TRENTON, N.J. (March 10, 2020) – The New Jersey Economic Development Authority (NJEDA) today released a request for information (RFI) seeking input from stakeholders on the need for a “Green Fund” to support investments in clean energy technology. This is an important step toward increasing private investment in the deployment of clean energy technologies such as energy efficiency and renewable energy.
 
“Investing in New Jersey companies that are deploying solutions to pressing clean energy challenges is not only critical for protecting our environment, but is also an opportunity to bolster our economy and create good jobs for New Jersey residents,” said NJEDA Chief Executive Officer Tim Sullivan. “This RFI is an important first step that will pave the way for us to create a green financing mechanism, such as a Green Bank or a Green Fund, that effectively channels public and private funding to achieve our bold clean energy goals.”
 
Governor Murphy’s New Jersey Energy Master Plan sets forth a robust, actionable set of seven strategies and recommendations to enable the State to achieve its ambitious commitments to expanding clean energy and reducing greenhouse gas emissions between now and 2050. The plan recognizes that meeting these commitments will require a significant amount of private capital investment—and that New Jersey’s government can and should play a critical role in mobilizing this capital by expanding opportunities for innovative and low-cost financing and leveraging public dollars to grow private sector investment.

“Achieving the goals outlined in the Energy Master Plan is critical to protecting New Jersey’s environment and long-term economic success. In issuing this RFI, we’re doing the work today to ensure we’ll have the capital investments we’ll need tomorrow to deploy cleantech solutions on a large scale. This includes establishing a green financing mechanism that works for New Jersey’s business, investors, and workers,” said New Jersey Board of Public Utilities President Joseph L. Fiordaliso.

To date, financing mechanisms similar to the fund the NJEDA is considering have been established in nine states and a number of municipalities and counties across the United States. Green financing mechanisms are also under development in several other states. The NJEDA is considering a wide range of approaches to establishing and operating a Green Fund that will achieve the State’s goal of stimulating private sector investment in clean energy; rapidly reducing New Jersey’s carbon footprint and the emission of harmful pollutants into the State’s air and water; and providing direct economic benefits to New Jersey residents such as good jobs and lower energy costs.
 
The RFI released today seeks input from all  individuals and organizations that have an interest in how a Green Fund may be established and operate in the State, including commercial banks, specialty lenders, businesses developing clean energy initiatives in New Jersey, current and potential suppliers within the clean energy supply chain, and organizations with specialized knowledge and expertise related to the creation and operation of green banks, green funds, and similar financing mechanisms. The questions focus on standing up the proposed Green Fund as well as how to best manage it over the long term to ensure the greatest benefit for New Jersey.
 
The RFI is available here: https://www.njeda.gov/Bidding-Opportunities-General/Economic-Transformation-RFIs

All questions concerning this RFI must be submitted in writing no later than 11:59pm ET, on March 27, 2020 via e-mail to: RFI-PotentialGreenFund@njeda.com. The subject line of the e-mail should state:  QUESTIONS-2020 RFI-OET-CE-102—POTENTIAL GREEN FUND.” Answers to questions submitted will be publicly posted on the Authority’s website on or about April 2, 2020.
 
All RFI responses must be submitted in writing no later than 11:59pm ET, on April 17, 2020 via e-mail to:  RFI-PotentialGreenFund@njeda.com . The subject line of the e-mail should state: “RFI Response-2020-RFI-OET-CE- 102-Potential Green Fund.”
 
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
 
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, and LinkedIn.
 

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TRENTON, N.J. (February 11, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced that it approved 161 applications for investments into 32 emerging technology life sciences companies through the state’s Angel Investor Tax Credit Program in 2019. This represents the injection of $33.1 million in private capital into the State’s innovation ecosystem. More than 120 of the applications, totaling nearly $22 million in investments, were approved in the fourth quarter of the year alone.

Since the program’s inception, the NJEDA has approved 1,322 applications for the injection of $549 million into 94 New Jersey-based technology and life sciences businesses.

New Jersey’s 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 participating in the program in 2020 will benefit from an expansion of the program signed into legislation by Governor Phil Murphy in July 2019.  

