CHRISTIE ADMINISTRATION SUPPORT HELPS LOCUS ENERGY FIND NEW HOME IN HOBOKEN
TRENTON, N.J. (Feb. 19, 2013) – Locus Energy, which develops web-based performance and portfolio management software for renewable energy systems, recently moved from New York to temporary space in Hoboken while its new, permanent location in New Jersey is renovated following damage from Hurricane Sandy.
“With an ideal location and an open floor plan, our new space in Hoboken will allow us to be more collaborative, inclusive and dynamic as we work to maximize the efficiency and transparency of energy monitoring for our clients,” said Locus Energy CEO and Founder Michael Herzig. “Locus Energy is poised for continued growth and our new home in New Jersey will help propel our expansion and innovation in the renewable energy data market.”
Founded in 2007, Locus Energy offers a technology platform providing automated monitoring support and data analytics for distributed generation systems in the residential, commercial, utility and industrial markets. The company, which relocated its New York City-based staff of 15 to Hoboken in December, plans to create as many as 20 new, high paying jobs in the state over the next two years.
According to Herzig, the company’s technology platform has been designed to advance two central goals: provide cost-effective operations and management support for distributed energy systems so that they can operate effectively in a grid-parity, non-subsidized framework; and, utilize its analytics to further enhance the transparency and performance of distributed energy systems so that they are both more competitive with traditional energy sources and also integrate better with existing infrastructure.
“The Christie Administration continues to encourage the more affordable use, management and development of energy in New Jersey, and Locus Energy will help facilitate the expansion of renewable assets in our state,” said New Jersey Economic Development Authority (EDA) CEO Michele Brown. “We are pleased that, by choosing New Jersey, Locus Energy will not only provide environmental benefits to the state, but also will create new jobs in the growing renewable energy sector.”
To encourage Locus Energy to choose New Jersey over locations in New York, the company was approved for an award of up to $456,500 over ten years through the Business Employment Incentive Program. Locus Energy also received a $1.45 million loan through the Edison Innovation Green Growth Fund (EIGGF), a program launched by the Christie Administration in 2011 to help New Jersey clean technology companies advance energy efficient and renewable energy products in the state. The financing will help Locus Energy expand the capabilities of its technology platform and support general growth capital needs, including research and development, hiring and training personnel, and marketing and purchasing inventory.
Jointly administered by the EDA and the New Jersey Board of Public Utilities, the EIGGF program offers up to $2 million to New Jersey class I renewable or energy efficiency clean technology companies that have begun generating commercial revenues and are seeking matching funding to support the growth of their clean technology business. With the positive performance of the company, up to 50 percent of the funding may be converted to a performance grant.
To learn more about the Edison Innovation Green Growth Fund, visit www.njeda.gov/EIGGF. For information about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.
About Locus Energy
Locus Energy develops web-based performance and portfolio management software for renewable energy systems. The company provides monitoring, analytics and data services for deployments of solar photovoltaic and solar thermal technology. By leveraging Locus’ products, renewable finance companies and integrators can drive down the cost and complexity of energy monitoring while making it much easier to maintain and service an installed client base. Founded in 2007, Locus has offices in New Jersey and San Francisco, and monitors over ten thousand PV arrays worldwide. More information can found at www.locusenergy.com.