Cleantech Open Northeast Becomes Second Accelerator Approved Through the Program

TRENTON, N.J. (April 23, 2021) – The New Jersey Economic Development Authority (NJEDA) announced today that it has approved Cleantech Open Northeast to participate in its NJ Accelerate program. NJ Accelerate is designed to grow New Jersey’s innovation ecosystem by promoting greater participation by New Jersey entrepreneurs in qualified accelerator programs. It is also seen as a tool to showcase the talent in New Jersey to accelerators on a national stage and encourages newly forming accelerators to launch in the Garden State. Cleantech Open Northeast is the second accelerator approved for the program, following the approval of Morgan Stanley Multicultural Innovation Lab in December 2020. More information about NJ Accelerate can be found at https://www.njeda.gov/njaccelerate.

An accelerator is a fixed-term, cohort-based “boot camp” for startups that offers educational and mentorship programs and facilitates connections to venture capitalists, angel investors, mentors, and corporate executives who can help early-stage companies grow. Many accelerators also provide investment capital and office space.

NJ Accelerate, which launched in 2020, incentivizes accelerators from around the country to recruit participants in New Jersey. It also incentivizes the startups to locate in the Garden State after graduating from approved accelerators. Through NJ Accelerate, the NJEDA will match investment provided by approved accelerators with up to $250,000 in direct loans for startups that locate in New Jersey within six months after graduating from the approved programs. A five-percent bonus is available for companies that are certified as women-or minority-owned. The NJEDA will also provide rent support for up to six months if a company locates in an approved NJ Ignite collaborative workspace.

Cleantech Open Northeast is part of Cleantech Open, the world’s oldest and largest cleantech accelerator, and is managed by the Boston-based Northeast Clean Energy Council (NECEC) as the on-the-ground affiliate. Cleantech Open finds, funds and fosters entrepreneurs with big ideas that address urgent energy, environmental, and economic challenges. Cleantech Open provides the infrastructure, expertise and strategic relationships that turn ideas into successful global cleantech companies.

“Connecting New Jersey entrepreneurs with capital and mentorship they need to succeed not only strengthens the individual startups, but also bolsters our state’s innovation ecosystem as a whole,” said NJEDA Chief Executive Officer Tim Sullivan. “Governor Phil Murphy has long emphasized the critical role that New Jersey startups play in creating a green economy as we work toward his goal of 100% clean energy by 2050. Welcoming Cleantech Open Northeast into our NJ Accelerate program will enable the state’s clean energy-focused companies to leverage the knowledge of an established leader in their sector while maintaining their presence in the Garden State and benefitting from New Jersey’s many assets and resources.”

Since 2005, Cleantech Open Northeast has trained more than 450 startups through its annual accelerator program. Combined, these alumni have generated over $280 million in revenue and raised over $650 million in funds and employ more than 3,300 people. Cleantech Open Northeast, which has a network of more than 1,000 volunteers, unites the public and private sectors in its vision for making the nation’s cleantech sector a thriving economic engine. In Cleantech Open Northeast’s 2020 accelerator program, six of the 40 companies that completed the program—and two of the four companies that were awarded grants in the competition that was held following completion of the curriculum—were New Jersey based.

“Cleantech Open Northeast has been at the forefront of creating opportunities for early-stage, innovative companies in the cleantech space for more than 15 years,” said Cleantech Open Northeast Director Beth Zonis. “Our participation in NJ Accelerate will help us attract and welcome more startups from New Jersey’s growing clean energy innovation ecosystem.”

In addition to benefiting New Jersey startups, the NJ Accelerate program also provides exposure and funding for the approved accelerators. The NJEDA will disseminate information about Cleantech Open Northeast and encourage well-qualified companies to participate. In addition, the NJEDA will provide up to $25,000 per event capped at $100,000 in total sponsorship funding for accelerator-led events, such as Accelerator Demo-Days, cohort road shows, in-person classes, pitch competitions, and networking events held in New Jersey.