Changes to the program, which are in effect for investments made after January 1, 2020, include doubling the tax credit that investors can receive – from 10 to 20 percent of a qualified investment. An additional five percent bonus has been added to the program for investments in a business located in a qualified opportunity zone, low-income community, or a business that is certified as minority- or women-owned by the State.
 
“Attracting investments into early-stage New Jersey companies is pivotal to Governor Murphy’s vision of creating the most diverse and inclusive innovation ecosystem, one centered around the Garden State’s talented workforce,” said NJEDA Chief Executive Officer Tim Sullivan. “We anticipate increased interest in the Angel Investor Tax Credit Program in 2020, as investors realize the benefits these impactful program enhancements have on their investments into emerging New Jersey companies.”

 The following companies were among nine technology and life sciences businesses that were new to the program in the fourth quarter of 2019:

Radius8, Inc., located in Princeton, is a local engagement platform that delivers hyper-local digital experiences to create new commerce opportunities for any enterprise with physical locations and digital channels. The company sees these experiences as necessary to meet today’s industry standards and consumer expectations and allow clients to improve profitability by increasing consumer engagement. Customers who have adopted Radius8’s technology include adidas, John Varvatos, Lucky Brand Jeans, Orvis, and many more. Radius8 also participated in the NJEDA’s Net Operating Loss Program.

Deliveright Logistics, Inc. in Bayonne has developed patented technology called Grasshopper, which bridges the gap between e-commerce retailers of heavy goods (i.e. furniture) and final mile companies that specialize in delivering these products. Grasshopper, a cloud-based proprietary platform, provides increased efficiency for operations, pricing, route optimization, tracking, and visibility for customers throughout the logistics chain.

Fusion Recruiting Labs headquartered in Red Bank, offers human resource departments and staffing agencies software tools to simplify and humanize the hiring process. The company created three products that are software-as-a-service-based recruitment and job distribution platforms; FATj.com, FindaNursingJob.com, and Talenize. These platforms are designed to empower recruitment teams by allowing them to source, connect, and engage quality candidates in the high-demand industries of transportation and healthcare recruitment.

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

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Innovation-Challenge-(2).jpg
Dominic Villecco, President of V-COMM and Vice President of the NJ Wireless Association, discusses expanding 5G wireless technologies in Paterson and Passaic.

TRENTON, N.J. (August 26, 2019) – Project teams from nine New Jersey municipalities and counties convened today in Trenton to present their plans for building or augmenting their local innovation ecosystems. New Jersey Economic Development Authority (NJEDA) solicited these plans through a Request for Proposals (“RFP”) under the Innovation Challenge, a new initiative announced by Governor Phil Murphy in July 2018, as part of his vision for restoring New Jersey’s preeminence in innovation. These nine municipalities and counties were awarded contracts for $100,000 each in November 2018.

Governor Murphy created the Innovation Challenge as a call for municipalities and counties to partner with higher-education institutions and other strategic partners to consider groundbreaking approaches to building public-private and community partnerships, nurturing entrepreneurship, and upgrading infrastructure. The nine communities selected under the RFP were: Atlantic City, Atlantic County, Bridgeton, Camden County, Monmouth County, New Brunswick, Passaic County, Trenton, and Union Township.

"We launched the Innovation Challenge to encourage local communities to advance their own plans to further Governor Murphy’s vision to make New Jersey the State of Innovation, and it was exciting to see so much energy and enthusiasm for recapturing our historic leadership position,” said NJEDA Chief Executive Officer Tim Sullivan.

