be located anywhere in the State.

Projects must also meet minimum size and cost thresholds. Commercial projects must include at least 100,000 square feet of retail or commercial space. Residential projects must have eligible project costs totaling $5 million to $17.5 million depending on location.

In addition to meeting these baseline eligibility requirements, the developer of a project seeking Aspire program tax credits must be in substantial good standing with the New Jersey Department of Labor and Workforce Development (DOL), the New Jersey Department of Environmental Protection (DEP), and the Department of the Treasury. Projects must also comply with environmental laws (including flood hazard requirements), meet green building requirements, and pay prevailing wages to construction workers and building service workers.

In line with Governor Murphy and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review, excess revenue sharing requirements, and a net positive economic benefit test for most projects, to ensure tax credits are awarded responsibly.

Collectively, projects under the Aspire program and the Emerge program – a separate ERA tax incentive program focused on attracting high-quality jobs to New Jersey – are subject to a program cap of $1.1 billion per year in tax credit awards for each of the first six years of the programs, with the cap split between northern and southern counties. Unused amounts may be carried forward each year, and any remaining unused tax credits are available in the seventh year.

The Aspire program rules also include requirements to ensure that communities where projects are located participate in and benefit from the economic growth the project generates. As part of the application for projects, applicants must provide a letter of support from the governing body of the municipality or municipalities in which the project is located and projects with an eligible project cost equaling or exceeding $10 million must also enter into a Community Benefits Agreement with the Authority and municipality or county in which the project is located.

Furthermore, projects including newly constructed residential units must set aside at least 20 percent for occupancy by low- and moderate-income households. The NJEDA will build on the coordination and collaboration practices with the New Jersey Housing and Mortgage Finance Agency (NJHMFA) that were established under the ERG program to ensure that Aspire projects with affordable housing components comply with housing rules and meet the housing needs of New Jersey’s growing work force.

In addition to the Aspire program, the ERA creates a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. More information about these programs is available at https://njeda.com/economicrecoveryact.

About 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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.
 

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TRENTON, N.J. (January 12, 2022) – The New Jersey Economic Development Authority (NJEDA) today issued a Request for Proposals (RFP) seeking a qualified entity to conduct a feasibility study for a world-class, flagship offshore wind research and development (R&D) testing facility as part of the Authority’s strategy to accelerate innovation for the offshore wind industry. The Offshore Wind Innovation Center Feasibility Study RFP can be found here.

The NJEDA, in support of the development of the Wind Institute, is seeking to secure the Garden State’s position as a leader in offshore wind technology research and innovation through this development to capitalize on New Jersey’s offshore wind investments and spur a robust ecosystem of offshore wind-related innovation activities. The firm selected through the RFP issued today will be responsible for providing the background review and market analysis, feasibility analysis, and implementation plans for this facility.

“Under Governor Murphy’s leadership, New Jersey is on track to become the capital of American offshore wind,” NJEDA Chief Executive Officer Tim Sullivan said. “The Innovation Center will be instrumental in ensuring that New Jersey leads on world-renowned offshore wind technology research and innovation and harnesses the environmental and economic benefits of the rapidly growing offshore wind sector.”

New Jersey has a rich history of developing advanced, world-renowned R&D facilities including: the legendary Bell Labs in Murray Hill and Holmdel; the Princeton Plasma Physics Laboratory, a U.S. Department of Energy national laboratory; the William J. Hughes Technical Center in Atlantic County; the Federal Aviation Administration’s premiere scientific research, development, engineering, and test site; and, the Coriell Institute for Medical Research in Camden, the largest stem cell bank in the world. The Authority considers the proposed offshore wind R&D facility to be a signature investment at a similar scale.

“We applaud EDA for issuing this RFP to determine the feasibility of an offshore wind innovation center,” said NJBPU President Joseph L. Fiordaliso. “Offshore wind is a key initiative of the Murphy Administration with a goal of 7.500 of offshore wind energy by 2035. At present we are more than halfway to that goal. We are looking forward to issuing our third solicitation later this year for applications that, if granted, will allow us to get closer to reaching our ultimate goal.”

New Jersey is a national leader in offshore wind with over 3,700 megawatts (MW) in the works, out of a targeted 7,500 MW by 2035. Further commitments by leading global industry firms to produce critical supply chain components in the Garden State, such as monopiles and nacelles will translate to direct and distinct opportunities for wind turbine component, subcomponent, and material innovation to flourish in New Jersey and for local suppliers to enter the offshore wind supply chain as mid- and lower-tier suppliers.

