TRENTON, N.J. (June 9, 2015) – Actions taken by the Board of the New Jersey Economic Development Authority (EDA) today under the Grow New Jersey Assistance Program (Grow NJ) include projects that support the attraction of businesses in the manufacturing industry that hold the promise of creating over 450 new jobs and leveraging the private investment of more than $26.2 million in New Jersey’s economy. Advanced under the New Jersey Economic Opportunity Act of 2013, Grow NJ is the state’s main job creation incentive program.
“The EOA continues to be effective in attracting industries that are critical to the growth of New Jersey’s economy, including manufacturing,” said EDA Chief Executive Officer Melissa Orsen.
Orsen notes that approximately 68% of tax credits approved to date under the Grow NJ program support a company in a targeted industry; notably, over 34% are companies in the manufacturing sector.
Among the projects approved today are two manufacturing companies, including Manhattan-based Frederick Goldman, Inc., which was approved for up to $16 million over 10 years if the company chooses to purchase a facility and create 214 new jobs in Secaucus, rather than locating its operations in New York. Frederick Goldman is a privately held jewelry manufacturer, whose products are often sold under such brand names as ArtCarved, Vera Wang and Scott Kay.
SSB Manufacturing Company, a wholly-owned manufacturing subsidiary of Serta Simmons Bedding, is considering creating a new manufacturing facility with an accompanying showroom in Carteret, or expanding an existing company facility in Pennsylvania. To encourage the company to choose New Jersey and create more than 250 new jobs in the state, SSB was approved for up to $27.6 million in tax credits over 10 years.
The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.
TRENTON, N.J. (April 8, 2014) – Further enhancing the Christie Administration’s efforts to stimulate business growth and drive innovation in the State, the Board of the New Jersey Economic Development Authority (EDA) today approved assistance to encourage a diverse range of manufacturing and technology companies to remain and expand in New Jersey.
“The Grow NJ and Angel investor Tax Credit programs have significantly improved New Jersey’s standing in these increasingly important segments of our economy,” said EDA Chief Executive Officer Michele Brown.
Brown noted that since the EDA began accepting applications under the enhanced Grow NJ program last November, 23 projects have been awarded tax credits tied to the creation of nearly 2,900 new jobs and the retention of more than 2,580 “at-risk” jobs. Of the projects approved to date, nine awards included a bonus increase for being in the targeted industry of manufacturing and six included a bonus for being in the targeted industry of technology.
At the April meeting, the EDA Board approved Grow NJ awards spanning Bergen, Middlesex and Camden counties. This includes an award to encourage ENER-G Rudox Inc. to establish an advanced manufacturing facility for cogeneration and energy-efficiency systems, as well as a state-of-the-art network operations center, in East Rutherford instead of Wisconsin. A Grow NJ also was approved to encourage SodaStream USA, Inc. to expand its presence in Pennsauken, rather than a competing location in Utah. With its lease expiring at year end, a Grow NJ was awarded to Sys-tech Solutions to encourage the technology company to relocate and expand in Plainsboro over Pennsylvania.
Brown also noted that the Angel Investor Tax Credit Program has achieved considerable results since it was signed into law last year. The program provides credits against New Jersey corporation business or gross income tax for 10 percent of a qualified investment in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state.
Since EDA began accepting applications to the program last July, 30 investments have been approved representing the injection of $14.7 million of capital into New Jersey technology and life sciences companies. Businesses that benefitted in the first quarter of 2014 include Bat Blue Networks, a leading provider of Cloud-based Virtual Perimeter Services based in Clifton, and Totowa-based VectraCor, a company working to develop and commercialize a portfolio of products to simplify and provide a faster method for diagnosis, prevention, and treatment of cardiac and neurological diseases.
At the meeting, the EDA also provided an update on its Commercialization Center for Innovative Technologies (CCIT), which is part of the Technology Centre of New Jersey campus in North Brunswick. With successful graduates like Genewiz and Chromocell Corporation, CCIT continues to be New Jersey’s leading life sciences incubator. In the first quarter of 2014, CCIT welcomed three tenants – Novanex, a medical device company that develops and commercializes innovative devices and technology to monitor or detect disease conditions or status; VClinBio, a scientific research organization that provides services in translational, clinical and preclinical research for advancing drug discovery, personalized therapeutics, biomarkers research and clinical diagnostics validation; and, Crystal Pharmatech, a technology-driven contract research organization that focuses on materials science and engineering for drug development. Additionally, specialty pharmaceutical company Ascendia Pharmaceuticals executed a lease for an additional 1,000 square feet of space at the center.
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
The EDA is part of the state’s results-driven Partnership for Action, the hub for all economic development activity in New Jersey. The Partnership is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.