Participating project teams presented their progress today to an audience of state economic development leaders, including representatives of the Murphy Administration, and community leaders from relevant areas.
The plans focused on a wide variety of ideas designed to cultivate innovation and drive economic activity in New Jersey communities. They included:

  • The City of Atlantic City, Stockton University, and other partners’ plan for the Coastal Resiliency Institute, an educational, research, and incubator facility focused on the sustainable use of ocean and coastal resources for economic growth, improved livelihoods, and jobs; 
  • Atlantic County, the Atlantic County Economic Alliance, Atlantic Cape Community College, and Embry Riddle Aeronautical University’s marketing feasibility assessment for an Aviation Maintenance and Technical Academy;
  • The City of Bridgeton, Cumberland County Improvement Authority, Rutgers Food Innovation Center, and the Cumberland Workforce Development Board’s plan to create a Smart Food Manufacturing Center within the expanded Food Specialization Center in Bridgeton, which has already received offers of in-kind assistance, consulting, and equipment from a leader in advanced manufacturing technology; 
  • Camden County, Coopers Ferry Partnership, and Rowan University’s assessment around Smart City infrastructure needs for downtown Camden focused on integrating adaptive traffic signal technology and development of a central Transportation System Management and Operations Center; 
  • Monmouth County, Fort Monmouth Economic Redevelopment Authority, and New Jersey Institute of Technology’s vision for a 50-acre technology campus at Ft Monmouth that will attract high- growth private and public organizations and build an entrepreneurial environment in Monmouth County; 
  • A joint venture between the City of New Brunswick, Rutgers University, and New Brunswick Development Corporation (DEVCO) to create an integrated system for autonomous vehicle testing in a real-world urban cityscape;
  • The County of Passaic and Cities of Passaic and Paterson’s partnership with the William Paterson University-Small Business Development Center, Passaic County Community College, PSE&G, and St. Joseph's Hospital to document options available for expanding 5G wireless technologies in Paterson and Passaic; 
  • The City of Trenton and Greater Trenton’s engagement with five Mercer County higher education institutions and Trenton Public Schools to plan for a collaborative innovation and entrepreneurial center.  This includes an analysis that studies the entrepreneurial ecosystem and development needs for Trenton-area entrepreneurs, businesses, universities and residents. Resulting in recommended programs and sites for the Innovation Center within Trenton.
  • Union Township and Institute for Life Science Entrepreneurship (ILSE) at Kean University’s work with Union County and the Union County Economic Development Corporation to address a variety of issues associated with financing, expanding, and operating an innovation center that will catalyze the establishment and growth of life science start-up companies, creating a density of early-stage companies to promote entrepreneurial dynamism and economic activity.   

The plans presented today will be made available to the public in the coming weeks so that other localities may learn from the experience of the Innovation Challenge project teams. A second round of Innovation Challenge projects was approved in March 2019. Included in this round are: Cape May County, Hoboken, Newark, Paterson, and Plainfield.

About Us
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 EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov  and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
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eos-mgmt-team-2016-03-15.jpg
Eos Energy Storage Management Team:
From left to right: Vice President Business Development Philippe Bouchard, Founder and Inventor Steve Amendola, Chief Executive Officer Michael Oster, Chairman Steve Hellman, Chief Technology Officer and Chief Operating Officer George Adamson

TRENTON (March 17, 2016) – At a time in which more businesses and individuals are looking for clean energy alternatives, Edison-based Eos Energy Storage has successfully utilized a variety of State resources to position itself as an emerging leader in the global renewable resources marketplace.

Eos Energy Storage has developed and manufactures low-cost DC battery systems for electric utilities, with additional uses in commercial and industrial, telecom and residential markets. Its proprietary zinc hybrid cathode (ZnythTM) battery technology is designed to be a safe, efficient and cost competitive and can be used in variety of applications, including grid-scale storage and integration with renewable energy and as part of community-level microgrids.

Eos Energy Storage has created partnerships with such companies as Toshiba and Siemens, global leaders in system integration and utility infrastructure, NRG Energy, which delivers cleaner and smarter energy choices for customers, and Con Edison, a subsidiary of Consolidated Edison, Inc., one of the nation’s largest investor-owned energy utilities.

“The fact that Eos Energy Storage partners with so many high-profile companies underscores the broad impact New Jersey clean technology companies have on the greater technology industry,” New Jersey Economic Development Authority (EDA) Chief Executive Officer Melissa Orsen said.

As Eos Energy Storage continues to enhance its footprint in New Jersey, it has taken advantage of several State resources throughout its lifecycle. Each resource has been beneficial to the clean technology business at a particular stage of its growth.