The Authority envisions the offshore wind R&D facility as a physical anchoring asset for testing, validating, and refining emerging technological and component innovations that demonstrate promise for the offshore wind market. New Jersey and the NJEDA, in support of the development of the Wind Institute, seek to achieve the following goals through this investment:

  1. Propel New Jersey forward as the U.S. East Coast hub for world-renowned offshore wind technology research and innovation;
  2. Support and foster emerging innovations and solutions to offshore wind market challenges and opportunities;
  3. Incentivize clustering and anchoring of offshore wind research and innovation investments and activities around and near this proposed facility and/or in the state;
  4. Leverage existing facilities and assets in New Jersey in developing this facility and clustering opportunities;
  5. Capitalize on New Jersey’s existing expertise and reputation for research and innovation across multiple sectors such as clean tech, information technology and life sciences; and
  6. Support opportunities for New Jersey-based businesses to expand and/or transition their product or service offerings for utilization in the offshore wind supply chain.

The estimated dates below are provided to interested Proposers for planning purposes only and do not represent firm commitment dates by which NJEDA will take action.

Key events:

  • Question and Answer Period Ends: January 24, 2022 at 1:00 PM (EST).
  • If required, Addendum with Q&A Responses, estimated: January 31, 2022.
  • Proposals Due: February 23, 2022 at or before 1:00 PM (EST).
  • Estimated Recommendation for Award: June 8, 2022.
  • Agreement Execution Date: July 8, 2022.

The intent of this RFP is to award one, five-month contract for an offshore wind innovation center feasibility study, with one, three-month extension option, if deemed necessary by the Authority and dependent upon funding, to the responsible Proposer whose Proposal, conforming to this RFP is most advantageous to the Authority, price and other factors considered.

NJEDA will not provide special consideration after responses to this RFP are opened.

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 NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (January 11, 2022) – The New Jersey Commission on Science, Innovation and Technology (CSIT) announced today that 37 early-stage companies have been awarded a total of $1,075,000 in funding as part of Round 3 of the Direct Financial Assistance component (Phase I&II) of the Small Business Innovation Research (SBIR) and Small Business Technology Transfer Program (STTR). To date, the CSIT has awarded a total of $1.9 million to 66 Garden State companies during the program’s three funding rounds.

Each of these early-stage companies is currently engaged in the federal SBIR and/or STTR programs. The awards will fortify the state’s innovation economy by giving these New Jersey-based businesses the strength and resources they need to be competitive when participating in federal programs.

The federal SBIR and STTR grant programs provide more than $3 billion each year to small businesses in a variety of technology and life sciences areas that propose innovative ideas that meet specific federal research and development (R&D) needs.

This third round of the program awarded $1,075,000 million in grants to 37 New Jersey small businesses in two program components:

  1. Direct funding— awarded $25,000 grants totaling $775,000 to 31 small businesses that have received a federal SBIR/STTR Phase I, Fast-Track or Direct to Phase II award/contract. The grants are intended to help awardees increase intensity of research, strengthen commercialization plans, cover operational expenses, and become more competitive for Phase II funding.
  2. Bridge funding— awarded $50,000 grants totaling $300,000 to six New Jersey small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program.

“Thanks to the resources from the CSIT SBIR/STTR Direct Financial Assistance Program, New Jersey is taking bold steps to achieve Governor Murphy’s goal of building the most competitive innovation ecosystem in the country,” said CSIT Chairman Gunjan Doshi.

CSIT Executive Director Judith Sheft noted that the number of awardees tripled from the twelve awardees in Round 1 to 37 in Round 3. Furthermore, 11 of the 37 companies have affiliations with four New Jersey research Universities through license agreements for innovative technologies.

“This program is helping to accelerate the growth of innovation-focusedcompanies in New Jersey, and we are thrilled to see small businesses take advantage of these critical resources,” said CSIT Executive Director Judith Sheft. “During this latest round of funding, participating companies were able to leverage the SBIR grant to over $18 million in additional federal funding.”

The awardee’s focus areas fell into the following categories, all of which were identified in Governor Phil Murphy’s economic development strategic plan as high-wage, high growth sectors: technology, life sciences, clean energy, and advanced manufacturing.