Accelerators and entrepreneurs interested in participating in the NJ Accelerate program are encouraged to contact the NJEDA at NJAccelerate@njeda.com. Additional information and detailed eligibility criteria for both accelerator programs and entrepreneurs are available at https://www.njeda.gov/njaccelerate.

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, Instagram, Twitter, and LinkedIn.

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Program Connects Emerging Companies with Amenities at NJ Universities & Federal Laboratories


TRENTON, N.J. (April 12, 2021) – The Commission on Science, Innovation and Technology (CSIT) today reminded emerging companies within New Jersey’s clean energy sector that it is currently accepting applications for its Clean Tech Research and Development (R&D) Voucher Program. The application is available at https://application.njeda.com/csit.

The $435,000 program, funded through the New Jersey Board of Public Utilities (NJBPU), is designed to help early-stage New Jersey clean technology companies more easily access resources such as specialized equipment within the Garden State. CSIT developed the program in coordination with the NJBPU and the New Jersey Economic Development Authority (NJEDA).

Through the Clean Tech R&D Voucher Program, eligible applicants will receive vouchers to subsidize the costs associated with one or more of the following services or activities in a participating New Jersey university or federal laboratory facility: use of facility equipment for testing and development, and training in preparation for independent use of the facility. Each eligible applicant can apply for multiple vouchers up to a cap of $15,000 within any 12-month period. An approved voucher will be valid for a period of three months. Specifically, the program will fund work on 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. A NJ clean tech asset map listing university and federal laboratory resources in NJ will also be available on the CSIT website.

To be eligible for the Clean Tech R&D Voucher Program, applicants must be registered to conduct business in New Jersey and must have no more than 50 full-time employees at the time of application. Additionally, 100 percent of the project work for which the voucher is being sought must be conducted in New Jersey. Full eligibility requirements can be found at https://www.njeda.gov/csit.

CSIT recently hosted an informational webinar for potential applicants to the Clean Tech R&D Voucher Program. A recording of that webinar can be found at https://www.youtube.com/watch?v=VrG9PJ3XVjc&t.

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 https://www.njeda.gov/csit or follow @NewJerseyEDA on Twitter, Facebook, LinkedIn and Instagram.

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Up to $75,000 Available Per Company to Further Clean Technology R&D

TRENTON, N.J. (March 31, 2021) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today reminded New Jersey clean technology startups that the deadline to apply to its Clean Tech Seed Grant Program is Monday, April 5. The program helps 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 Economic Development Authority (NJEDA). The application is available at https://application.njeda.com/csit.


The Clean Tech Seed Grant Program, which is funded by the New Jersey Board of Public Utilities (NJBPU),  provides grants for R&D activities to very early-stage, New Jersey-based clean technology companies. 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. Complete program eligibility requirements can be found at https://www.njeda.gov/clean-tech-grant.

Qualified applicants can receive up to $75,000 in grants through the Clean Tech Seed Grant Program and the total funding for this initial pilot program is $750,000. Funding through the program will help 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. The funding is being provided through NJBPU’s Clean Energy Program.

CSIT previously hosted an informational webinar about the Clean Tech Seed Grant Program. During the webinar, CSIT Executive Director Judith Sheft offered tips and advice to entrepreneurs that were considering applying to the program. A recording of the webinar can be found here. 

The application will be open until April 5, 2021 at 4:00 p.m. or until the program receives 50 completed applications, whichever comes first.

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.


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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TRENTON, N.J. (March 16, 2021) – The New Jersey Economic Development Authority (NJEDA) today announced that applications for the New Jersey Zero Emission Incentive Program (NJ ZIP) will open on Tuesday, April 6th 2021. The $15 million pilot program will fund 100 to 300 vouchers ranging in value from $25,000 to $100,000 for businesses and institutional organizations in the greater Newark and Camden areas for the purchase of new, zero emission medium and heavy-duty vehicles (MHDVs).