Eos Energy Storage raised more than $16 million from investors who took advantage of New Jersey’s Angel Investor Tax Credit Program. Ideal for companies in the development and pre-launch stages, the program offers a 10 percent tax credit against New Jersey corporation business or gross income tax for qualified investments in an eligible emerging technology business with a physical presence in New Jersey. More than $125 million has been already invested in New Jersey-based emerging technology and biotechnology businesses through the Angel Investor Tax Credit Program since its inception in 2013.

In addition, last year marked the first time that Eos Energy Storage participated in the State’s Technology Business Tax Certificate Transfer (NOL) Program. Geared toward growing technology and biotechnology companies, the program enables eligible businesses to sell their research and development tax credits to raise cash to finance their growth and operations. To date, the NOL Program has provided a total of more than $860 million to over 500 companies in New Jersey.

The EDA and the New Jersey Board of Public Utilities (BPU) also recently announced the approval of Eos Energy Storage for a $2 million loan through the EDA’s Edison Innovation Green Growth Fund (EIGGF). As a  program designed for commercialized businesses, EIGGF offers low-interest loans of up to $2 million to eligible technology companies with Class I renewable energy or energy efficiency products or systems.

@NJEDATech asked Eos Energy Storage CEO Michael Oster about the company’s experience in New Jersey and its plans for the future:

Why did you choose to grow Eos Energy Storage in New Jersey?
New Jersey represents a vibrant and growing market for energy technologies and renewable energy development. We decided to headquarter Eos in Edison because we wanted to be part of an ecosystem where utilities, energy technology companies, and state agencies are working together to improve grid resiliency, reduce greenhouse gas emissions, and lower electricity costs for end-users. New Jersey is also home to some of the world’s most prestigious universities and technical colleges, which gives us access to the human resources needed to support our continued growth.

How has the company benefitted from the variety of State programs and resources?  
New Jersey’s robust program portfolio offers financial support to clean energy companies at every stage of development. Not only have we received funding in the form of low-interest loans and tax credits, we have also been able to win projects and drive sales through market-based solicitations, which are available through New Jersey’s Clean Energy ProgramTM. We have also leveraged the EDA’s vast network to establish strategic partnerships and to recruit a very high level of technical and commercial talent.

What’s Eos Energy Storage’s biggest success to date?
There are many answers to that question! I am most impressed by the teamwork required to combine technical and commercial objectives to deliver a novel battery technology that outperforms the existing technology in terms of safety and longevity while reducing cost by 40-50 percent. We have successfully deployed systems with major utilities, including Con Edison and Engie (formerly GDF Suez) among others, and we have worked hard to establish a network of partnerships that will allow Eos to cost-effectively manufacture, install, and maintain our product globally. These are major accomplishments; I’m very proud of our team for their hard work and continued determination.

What’s on the horizon for Eos Energy Storage?
Eos has reached an exciting point in the company’s growth. With the EDA’s support, we are now scaling up operations to produce commercial batteries in volume and to continue developing next generation improvements to our Znyth technology. We are in the process of deploying MW-scale, grid-connected battery systems to major utilities and renewable energy developers in New Jersey, New York, California, and key international markets. We also look forward to launching residential, commercial, and industrial battery systems in collaboration with global strategic partners. Stay tuned, 2016 is looking like an exciting year for Eos!

The EDA offers a multitude of resources to help technology companies grow and thrive. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

Eos Energy Storage taps Edison Innovation Green Growth Fund to help expand footprint in New Jersey

TRENTON, NJ – As part of the Christie Administration’s commitment to grow the State’s innovation economy, the New Jersey Board of Public Utilities (BPU) and the New Jersey Economic Development Authority (EDA) today announced the approval of Eos Energy Storage LLC (Eos) for assistance through the Edison Innovation Green Growth Fund (EIGGF). The company will use the $2 million loan to advance its energy storage technology in the Garden State.