“The creativity and diversity of New Jersey’s innovation and technology community combined with the availability of financial resources create a compelling value proposition for savvy entrepreneurs,” said State Senator Paul Sarlo. “Seeing how early-stage companies benefit from programs like the New Jersey SBIR/STTR Direct Financial Assistance Program will help to attract other small businesses to the Garden State.”

Assemblyman Christopher DePhillips also expressed his appreciation for our state’s creative and diverse ecosystem as the foundation for businesses to start, grow, and stay in New Jersey.

“Human capital, a diverse population, proximity to two major markets such as Philadelphia and New York City, and one of the top educational networks in the country are key elements for attracting small businesses to the Garden State,” said Assemblyman Christopher DePhillips. “By aggregating federal and state resources for emerging companies the state presents fertile ground for starting and growing a company.”

Thirty-one companies that have received federal SBIR/STTR Phase I, Fast-Track or Direct to Phase II awards/contracts were each awarded a grant of $25,000. The selected companies include:

  1. 1Huddle Inc (Newark, Essex County)
  2. AG350, Inc. (Princeton, Mercer County)
  3. BioTillion, LLC (Skillman, Somerset County)
  4. Blue Rock Solutions Inc. (Williamstown, Gloucester County)
  5. Celestron Technologies, LLC (Moorestown, Burlington County)
  6. CloudJuncxion, Inc. (Bridgewater, Somerset County)
  7. Culnexin Therapeutics (Princeton Junction, Mercer County)
  8. Dandelion Science Corp (Hoboken, Hudson County)
  9. Fabricated Software Inc. (Cedar Grove, Essex County)
  10. Generation Biotech (Princeton, Mercer County)
  11. HiT Nano, Inc (Bordentown, Burlington County)
  12. Impact Business Information Solutions Inc (Princeton, Mercer County)
  13. InnoSepra, LLC (Middlesex, Middlesex County)
  14. Kathera Bioscience, Inc. (Union, Union County)
  15. Knowledge To Own, Inc. (Springfield, Union County)
  16. Manhattan BioSolutions, LLC (Fort Lee, Bergen County)
  17. Marine Electric Systems, Inc. (South Hackensack, Bergen County)
  18. Mindprint Learning LLC (Princeton, Mercer County)
  19. Misram LLC (Holmdel, Monmouth County)
  20. NanoSepex INC. (Newark, Essex County)
  21. NeuroTechR3, Inc. (Warren, Somerset County)
  22. One World Design and Manufacturing Group (Warren, Somerset County)
  23. Palindrome Technologies (Hazlet, Monmouth County)
  24. Phoresis, Inc. (Princeton, Mercer County)
  25. RadioSight LLC. (Hoboken, Hudson County)
  26. Regenosine, Inc (Jersey City, Hudson County)
  27. Simphotek, Inc (Newark, Essex County)
  28. Speckodyne Corporation (Hamilton, Mercer County)
  29. StemPlant LLC (Camden, Camden County)
  30. TEAM of Care Solutions, LLC (Fort Lee, Bergen County)
  31. Tendo Technologies (Princeton, Mercer County)

Additionally, the following six New Jersey small businesses will each receive $50,000 bridge funding grants, as they have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program.

  1. BANC3 (Princeton, Mercer County)
  2. Cell Podium LLC (Newark, Essex County)
  3. Fuceltech Inc DBA Princeton Innotech (West Windsor, Mercer County)
  4. Princeton NuEnergy (Bordentown, Burlington County) 
  5. SubUAS LLC (Hillsborough, Somerset County)
  6. Venarum Medical, LLC (Eatontown, Monmouth County)                                 

In February 2021, the CSIT awarded $450,000 in matching grants to 16 New Jersey small businesses that were engaged in the federal SBIR/STTR program.


About CSIT

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the state as a home for academic and technological research, development, and commercialization.

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Latest Funding Round Will Make up to $75,000 Available
to Companies Furthering Clean Tech R&D in NJ


TRENTON, N.J. (January 10, 2022) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced that it will launch a $1.5 million Round 2 of its Clean Tech Seed Grant Pilot Program later this month. Funding awarded through the program helps accelerate development and innovation of clean technologies by furthering research and development (R&D) within the state’s clean technology startup community. CSIT developed the program in coordination with the New Jersey Board of Public Utilities (NJBPU) and the New Jersey Economic Development Authority (NJEDA).  The application will be available at http://www.njeda.gov/csit beginning on January 24, 2022.  