The NJEDA will be hosting three informational webinars for potential applicants and vendors on Tuesday, March 23rd 2021. Register for a webinar that fits your schedule here.

NJ ZIP is the first initiative in New Jersey’s holistic, Regional Greenhouse Gas Initiative (RGGI)-funded effort to support the deployment of zero emission MHDVs. The pilot program allocates $15 million to provide vouchers to businesses and organizations purchasing new, class 2b to class 6 vehicles. The size of vouchers awarded through the program will vary depending on the class of vehicle being purchased, from a minimum of $25,000 for Class 2b vehicles to $100,000 for Class 6 vehicles. Bonuses will be available for small businesses; women-, minority-, and veteran-owned businesses; vehicles that are manufactured in New Jersey; small businesses that scrap their eligible MHDVs; and vendors that invest in driver education and training.

Vouchers will be available on a first-come, first-served basis with $5 million set aside for micro and small businesses. Initially, NJ ZIP will only be available in the greater Newark and greater Camden areas, defined as the overburdened communities within or intersected by a circle with a 10-mile radius centered on Newark and Camden. More information is available at https://www.njeda.gov/njzip.

NJ ZIP will be funded using proceeds from New Jersey’s participation in RGGI, a multi-state “cap-and-trade” program regulating carbon dioxide emissions. The State plans to deploy those funds within four initiative categories identified in the RGGI Strategic Funding Plan: catalyzing clean, equitable transportation; promoting blue carbon in coastal habitats; enhancing forests and urban forests; and creating a New Jersey Green Fund. More information about New Jersey’s plans for using RGGI funding is available https://www.nj.gov/rggi/index.html.

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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. (March 12, 2021) – The New Jersey Economic Development Authority (NJEDA) announced today that it sent final approval letters last week to the 49 technology and life sciences companies that are participating in the 2020 Net Operating Loss (NOL) Program.

Hailed as a lifeline for New Jersey companies that have yet to reach profitability, the NOL Program enables participants to sell their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. The cash can then be used for working capital or to fund research. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation jointly administer the program.

The average award for companies approved to sell their net operating losses through the program in 2020 was $1.1 million. Fourteen of the 49 participating companies set to receive funding are participating in the NOL Program for the first time. Those new to the program are noted with an asterisk in the table at the end of this news release.

To date, more than $1.07 billion in funding has been distributed to over 550 technology and life sciences companies since the program’s inception in the late 1990s.

The NOL Program got a boost in January 2021, when Governor Phil Murphy signed the New Jersey Economic Recovery Act of 2020. Part of the Act 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.

“The NOL Program has historically been one of our most sought-after programs by entrepreneurs as they grow their companies here in the Garden State,” said NJEDA Chief Executive Officer Tim Sullivan. “Thanks to action taken by Governor Murphy and the Legislature, we will be able to connect even more companies with access to capital in the coming years. This, in turn, will lead to additional job creation within New Jersey’s innovation ecosystem and to the advancement of life-saving and life-enhancing technologies.”

Sullivan noted that the NJEDA plans to open the application for the 2021 NOL Program in early May.

In addition to being vital to emerging companies, the NOL Program also provides enormous benefits to the profitable companies that are buying the net operating losses and unused R&D tax credits. A profitable company can purchase tax credits at a discount, based on the market price at the time. These tax credits have traditionally traded somewhere between 88 and 94 cents on the dollar. Once purchased, the tax credits can then be applied to potentially reduce the buyer’s state tax obligation. The names of the buyers who chose to be publicly listed are on the NOL Program’s website.

Ailares Inc. in Princeton, Clinical Genomics in Bridgewater, and TrueFort in Weehawken, were among the 14 early-stage companies that were new to the NOL Program in 2020.

Ailares Inc. is a financial technology company that leverages machine learning (ML) and artificial intelligence (AI) in the fields of wealth management, investment management, and risk management. The company seeks to streamline the investment process for its clients by offering a platform that gives its user direct access to investment strategies and products.