Funded by the BPU and administered by the EDA, the EIGGF was created to help companies advance energy efficient technologies that are competitive with traditional sources of electric generation. The program offers low-interest loans of up to $2 million to technology companies with Class I renewable energy or energy efficiency products or systems that have achieved "proof of concept" and successful independent beta results, have begun generating commercial revenues, and will receive 1:1 match funding by time of loan closing. The program offers an interest rate fixed at 2 percent for a five-year term.  A 50 percent loan conversion to a performance grant may occur at the end of year five based on the successful completion of specific business milestones.

“We are happy to support next-generation energy storage solutions like Eos’s Aurora battery system that will help New Jersey meet its Energy Master Plan goals and recommendations of reducing peak energy use, enhancing reliability and improving integration of renewable energy resources like solar and wind,” said BPU President Richard S. Mroz.

Eos Energy Storage specializes in manufacturing low-cost DC battery systems for electric utilities, with additional applications in commercial and industrial, telecom and residential markets. Its proprietary zinc hybrid cathode (ZnythTM) battery technology is designed to be a safe, efficient and cost competitive energy storage solution that can be used in variety of applications including grid-scale storage as well as integration with solar photovoltaics and as part of community-level microgrids. 

According to Eos Energy Storage CEO Michael Oster, energy storage should be viewed as a solution to real business problems.

“We are now deploying a commercial viable energy storage solution that has been designed to maximize value and reduces cost for utilities as well as commercial and industrial end-users,” Oster said. “Funding we receive through the EIGGF will help us expand our footprint in New Jersey, create new jobs and have a substantial impact on the renewable resources sector.”

Eos has indicated that it expects to maintain its staff of approximately 50 and to create 71 new jobs in the State within the next five years.

“As we continue our efforts to grow New Jersey’s innovation economy, we are pleased to provide this pioneering company with the capital it needs to advance energy efficiency technology and continue its growth in the State,” said EDA CEO Melissa Orsen. 

To be eligible, a company must: have strong intellectual property position and/or satisfactorily available collateral and cash flow; have a full time management team with equity in the company; and, 75 percent of employees must be based in New Jersey.  Full eligibility requirements can be found at www.njeda.gov/EIGGF.

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.
 
To learn about programs and initiatives that support New Jersey’s technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
 

TRENTON, N.J. (April 22, 2010) – Financing is now available from the New Jersey Economic Development Authority (EDA) through the Clean Energy Solutions Edison Innovation Project (EIP) Fund, a $15-million competitive grant program supported by the American Recovery and Reinvestment Act (ARRA) of 2009 and developed by the EDA and the New Jersey Board of Public Utilities.


Under the Fund, to be administered by the EDA, projects must evidence innovative uses of a commercially available energy-efficient, renewable energy or alternative energy technology that furthers the goals established by the State Energy Program under ARRA and the New Jersey Energy Master Plan.  Up to 35 percent of a project’s total costs could be awarded, not to exceed $5 million per project, to enable awardees to expand the commercialization and deployment of their innovative technology. Aggregate State public funding cannot exceed 50 percent of the project cost, excluding ARRA funds. Funding can be used for purchases of fixed assets and working capital expenses that are project and site-specific.


“The Clean Energy Solutions Edison Innovation Project Fund was specifically created to assist deserving projects in New Jersey that were impacted by the recession and the lack of credit and capital,” said EDA Chief Executive Officer Caren S. Franzini. “This competitive grant program will create jobs, ensure energy security and help achieve New Jersey’s goals to reduce greenhouse gas emissions, combat global warming and grow energy businesses in the State.”


The Fund is open to New Jersey-based projects, with preference given to those with technology formed, created or invented in the State. Eligible projects should have the ability to create jobs, reduce greenhouse gas emissions, increase sources of renewable energy and/or reduce energy consumption in New Jersey. It is also expected that projects be commenced and completed expeditiously in alignment with the requirements of the ARRA and subject to the National Environmental Policy Act Categorical Exclusions.  Both public and private entity projects are eligible and partnering is permitted.  However, only one entity may apply per project and must be the entity holding title or license to the technology. The recipient of the grant must be a private entity.