New Program Supports Manufacturing of Innovative Clean Energy Technologies
Trenton, N.J. (July 8, 2009) – South Plainfield-based Petra Solar, Inc. is the first business to be awarded funding under the state’s new Clean Energy Manufacturing Fund (CEMF). The program, specifically designed to support companies looking to site or materially expand a Class I renewable energy or energy-efficient product manufacturing facility in New Jersey, will bolster the State’s national leadership role in establishing a green economy by ensuring companies have the resources they need to sustain, grow and prosper while addressing the goals of Governor Corzine’s Energy Master Plan.
Trenton, N.J. (July 8, 2009) – South Plainfield-based Petra Solar, Inc. is the first business to be awarded funding under the state’s new Clean Energy Manufacturing Fund (CEMF). The program, specifically designed to support companies looking to site or materially expand a Class I renewable energy or energy-efficient product manufacturing facility in New Jersey, will bolster the State’s national leadership role in establishing a green economy by ensuring companies have the resources they need to sustain, grow and prosper while addressing the goals of Governor Corzine’s Energy Master Plan.
Petra Solar received a total of $3.3 million through CEMF to support the purchase of equipment and machinery and the planning/design process. This project will result in a total public/private investment of more than $7.6 million and the company expects to create 164 new jobs over the next two years. Founded in 2006, Petra Solar designs, develops and manufactures electric power and power management products focused on the solar energy and smart grid markets. The company’s flagship product is the SunWave™, a utility grade AC solar module that enhances the reliability of electric distribution systems by combining distributed solar generation with Smart Grid technology.
“Petra Solar exemplifies Governor Corzine’s vision for our state and its economy,” said Jeanne M. Fox, President of the New Jersey Board of Public Utilities (BPU). “It is a company creating New Jersey jobs by manufacturing products that will generate renewable energy and reduce the greenhouse gases that cause global warming. The world needs these products and they will be looking to New Jersey to find them.”
Under CEMF, funded by BPU and administered through the New Jersey Economic Development Authority (EDA), New Jersey clean technology manufacturers can receive funding under two separate components: project assessment and design, and project construction and operation. A qualified manufacturer of Class I renewable energy or energy efficiency systems, products or technologies may be eligible for a grant up to $300,000 to assist with the manufacturing site identification and procurement, design, and permits, and up to $3 million as a zero-interest, ten-year loan to support site improvements, equipment purchases, and facility construction and completion.
Shihab Kuran, President and CEO of Petra Solar said, “My colleagues and I are honored that Petra Solar is the first company selected to obtain the support and recognition of New Jersey’s CEMF program. Through the leadership of Governor Corzine and the efforts of the BPU and EDA, Petra Solar will be able to create green jobs at our New Jersey facility as well as at our New Jersey suppliers. Petra Solar is now positioned to deliver true technological innovation to utilities in the US and the world. The enhancement of electric distribution grid reliability through the interaction of solar generation and smart grid technology is compelling to our utility partners. My colleagues and I are committed to work every day to advance New Jersey as the nation’s leader in the creation of green jobs and the source of innovative products that contribute to addressing global energy and climate challenges.”
To take advantage of this program, a company must be a for-profit entity that is planning to manufacture eligible products in New Jersey and be entering or expanding within the manufacturing stage of commercial development. A minimum 50-percent cash match of total project costs from non-state grants, loans, or equity, is required for both program components. Preference will be given to those projects that demonstrate a greater percentage of the project being designed, manufactured, processed, assembled or made ready for commercial sale at the company’s project facility in New Jersey.
Eligible technologies for funding include energy efficiency equipment and technology, Class I renewable energy and other technologies or equipment that can demonstrate their integral nature to the development of Class I renewable energy and energy efficiency technologies.
Class I renewable energy is defined as electricity derived from solar energy, wind energy, wave or tidal action, geothermal energy, landfill gas, anaerobic digestion, fuel cells using renewable fuels, and, with written permission of the New Jersey Department of Environmental Protection (DEP), certain other forms of sustainable biomass.
The second solicitation for financing under CEMF began June 1 and will close on July 15. To learn more about the Clean Energy Manufacturing Fund, call 866-534-7789 or visit www.njeda.gov\CEMFApplication.
New Program Supports Manufacturing of Innovative Clean Energy Technologies
TRENTON, N.J. (May 29, 2009) – The second solicitation for financing by the State of New Jersey under the Clean Energy Manufacturing Fund will begin June 1. The recently launched program was specifically designed to support companies looking to site or materially expand a Class I renewable energy or energy-efficient product manufacturing facility in New Jersey, and will enable the state to take a leadership role in the clean technology industry by promoting new green jobs and growth while addressing the goals of Governor Jon S. Corzine’s Energy Master Plan.
The program is funded by the New Jersey Board of Public Utilities (BPU) and administered through the New Jersey Economic Development Authority. The solicitation period opens June 1, and is scheduled to close on July 15.
“The Clean Energy Manufacturing Fund will contribute greatly to the cost-competitiveness of renewable energy and energy efficiency in New Jersey while also supporting the creation of green collar jobs in the Garden State,” said Caren S. Franzini, chief executive officer of the EDA.