“We founded Alaires with the goal of closing the wealth gap between those with access to ML/AI and those without it and to level the playing field for investors,” said Ailares CEO and Chief Investment Officer Kenneth Xu. “By leveraging the non-dilutive capital we receive through the NOL Program, we will be able to further our mission and connect every-day investors with the tools they need to invest strategically and successfully.”

Female-led Clinical Genomics, a biotechnology firm whose global headquarters are located in Bridgewater, develops technology to screen for, and monitor, colorectal cancer. Clinical Genomics’ products span the full spectrum of colorectal cancer testing from screening to post-treatment monitoring.

“New Jersey is home to the most scientists per square mile and top-notch resources like the NOL Program, which are tremendous assets for up-and-coming biotechnology companies like ours,” said Clinical Genomics President and CEO Betsy Hanna. “We have found the Garden State to be the perfect location to base our global operations as we continue to broaden access to our life-saving diagnostic tests for hospitals and testing facilities around the world.”

TrueFort develops cybersecurity software products used by enterprises to protect their critical business applications on premise and in the cloud. The TrueFort Fortress is a real-time enterprise security platform that defends high-value cloud, hybrid, and legacy environments from hidden risks using a unique application-centric approach. The company was founded by former information technology executives from JPMorgan Chase, Bank of America Merrill Lynch and Goldman Sachs. TrueFort announced last week it received accolades from Futuriom and the Cybersecurity Excellence Awards for its app and cloud workload protection innovations.

“This past year, more than ever, has shown the importance of keeping data safe in an increasing digital world,” said TrueFort President and CEO Sameer Malhotra. “We’re proud to be able to offer our clients peace of mind through our industry-leading technology. We are also grateful that the NJEDA’s NOL Program will enable us to keep building out our business as we expand our customer base.”

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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Company

Company Headquarters/Base of Operations (Municipality)

Company Headquarters/Base of Operations (County)

1

Acuitive Technologies

Allendale

Bergen

2*

Ailares Inc.

Princeton

Mercer

3

AIM ImmunoTech, Inc.

New Brunswick

Middlesex

4

Angel Medical Systems

Eatontown

Monmouth

5

Avlino Inc.

Holmdel

Monmouth

6

Bellerophon Therapeutics 

Warren

Somerset

7*

Bloqcube Inc.

Bridgewater

Somerset

8

Brilliant Light Power Inc.

Eatonton

Monmouth

9

Caladrius Biosciences, Inc.

Basking Ridge

Somerset

10

Celsion Corporation

Lawrenceville

Mercer

11

Celularity, Inc.

Warren

Somerset

12

CircleBlack, Inc.

Princeton

Mercer

13*

Clinical Genomics

Bridgewater

Somerset

14

CorMedix Inc.

Berkeley Heights

Union

15

Cytosorbents Medical Inc.

Monmouth Junction

Middlesex

16

electroCore, Inc.

Basking Ridge

Somerset

17

Elite Laboratories

Northvale

Bergen

18

EOS Energy Storage

Edison

Middlesex

19*

Forefront Telecare Inc.

Hamilton Twp.

Mercer

20*

Fusion Recruiting Labs, Inc.

Red Bank

Monmouth

21

Gadget Software, Inc.

Newark

Essex

22

Hope Portal Services, Inc DBA Hope Trust

Holmdel

Monmouth

23*

Interpace Biosciences, Inc.

Parsippany

Morris

24

IoTecha Corp

Piscataway

Middlesex

25

Matinas Biopharma

Bedminster

Somerset

26

Miami International Holdings, Inc

Princeton

Mercer

27

MYOS RENS Technology Inc.

Cedar Knolls

Morris

28

Nanotech Industrial Solutions

Avenel

Middlesex

29

Ocean Power Technologies, Inc.

Monroe Township

Middlesex

30

Oncosec Medical

Pennington

Mercer

31*

Onkos Surgical Incorporated

Parsippany

Morris

32

Orthobond Corporation

Princeton

Mercer

33

PDS Biotechnology Corporation

Florham Park

Morris

34*

Princeton Identity

Hamilton Twp.