Interested applicants must complete the EDA’s standard online application and supporting attachments by 5 p.m., June 3, 2010.  The program solicitation and application can be found at: www.njeda.gov/web/pdf/EIPFundSolicitation.pdf and https://application.njeda.com, respectively. In addition to the online submission, the requested documentation must be provided on a CD-Rom or thumb drive via postal or other delivery service to:



Clean Energy Solutions EIP Fund Application

New Jersey Economic Development Authority

36 West State Street, PO Box 990

Trenton, NJ 08625



To learn more about the Clean Energy Solutions EIP Fund, visit www.njeda.gov/EIPFund. For information on all of EDA’s products and services, contact (866) 534-7789 or Email CustomerCare@njeda.com. For information about doing business in New Jersey, visit the State’s business portal at www.NewJerseyBusiness.gov.


The EDA is a state financing and development agency that works to strengthen New Jersey’s economy by retaining and growing businesses through financial assistance, by renewing communities, and by promoting the State’s strategic advantages to attract domestic and international business.




Officials Join Local Clean Energy Company to Launch PowerBuoy® Off Coast


Pennington, N.J. (Aug. 25, 2009) – State and local officials joined with Ocean Power Technologies (OPT) today to commemorate the launch of one of the company’s PowerBuoys® off the coast of Atlantic City. OPT, headquartered in Pennington, is a pioneer and a world leader in wave-energy technology that harnesses ocean wave resources to generate reliable, clean and environmentally-beneficial electricity. 


“This is a celebration of our work in the renewable energy sector and an opportunity to thank the state and federal government for supporting OPT since the very beginning,” said Charles Dunleavy, OPT’s senior vice president and chief financial officer. “As we continue to achieve success in both the national and international markets, OPT is proud to have invented, developed, and grown our operations right here in New Jersey.”


Dunleavy noted that with federal and state support, including assistance from the U.S. Navy, the U.S. Department of Energy, the U.S. Department of Homeland Security, the New Jersey Board of Public Utilities (BPU), the New Jersey Economic Development Authority (EDA), and the New Jersey Commission on Science and Technology, the PowerBuoy has established over three years of successful ocean testing and is the basis for successive generations of PowerBuoys, including those in Hawaii, Spain,  Scotland and Oregon.


“Governor Jon Corzine’s comprehensive Energy Master Plan calls for 30-percent of New Jersey’s energy to be generated from renewable sources by the year 2020,” said BPU President Jeanne Fox.


“Ocean Power’s PowerBuoy can help us achieve that goal while also building New Jersey’s green economy and putting our people back to work. It’s exactly the kind of business success that the Governor envisions for New Jersey.”


OPT was founded by Dr. George W. Taylor and the late Dr. Joseph R. Burns and began commercial operations in 1994. It is a public company operating out of a 23,000- square-foot facility in Pennington. Since inception, OPT has focused on its proprietary PowerBuoy® technology, capturing wave energy using large floating buoys anchored to the sea bed and converting the energy into electricity using innovative power take-off systems.  Commencing in 1997, OPT has conducted ocean trials off the coast of New Jersey to demonstrate the concept of using a floating buoy to capture wave energy and convert it into electricity. Ocean Power currently has 42 employees in New Jersey and plans to continue its growth as orders and R&D programs expand.  The Company is listed in the NASDAQ and trades under the symbol OPTT.


“Governor Corzine’s commitment to investing in clean energy has ensured New Jersey is able to attract and develop companies like Ocean Power Technologies,” said EDA Chief Executive Officer Caren S. Franzini.  “Ocean Power’s innovative technology and talented staff will only help to drive the company’s growth and the creation of more green jobs in the state.”


Franzini noted that EDA, in conjunction with BPU and the New Jersey Department of Environment Protection, recently launched Clean Energy Solutions, a suite of financing and incentive programs to further support Governor Corzine’s commitment to promote green job creation and a more secure and environmentally responsible energy future.  The first product, unveiled in July, is the Clean Energy Solutions Capital Investment (CESCI) Loan/Grant program, designed to support commercial, institutional or industrial entities advancing energy-efficient end-use projects, combined heat and power (CHP or cogen) production facilities, or construction of state-of-the-art, efficient electric generation facilities. Other Clean Energy Solutions programs include the CHP grant program and the Clean Energy Manufacturing Fund (CEMF). Additional Clean Energy Solutions resources will be introduced over the next several months.