“Our continued partnership with the EDA will create jobs, ensure energy security and help achieve Governor Corzine’s mandate to reduce greenhouse gas emissions and combat global warming,” added BPU Board President Jeanne M. Fox.
Through the Clean Energy Manufacturing Fund, New Jersey clean technology manufacturers can receive funding under two separate components: project assessment and design, and project construction and operation. In total, a qualified manufacturer of Class I renewable energy or energy efficiency systems, products or technologies may be eligible to receive up to $3.3 million in grants and interest-free loans.
Up to $300,000 is available as a grant to assist with the manufacturing site identification and procurement, design, and permits. Up to $3 million is available as a zero-interest, ten-year loan to support site improvements, equipment purchases, and facility construction and completion.
To take advantage of this program, a company must be a for-profit entity that is planning to manufacture eligible products in New Jersey and be entering or expanding within the manufacturing stage of commercial development. A minimum 50-percent cash match of total project costs from non-state grants, loans, or equity, is required for both program components. Preference will be given to those projects that demonstrate a greater percentage of the project being designed, manufactured, processed, assembled or made ready for commercial sale at the company’s project facility in New Jersey.
Eligible technologies for funding include energy efficiency equipment and technology, Class I renewable energy and other technologies or equipment that can demonstrate their integral nature to the development of Class I renewable energy and energy efficiency technologies. Class I renewable energy is defined as electricity derived from solar energy, wind energy, wave or tidal action, geothermal energy, landfill gas, anaerobic digestion, fuel cells using renewable fuels, and, with written permission of the New Jersey Department of Environmental Protection (DEP), certain other forms of sustainable biomass.
To learn more about the Clean Energy Manufacturing Fund, call 866-534-7789 or visit www.njeda.gov\CEMFApplication.
New Program Supports Innovative Clean Energy Technologies
Trenton, N.J. (February 25, 2009) – Financing is now available from the New Jersey Economic Development Authority (EDA) for the Edison Innovation Clean Energy Manufacturing Fund, a program which will enable New Jersey to take a leadership role in the clean technology industry by promoting new jobs and growth in the state while addressing the goals of New Jersey’s Energy Master Plan. The program represents an expansion of the state’s Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, which was created to spur innovation, create new, high-paying jobs and cultivate an entrepreneurial environment for technology and life sciences companies in New Jersey.
Trenton, N.J. (February 25, 2009) – Financing is now available from the New Jersey Economic Development Authority (EDA) for the Edison Innovation Clean Energy Manufacturing Fund, a program which will enable New Jersey to take a leadership role in the clean technology industry by promoting new jobs and growth in the state while addressing the goals of New Jersey’s Energy Master Plan. The program represents an expansion of the state’s Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, which was created to spur innovation, create new, high-paying jobs and cultivate an entrepreneurial environment for technology and life sciences companies in New Jersey.
The Clean Energy Manufacturing Fund was specifically designed to support companies looking to site a Class I renewable energy or energy efficiency product manufacturing facility in New Jersey. The program is funded by the New Jersey Board of Public Utilities and administered through the EDA.
“Governor Corzine’s Economic Growth Strategy places a high priority on encouraging innovation, and the Clean Energy Manufacturing Fund will ensure New Jersey remains on the cutting-edge of cleantech development,” said Caren S. Franzini, chief executive officer of the EDA. “In addition to supporting economic growth in the state, businesses receiving support under this Fund will contribute greatly to the cost-competitiveness of renewable energy and energy efficiency in New Jersey.”
“The Board of Public Utilities is excited about our new partnership with the EDA,” added Board President Jeanne M. Fox. “It will create jobs, ensure energy security and help achieve Governor Corzine’s mandate to reduce greenhouse gas emissions and combat global warming.”
Through the Edison Innovation Clean Energy Manufacturing Fund, New Jersey clean technology manufacturers can receive funding under two separate components: project assessment and design, and project construction and operation. In total, a qualified manufacturer of Class I renewable energy or energy efficiency systems, products or technologies may be eligible to receive up to $3.3 million in grants and interest-free loans. Up to $300,000 is available as a grant to assist with the manufacturing site identification and procurement, design, and permits. Up to $3 million is available as a zero-interest ten-year loan to support site improvements, equipment purchases, and facility construction and completion.
To take advantage of this new program, a company must be a for-profit entity that is planning to manufacture eligible products in New Jersey and be entering or expanding within the manufacturing stage of commercial development. A minimum 50-percent cash match of total project costs from non-state grants, loans, or equity, is required for both program components. Preference will be given to those projects that demonstrate a greater percentage of the project being designed, manufactured, processed, assembled or made ready for commercial sale at the company’s project facility in New Jersey. Eligible technologies for funding include energy efficiency equipment and technology, Class I renewable energy and other technologies or equipment that can demonstrate their integral nature to the development of Class I renewable energy and energy efficiency technologies.
To learn more about the Edison Innovation Clean Energy Manufacturing Fund, call 866-534-7789 or visit www.njeda.gov\CEMFApplication.