Mercer

35

Provention Bio, Inc.

Red Bank

Monmouth

36

Rafael Pharmaceuticals, Inc.

Newark

Essex

37

Scynexis, Inc

Jersey City

Hudson

38

Solidia Technologies

Piscataway

Middlesex

39

Soligenix Inc.

Princeton

Mercer

40*

SPES Pharmaceuticals Inc.

North Brunswick

Middlesex

41*

Sunbird Software, Inc.

Somerset

Somerset

42

Svelte Medical Systems

New Providence

Union

43*

Tallyx, Inc.

Princeton

Mercer

44*

Throtle, Inc.

Red Bank

Monmouth

45

TrialScope

Jersey City

Hudson

46*

Truefort Inc

Weehawken

Hudson

47*

Tulex Pharmaceutical Inc

Cranbury

Middlesex

48

United Silicon Carbide Inc. 

Monmouth Junction

Middlesex

49

WellSheet, Inc.

Newark

Essex

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TRENTON, N.J. (March 5, 2021) – The Commission on Science, Innovation and Technology (CSIT) today announced it will begin accepting applications next month for its Clean Tech Research and Development (R&D) Voucher Program. The $435,000 program is designed to help early-stage New Jersey clean technology companies more easily access resources such as specialized equipment within the Garden State. 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 opens April 5, 2021 and will be available at https://application.njeda.com/csit.

Through the Clean Tech R&D Voucher Program, eligible applicants will receive vouchers to subsidize the costs associated with one or more of the following services or activities in a participating New Jersey university or federal laboratory facility: use of facility equipment for testing and development, and training in preparation for independent use of the facility. Each eligible applicant can apply for multiple vouchers up to a cap of $15,000 within any 12-month period. An approved voucher will be valid for a period of three months. Specifically, the program will fund work on 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. A NJ clean tech asset map listing university and federal laboratory resources in NJ will also be available on the CSIT website.

“New Jersey is known the world over for its high-caliber research universities, and it is incumbent upon us to provide Garden State companies at their earliest stages with access to these invaluable resources,” said CSIT Chairman Gunjan Doshi. “CSIT is proud to work with its partners at the NJEDA and the NJBPU to bring this important and impactful program to fruition.”

CSIT announced the program this week to give applicants adequate time to prepare their applications. The Commission will host an informational webinar on the Clean Tech R&D Voucher Program on March 16 at 10:00 a.m. to offer tips and advice to potential applicants. 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. Applications will be accepted beginning April 5 on a rolling basis until the funding is expended.

To be eligible for the Clean Tech R&D Voucher program, applicants must be registered to conduct business in New Jersey and must have no more than 50 full-time employees at the time of application. Additionally, 100 percent of the project work for which the voucher is being sought must be conducted in New Jersey. Full eligibility requirements can be found at https://www.njeda.gov/csit.

“We developed the Clean Tech R&D Voucher Program first and foremost to support the many innovative clean technology companies working to impact the global marketplace,” NJEDA Chief Executive Officer Tim Sullivan said. “At the same time, it will increase access to, and awareness and utilization of, the State’s physical clean tech innovation-related amenities. This program will be a terrific tool for attracting companies to the Garden State, a top priority as we continue to recapture New Jersey’s role as a leader in innovation.”

In early 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.

“Up and coming New Jersey companies bring fresh ideas to the table and fostering opportunities for them is critical as we continue to shape a clean energy future,” said NJBPU President Joseph L. Fiordaliso. “We want to ensure that these businesses have every resource at their disposal as they develop important clean technologies. Programs like the one announced today are an important step toward fulfilling the Governor’s goal of 100 percent clean energy by 2050.”

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 https://www.njeda.gov/csit or follow @NewJerseyEDA on Twitter, Facebook, LinkedIn and Instagram.