For more information on New Jersey’s energy master plan, visit www.nj.gov/emp/. Businesses interested in learning more about all Clean Energy Solutions opportunities should visit www.njeda.gov for additional information and application forms.


About Ocean Power Technologies
Ocean Power Technologies has a strong track record in harnessing wave energy and participates in a $150- billion annual power generation equipment market. The Company’s proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into low-cost, clean electricity. The company is widely recognized as a leading developer of on-grid and autonomous wave-energy generation systems, benefiting from over a decade of in-ocean experience. OPT’s technology and systems are insured by Lloyds Underwriters of London. OPT has offices in Pennington and Warwick, UK. More information can be found at www.oceanpowertechnologies.com.



Performance-Based Grants to Support Combined Heat and Power Projects




TRENTON, N.J. (Aug. 3, 2009)  – New Jersey has introduced the latest component of its Clean Energy Solutions product portfolio designed to support Gov. Jon S. Corzine’s commitment to promote economic development and a more secure and environmentally responsible energy future. The new Clean Energy Solutions CHP grant program is aimed at enabling the state to meet its Energy Master Plan goal of developing 1,500 megawatts of combined heat and power electric generating capacity by the year 2020.

 

Clean Energy Solutions is a unified effort of the New Jersey Economic Development Authority (EDA), the New Jersey Board of Public Utilities (BPU) and the New Jersey Department of Environmental Protection.

“Governor Corzine’s Energy Master Plan is one of the more aggressive blueprints of its kind anywhere in the nation to target the reduction of greenhouse gases and the creation of green-collar jobs,” said EDA Chief Executive Officer Caren S. Franzini. “CHP will be part of the solution, offering performance-based grants of $450 per kilowatt of installed electric generation capacity on a first-come, first-served basis to encourage the development of combined heat and power projects.”


The goal of the New Jersey Energy Master Plan is to reduce energy consumption by 20 percent and generate at least 30 percent of the state’s electricity from renewable sources by the year 2020, explained Franzini. A bill signed into law by Governor Corzine earlier this year appropriated at least $60 million from the Retail Margin Fund for the CHP financial incentives. Since 2003, the state has assessed a retail margin fee of one-half cent per kilowatt on commercial and industrial customers that have a peak load of greater than 750 kilowatts and that continue to buy electric supplies from their utility.


“CHP projects can save businesses money while reducing the state’s energy demand and improving air quality for all who live and work in our state,” said BPU President Jeanne M. Fox. “They help secure New Jersey’s energy future while creating jobs and enhancing our environment.”   


To qualify for a grant, CHP projects must meet all of the following criteria:




  • Serve a commercial, institutional or industrial electricity customer in New Jersey eligible to pay the retail margin.



  • Provide electricity to the facility located at the project site, although surplus power may be sold to the interstate power grid.



  • Have an electric generating capacity of more than one megawatt.



  • Be designed to achieve thermal efficiency levels of at least 65 percent, or at least 70 percent for facilities with electric generating capacity of greater than 20 megawatts.



Applications for this round of funding must be submitted by Sept. 14, 2009.


CHP is the second Clean Energy Solutions program to be introduced in the last month. In July, the Clean Energy Solutions Capital Investment (CESCI) Loan/Grant was announced to support commercial, institutional or industrial entities advancing energy-efficient end-use projects, CHP production facilities, or construction of state-of-the-art, efficient electric generation facilities, including Class I and Class II renewable energy. CESCI provides zero-interest loans and grants up to $5 million with up to a 10-year loan term to fund the purchase of fixed assets, including real estate and equipment.


CESCI loans and grants are capitalized through the Regional Greenhouse Gas Initiative’s Global Warming Solutions Fund. Other Clean Energy Solutions resources will be introduced over the next several months.