The Clean Tech Seed Grant Pilot Program provides grants for R&D activities to very early-stage, New Jersey-based clean technology companies. These grants will help clean technology-focused businesses continue their work toward the proof of concept and prototyping stages, at which point they can more readily attract outside investors and, in some cases, begin to generate revenue. Specifically, the program will fund projects that are developing or testing clean technologies intended to recapture or avoid emissions of greenhouse gases and/or criteria pollutants, or to enable such avoidance or recapture. The following technology areas are eligible under the program: Chemicals/Advance Materials, Energy Distribution/Storage, Energy Efficiency, Energy Generation, Green Buildings, Transportation, Waste Processing, and Water and Agriculture.

This latest round offers double the amount of funding that was available in the initial round of the Clean Tech Seed Grant Pilot Program. CSIT awarded a total of nearly $750,000 to 10 companies statewide through the program’s first round last year. 

“Startups within New Jersey’s clean technology industry are impacting the world in immeasurable ways,” said CSIT Executive Director Judith Sheft. “During the last round, we received applications from a broad range of companies throughout this crucial sector and we look forward to supporting even more young companies as they work toward commercialization and enter the global marketplace.”

CSIT will host an informational webinar, including a walk-through of the Clean Tech Seed Grant Program – Round 2 application, on January 26, 2022.  Registration information can be found on the CSIT webpage. A recorded version of the webinar and copy of materials presented will be made available on the CSIT webpage following the event. 

Applications can be submitted starting on January 24, 2022 at 10:00 a.m. and will be accepted through March 21, 2022 at 5:00 p.m. Similar to the inaugural round of the program, qualified applicants can receive up to $75,000 in grants through Round 2 Clean Tech Seed Grant Pilot Program. The funding is being provided through NJBPU’s Clean Energy Program.

“NJBPU is proud to work with our partners at CSIT and the NJEDA to place money into the hands of the small businesses statewide helping to pave the way toward a clean energy future,” said NJBPU President Joseph L. Fiordaliso. “By providing this very early-stage funding, we are setting the foundation for these companies to flourish in the Garden State and to help us meet Governor Murphy’s goal of 100 percent clean energy by 2050.”

All applicants for the Clean Tech Seed Grant Program should be between a minimum technology development level of Technology Readiness Level (TRL) 2 (applied research) and maximum of TRL 7 (full-scale, similar (prototypical) system demonstrated in relevant environment), based on the Department of Energy definitions. Applicants should use the tool included in the Technical Proposal attachment on the application portal to determine TRL score.

Additional eligibility criteria require that applicants:

  • Be authorized and in good standing to conduct business in New Jersey as evidenced by a New Jersey current New Jersey tax clearance certificate;
  • Have a minimum of one full-time equivalent employee (working 35 hrs. per week) including founders, with at least one employee working 50% of their time on the project being proposed;
  • Have 50 percent or more of the work of its employees, including founders and contractors conducted in NJ (calculated on a full-time equivalent basis – 35 hours per week);
  • Have 50 percent or more of employees including founders/contractors live or pay withholding taxes in NJ;
  • Have less than two million dollars ($2,000,000) in prior third-party funding over its lifetime (excluding government grants);
  • Have less than five hundred thousand dollars ($500,000) in previous calendar year sales revenue.

Applications from businesses located in an Opportunity Zone-eligible census tract, minority- or woman-owned businesses or businesses with technology coming out of New Jersey universities are all eligible for bonus points with respect to the scoring criteria. At least one award will be reserved for an applicant that is a women-owned company as certified by the State of NJ and one award will be reserved for an applicant that is minority-owned as certified by the State of NJ.

Seventy percent of the awardees in the first round of the Clean Tech Seed Grant Program were businesses located in an Opportunity Zone-eligible census tract, minority- or woman-owned businesses, and/or businesses with technology coming out of New Jersey universities.

“Under Governor Murphy’s leadership, the state is taking a whole-of-government approach to creating an equitable green economy as we work toward his goal of making New Jersey 100 percent clean energy by 2050,” said NJEDA Chief Executive Officer Tim Sullivan. “Our robust suite of programs positions us to cultivate the growing number of clean technology companies within our state.”