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TRENTON, NJ (February 11, 2021) – The New Jersey Economic Development Authority (NJEDA) announced today that interest in its Angel Investor Tax Credit Program saw record levels in 2020, as investors submitted more than 700 applications, nearly three times the average of previous program years. Applications also hit the legislative cap of $25 million in late October, marking the first time the program cap had ever been reached.

The Angel Investor Tax Credit Program offers investors refundable tax credits against qualified investments for New Jersey businesses. The program supports technology businesses with a physical presence in New Jersey that conduct research, manufacturing, or technology commercialization in the state. Seen as a means to not only invest in emerging companies but also attract capital into the New Jersey, the Angel Investor Tax Credit Program is open to investors throughout the world, not just those located in the Garden State. Investors have six months from the time of investment to apply to the program.

2020 was the first year that investors could benefit from the program’s expansion, which was signed into law by Governor Phil Murphy in the summer of 2019. Under enhancements to the program, which took effect January 1, 2020, investors can receive an increase in the tax credit from 10 percent to 20 percent on a qualified investment. The expansion also added a five-percent bonus for investments in businesses located in a qualified opportunity zone, low-income community, or a business that is certified by the State as minority- or women-owned. 

Today’s announcement comes a month after Governor Murphy signed the New Jersey Economic Recovery Act of 2020, part of which increases the legislative cap on this program from $25 million to $35 million for the 2021 program year and going forward.

“The expanded Angel Investor Tax Credit Program has been heralded throughout New Jersey’s innovation community as an enormous asset to our state,” said NJEDA Chief Executive Officer Tim Sullivan. “The combination of increased funding allocation and program enhancements, including adding a bonus to encourage investment in women- and minority-owned businesses, has a double benefit to the entire ecosystem. These tools help emerging companies attract capital, which will fuel their growth, and encourage new businesses to establish themselves in our state. We thank Governor Murphy and the legislature for bolstering this critical resource.”

The NJEDA approved 142 applications through the Angel Investor Tax Credit Program in 2020, representing an injection of $35.8 million into 21 New Jersey companies and support of 348 jobs in total. The $35.8 million figure is a $2.7 million increase from 2019.

Sullivan noted that NJEDA staff is continuing to review applications and that applications submitted to the NJEDA up to November 1, 2020 (up to the $25 million program cap), will be considered for the 2020 Program Year. Applications that were submitted after that date will be considered for the 2021 Program Year.

In the fourth quarter of 2020 alone, the NJEDA approved 72 Angel Tax Credit Program applications. This represents nearly $18.4 in private investments into 14 unique technology and life science companies, employing more than 265 full-time personnel.

The Angel Investor Tax Credit Program had one first-time participant in the fourth quarter of 2020. Bionex Pharmaceuticals benefited from a $200,000 investment in October and the investor qualified to receive the additional five-percent bonus for investing in a certified woman owned business. Bionex is a tenant at the NJEDA’s Bioscience Center – Step-Out Labs in North Brunswick. The Step-Out Labs is an intermediate space designed for Incubator graduates or other life sciences companies that have outgrown their incubation space.

The Angel Investor Tax Credit Program is administered by the NJEDA, with the assistance of the Department of the Treasury’s Division of Taxation.


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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Program Makes up to $75,000 Available to Companies Furthering Clean Tech R&D

TRENTON, N.J. (February 8, 2021) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today opened the application for its Clean Tech Seed Grant Program. The program will 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 is available at: https://application.njeda.com/csit


The Clean Tech Seed Grant Program provides grants for R&D activities to very early-stage, New Jersey-based clean technology companies. 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.

These grants will help 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.

CSIT hosted an informational webinar last month on the Clean Tech Seed Grant Program. During the webinar, CSIT Executive Director Judith Sheft offered tips and advice to entrepreneurs that were considering applying to the program. A recording of the webinar can be found here. 