CHP also complements other existing state clean energy programs to promote economic development, including the Clean Energy Manufacturing Fund (CEMF). Grants and loans totaling up to $3.3 million per company per project are available through this fund, which has been designed to encourage manufacturers of renewable energy and energy-efficiency products and services to locate and grow in New Jersey and specifically supports companies looking to site or materially expand a Class I renewable energy or energy efficiency product manufacturing facility in the state.


Businesses interested in learning more about all Clean Energy Solutions opportunities should visit www.njeda.gov/CES for additional information and application forms.

 

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. 

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.



West Windsor, N.J. (July 8, 2009) – Touting the company’s rapid growth in the clean energy industry, Governor Jon S. Corzine today marked the opening of Princeton Power System’s new headquarters with an official ribbon-cutting ceremony. Princeton Power was formed in a dormitory room after its founding team won first place in Princeton University’s 2001 Business Plan Contest and has since grown from a staff of three to 30.

 

“Princeton Power exemplifies how vital it is to help companies grow and expand in New Jersey’s clean energy economy,” Governor Corzine said. “Princeton Power is a quintessential success story for the State, and its remarkable growth will help to ensure New Jersey remains a leader in the clean energy industry. I want to thank Marshall Cohen for his continued commitment and investment in the Garden State.”

 

Princeton Power is developing advanced power conversion technologies, including AC-link™, that provide a more reliable and cost-effective means for converting electric power cleanly and efficiently. The company’s products reduce industrial energy consumption, lower peak electric usage, and provide clean, renewable energy sources with better performance.

 

“New Jersey’s excellent research universities like Princeton and its talented workforce and location in the heart of one of the world’s most vibrant marketplaces has been an ideal place to grow Princeton Power,” said Princeton Power President Marshall Cohen. “The state’s support since the very beginning has been critical to our success, and our latest expansion will ensure we continue to grow and create more jobs in New Jersey.”

 

The company, founded by Princeton University engineering graduates, has collaborated with the University on a number of projects. With the help of a 2006 grant from the New Jersey Commission on Science and Technology (CST), Princeton Power worked with University professors to further develop its grid-tied inverter, leading to the installation of solar panels on the roof of Princeton’s Engineering Quadrangle. The University also uses a beta version of Princeton Power’s high-efficiency variable speed fan controller – one of 12 fans that chill water for 87 campus buildings.

 

In addition to its strong ties to Princeton University, the company has benefited from state assistance various times over the last five years. In March 2009, Princeton Power received a Business Employment Incentive Program grant and an Edison Innovation Fund investment from the New Jersey Economic Development Authority (EDA) to support its expansion and relocation to the new West Windsor facility. Between 2004 and 2008, the company also received additional grants from EDA, CST and the New Jersey Board of Public Utilities (BPU) to support the development and commercialization of its products.

 

“Princeton Power represents a notable example of the success businesses can achieve when they take advantage of the resources available to companies looking to grow in New Jersey,” said EDA Chief Executive Officer Caren S. Franzini. “Governor Corzine’s commitment to investing in innovation and green technology has ensured New Jersey is able to attract and develop businesses just like Princeton Power – a company whose pioneering vision has allowed it to evolve from a dorm room in Princeton to an 8,000 square foot facility on the Sarnoff campus in West Windsor.”

 

EDA, in conjunction with BPU and the New Jersey Department of Environment Protection, recently launched Clean Energy Solutions, a suite of financing and incentive programs to further support Governor Corzine’s commitment to promote economic development and a more secure and environmentally responsible energy future.  The first product, unveiled in June, is the Clean Energy Solutions Capital Investment (CESCI) Loan/Grant program, designed to support commercial, institutional or industrial entities advancing energy-efficient end-use projects, combined heat and power (CHP or cogen) production facilities, or construction of state-of-the-art, efficient electric generation facilities.

 

For more information on New Jersey’s energy master plan, visit www.nj.gov/emp/. Businesses interested in learning more about all Clean Energy Solutions opportunities should visit www.njeda.gov for additional information and application forms.