In addition to the Clean Tech Seed Grant Program, Sullivan also cited New Jersey’s forthcoming Green Fund, the New Jersey Zero-Emission Incentive Program (NJZIP), and the Clean Tech R&D Voucher Program as initiatives designed to support early-stage companies in the clean technology sector.

In January 2020, Governor Murphy unveiled the state’s Energy Master Plan, which outlines key strategies to reach the Administration’s goal of 100 percent clean energy by 2050. In May 2018, Governor Murphy’s Executive Order No. 28 directed the NJBPU, in partnership with other state agencies, to develop this statewide clean energy plan and shift away from energy production that contributes to climate change. The Energy Master Plan laid out ways to fuel the clean technology economy through workforce training, investments in developing clean energy knowledge, and the growth of world-class R&D.

About CSIT

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the state as a home for academic and technological research, development, and commercialization.


About 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.

About NJBPU

NJBPU is a state agency and regulatory authority mandated to ensure safe, adequate and proper utility services at reasonable rates for New Jersey customers. Critical services regulated by NJBPU include natural gas, electricity, water, wastewater, telecommunications and cable television. The Board has general oversight and responsibility for monitoring utility service, responding to consumer complaints, and investigating utility accidents. To find out more about NJBPU, visit our website at www.nj.gov/bpu.


To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit http://www.njeda.gov/csit or follow @NewJerseyEDA on Twitter, Facebook, LinkedIn and Instagram.

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A meeting of the Commission of Science, Innovation and Technology (CSIT) Board has been scheduled for Friday, January 7, 2022 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: 827 184 620##

Join Microsoft Teams Meeting

Enhanced Oversight and Improved Processes Ensure Tax Credits Deliver Benefits to Taxpayers

TRENTON, N.J. (January 5, 2022) – The New Jersey Economic Development Authority (NJEDA) announced today that it has cut awards approved under the Grow New Jersey (Grow NJ) Program by $350 million under Governor Phil Murphy’s leadership. Through increased oversight and more stringent review processes, the NJEDA has reduced the amounts of Grow NJ awards for 82 companies to date after they did not create or retain the number of jobs they committed to at the time of project approval.

A report issued in January 2019 by the Office of the State Comptroller (OSC) identified significant issues at the NJEDA related to incentive project approvals and oversight. Since then, the NJEDA has taken several significant steps to address specific concerns articulated by the OSC and the Governor’s Task Force on NJEDA Tax Incentives. These steps include more formal data-sharing practices with the New Jersey Department of Labor and Workforce Development and the Department of the Treasury/Division of Taxation to ensure that tax credits are only disbursed to companies to the extent they meet their commitments for job creation and retention.

A follow-up report released by the OSC today acknowledged NJEDA’s considerable progress toward improving its processes and internal controls for administering the State’s various tax incentive programs. As a result of the recommendations made by the OSC and the Task Force, the NJEDA now conducts a rigorous, annual review of more than 400,000 jobs associated with various programs.

The NJEDA has also made a number of critical organizational changes, including appointing a Chief Compliance Officer, creating the Division of Compliance and Program Management, reorganizing its front-end program teams to ensure a more transparent staff recommendation and decision-making process, and procuring an additional independent, external compliance auditor, among other changes. To reinforce a culture of compliance, transparency, and continuous improvement, the NJEDA has provided staff with tools and training to encourage them to ask provocative questions, dig deeper, and employ commercially reasonable skepticism.

“Since the OSC’s initial report, the NJEDA has worked hard to resolve the issues raised in the report and has reinforced its commitment to being a best-in-class steward of taxpayers resources to ensure the programs we administer benefit New Jerseyans and our communities” said NJEDA Chief Executive Officer Tim Sullivan. “While we continue to make improvements and adapt to the changing economic environment, we are proud of what we have accomplished during Governor Murphy’s administration. We also appreciate the OSC’s recognition that the NJEDA has addressed the most significant issues raised in its prior report.”

Sullivan noted that the NJEDA’s commitment to transparency and responsible stewardship of taxpayer resources is clearly reflected in all programs recently launched and under development by the NJEDA, including those created by the Economic Recovery Act of 2020.

The list of companies for which Grow NJ awards have been reduced to date is available here.


About 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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.
 

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