The application will be open until April 5, 2021 at 4:00 p.m. or until the program receives 50 completed applications, whichever comes first. Qualified applicants can receive up to $75,000 in grants through the Clean Tech Seed Grant Program and the total funding for this initial pilot program is $750,000. The funding is being provided through NJBPU’s Clean Energy Program.
Complete program eligibility requirements can be found at https://www.njeda.gov/clean-tech-grant.

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.


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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New Program Incentivizes Use of Zero-Emission Vehicles in Camden and Newark

TRENTON, N.J. (January 15, 2020) – The New Jersey Economic Development Authority (NJEDA) Board of Directors today approved the New Jersey Zero Emission Incentive Program (NJ ZIP). The $15 million pilot program will fund 100 to 300 vouchers ranging in value from $25,000 to $100,000 for businesses and institutional organizations in the greater Newark and Camden areas for the purchase of new, zero emission medium and heavy-duty vehicles (MHDVs). Bonuses will be available for small businesses and minority-, women-, and veteran-owned businesses. The NJEDA anticipates launching the program in the coming months.

“NJ ZIP brings a tried-and-true model for increasing the adoption and use of zero emission vehicles to New Jersey, with a focus on reducing emissions in the greater Camden and Newark areas,” said Governor Phil Murphy. “This is a critical step toward our environmental justice initiatives that I hope will spark the widespread adoption of zero emission vehicles across the state.”

“The adoption of zero emission vehicles will reduce dangerous emissions within the greater Newark and Camden communities and drive future economic growth by creating jobs critical to supporting and accelerating adoption of these vehicles,” said NJEDA Chief Executive Officer Tim Sullivan. “NJ ZIP moves us closer to these goals by providing a new resource that will enable businesses and institutions to invest in zero emission vehicles. We will look to learn from this initial pilot program in two of the most over-burdened communities in our state, near major ports and transportation hubs; and if successful, we will look to expand to other regions.” 

“Increasing the use of zero emissions vehicles is central to achieving the targets set out in the Energy Master Plan and the RGGI Strategic Funding Plan,” said NJBPU President Joseph L. Fiordaliso. “NJ ZIP moves us toward these goals, in parallel with our other EV programs such as Charge Up New Jersey and hand-in-hand with Governor Murphy’s vision for a cleaner, healthier energy future.”  

“Together, we can spark real and lasting change to reduce greenhouse gases from New Jersey’s cars and trucks,” said New Jersey Department of Environmental Protection Commissioner Catherine R. McCabe. “Transportation is by far the largest source of greenhouse gas emissions in New Jersey, and most of these emissions come from commercial vehicles. NJ ZIP will enable businesses of all sizes, with a special emphasis on micro and small businesses, to replace their current medium duty vehicles with zero emission alternatives.  Together with the DEP’s grant program, this important initiative will protect our environment, improve public health, and advance Governor Murphy’s environmental justice and clean energy goals.”

Transportation accounts for 42 percent of greenhouse gas emissions in New Jersey; more than double the emissions from the second largest source. Specifically, medium and heavy-duty vehicles (MHDVs) contribute the majority of New Jersey’s transport-sector emissions. For this reason, increasing the use of zero emission vehicles is central to many State plans for protecting the environment, including Governor Phil Murphy’s Economic Development Strategic Plan, New Jersey’s Energy Master Plan, and the RGGI Strategic Funding Plan.

NJ ZIP is the first initiative in the State’s holistic, RGGI-funded effort to support the deployment of zero emission MHDVs. The pilot program approved today allocates $15 million to provide vouchers to businesses and organizations purchasing new, class 2b to class 6 vehicles. The size of vouchers awarded through the program will vary depending on the class of vehicle being purchased, from a minimum of $25,000 for Class 2b vehicles to $100,000 for Class 6 vehicles. Bonuses will be available for small businesses; women-, minority-, and veteran-owned businesses; vehicles that are manufactured in New Jersey; small businesses that scrap their eligible MHDVs; and vendors that invest in driver education and training. More information is available at https://www.njeda.gov/njzip.

Vouchers will be available on a first-come, first-served basis with $5 million set aside for micro and small businesses. Initially, NJ ZIP will only be available in the greater Newark and greater Camden areas, defined as the overburdened communities within or intersected by a circle with a 10-mile radius centered on Newark and Camden.

NJ ZIP will be funded using proceeds from New Jersey’s participation in RGGI, a multi-state “cap-and-trade” program regulating carbon dioxide emissions. The State plans to deploy those funds within four initiative categories identified in the RGGI Strategic Funding Plan: catalyzing clean, equitable transportation; promoting blue carbon in coastal habitats; enhancing forests and urban forests; and creating a New Jersey Green Fund. More information about New Jersey’s plans for using RGGI funding is available https://www.nj.gov/rggi/index.html.

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. (November 24, 2020) – The New Jersey Commission on Science, Innovation and Technology today announced that early-stage innovation companies engaged in the Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer Program (STTR) funding can now apply for financial assistance through the New Jersey SBIR/STTR Direct Financial Assistance Program. This marks the second consecutive year that CSIT is offering the program, which was created to enhance the state’s innovation economy by strengthening the competitiveness of Garden State businesses engaged in the federal SBIR/STTR Program. The application can be found at https://www.njeda.gov/csit. 

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. The SBIR program enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. The STTR program funds cooperative R&D partnerships between small businesses and research institutions such as universities, federal R&D centers, or non-profits. The programs are open to U.S.-based, for-profit small businesses with fewer than 500 employees.

“Governor Phil Murphy has made a strong commitment to reclaiming New Jersey’s role as a leader in innovation while focusing on increasing diversity and inclusion in the state’s innovation ecosystem,” said CSIT Chairman Gunjan Doshi. “Through initiatives like the New Jersey SBIR/STTR Direct Financial Assistance Program, CSIT is furthering this goal by connecting early-stage companies with capital they need to accelerate the commercialization of their technologies.”

Doshi noted that this round of the New Jersey SBIR/STTR Direct Financial Assistance Program will offer $550,000 in grants to New Jersey small businesses in two program components. The first component (Direct funding) will provide $25,000 grants to twelve (12) small businesses that have received a federal SBIR/STTR Phase I, Fast-Track or Direct to Phase II award/contract. The second component (Bridge funding) will provide $50,000 grants to five (5) NJ small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program. These funds can be utilized to maintain project activities and cover general operating costs.

“Emerging New Jersey companies have a proven track record of discovering and developing ground-breaking technologies and life-saving therapies that impact the global marketplace,” said CSIT Executive Director Judith Sheft. “Funding through this program will serve to bolster their financial positions as they vie for federal grants and continue their critical R&D.”   

The application, which can be accessed directly at https://application.njeda.com/CSIT, will be open until January 8, 2021. CSIT will hold an informational webinar on December 9 for potential program applicants to learn about the application process. A link to the webinar will be available at https://www.njeda.gov/csit.

“Providing funds through the NJ SBIR/STTR Direct Financial Assistance Program not only supports the efforts of emerging New Jersey companies as they collaborate with governmental agencies, but also adds to the attractiveness that the Garden State offers small, innovation-focused businesses considering growing here,” said State Senator Robert Singer.

In keeping with the Governor’s vision, 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. Additionally, applicants who are winning a federal award for the first time will also receive a scoring bonus.

“Two of New Jersey’s greatest assets are the diversity of its people and the talent of its workforce,” said Assemblyman Andrew Zwicker. “Ensuring that New Jersey scientists and innovators have the resources they need to compete on the worldwide stage is fundamental to our duties as Commission members and as leaders of the innovation ecosystem.”

In addition to Senator Singer and Assemblyman Zwicker, Senator Paul Sarlo and Assemblyman Christopher DePhillips are members of the bi-partisan Commission, which also includes representatives from the public and private sectors, as well as academia.

The New Jersey SBIR/STTR Support Program awarded state funding to13 companies during its initial round.

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