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.   

 


 

 


TRENTON, N.J. (June 16, 2009) –A new funding resource  in support of Gov. Jon S. Corzine’s commitment to promote economic development and a more secure environmentally responsible energy future for New Jersey was unveiled today. Known as the Clean Energy Solutions Capital Investment (CESCI) Loan/Grant, the new program was developed to encourage and promote energy efficiency measures within the commercial and industrial sectors and encourage the use of renewable energy while supporting the goals of the Governor Corzine’s Energy Master Plan.


 


“Our new financing product will expand the State’s national leadership role in establishing a green economy by ensuring companies have the ‘green’ resources they need to sustain, grow and prosper in New Jersey,” said Caren S. Franzini, chief executive officer of the New Jersey Economic Development Authority (EDA), noting that more new resources will be unveiled over the next several months as part of the state’s Clean Energy Solutions portfolio, which includes partnerships with the Board of Public Utilities (BPU) and the Department of Environmental Protection (DEP).


 


Governor Corzine’s Energy Master Plan is one of the most aggressive in the nation, and is aimed at reducing energy consumption by 20 percent and generating at least 30 percent of the State’s energy from renewable sources by the year 2020.


 


The CESCI Loan/Grant program will 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, including Class I and Class II renewable energy. CESCI will provide zero-interest loans and grants up to $5 million to eligible commercial, industrial or institutional customers, with up to 10-year loan term to fund purchase of fixed-assets (including real estate or equipment).


 


The loans and grants offered through CESCI are capitalized through the Regional Greenhouse Gas Initiative’s Global Warming Solutions Fund, in partnership with the DEP.           


 


“Using global warming funds to promote energy sustainable projects  presents the DEP and the EDA with a unique opportunity to strengthen New Jersey’s economy while creating a cleaner and greener environment,” DEP Acting Commissioner Mark N. Mauriello said.


 


“The coordination among various State agencies to support energy efficient and renewable energy in New Jersey has helped to establish the state as a national leader,” said Jeanne M. Fox, President of the New Jersey BPU. “Our coordination is a direct result of the clear vision and goals established under Governor Corzine’s Energy Master Plan, and additional EDA/BPU partnerships to support clean energy projects in New Jersey that will be unveiled throughout the Summer.”


 


This latest product complements the State’s existing clean energy programs to promote economic development, including the Clean Energy Manufacturing Fund. Businesses interested in Clean Energy Solutions opportunities should visit www.njeda.gov in the coming weeks for more information on upcoming products, including a new performance-based grant program to assist combined heat and power facilities to complement the CESCI program, which will be offered in partnership with the Board of Public Utilities.

 

New Program Supports Manufacturing of Innovative Clean Energy Technologies

 

TRENTON, N.J. (May 29, 2009) – The second solicitation for financing by the State of New Jersey under the Clean Energy Manufacturing Fund will begin June 1. The recently launched program was specifically designed to support companies looking to site or materially expand a Class I renewable energy or energy-efficient product manufacturing facility in New Jersey, and will enable the state to take a leadership role in the clean technology industry by promoting new green jobs and growth while addressing the goals of Governor Jon S. Corzine’s Energy Master Plan.

 

The program is funded by the New Jersey Board of Public Utilities (BPU) and administered through the New Jersey Economic Development Authority. The solicitation period opens June 1, and is scheduled to close on July 15.

 

“The Clean Energy Manufacturing Fund will contribute greatly to the cost-competitiveness of renewable energy and energy efficiency in New Jersey while also supporting the creation of green collar jobs in the Garden State,” said Caren S. Franzini, chief executive officer of the EDA.

 

“Our continued partnership with the EDA will create jobs, ensure energy security and help achieve Governor Corzine’s mandate to reduce greenhouse gas emissions and combat global warming,” added BPU Board President Jeanne M. Fox.

 

Through the Clean Energy Manufacturing Fund, New Jersey clean technology manufacturers can receive funding under two separate components: project assessment and design, and project construction and operation. In total, a qualified manufacturer of Class I renewable energy or energy efficiency systems, products or technologies may be eligible to receive up to $3.3 million in grants and interest-free loans.

 

Up to $300,000 is available as a grant to assist with the manufacturing site identification and procurement, design, and permits. Up to $3 million is available as a zero-interest, ten-year loan to support site improvements, equipment purchases, and facility construction and completion.

 

To take advantage of this program, a company must be a for-profit entity that is planning to manufacture eligible products in New Jersey and be entering or expanding within the manufacturing stage of commercial development. A minimum 50-percent cash match of total project costs from non-state grants, loans, or equity, is required for both program components. Preference will be given to those projects that demonstrate a greater percentage of the project being designed, manufactured, processed, assembled or made ready for commercial sale at the company’s project facility in New Jersey.

 

Eligible technologies for funding include energy efficiency equipment and technology, Class I renewable energy and other technologies or equipment that can demonstrate their integral nature to the development of Class I renewable energy and energy efficiency technologies. Class I renewable energy is defined as electricity derived from solar energy, wind energy, wave or tidal action, geothermal energy, landfill gas, anaerobic digestion, fuel cells using renewable fuels, and, with written permission of the New Jersey Department of Environmental Protection (DEP), certain other forms of sustainable biomass.

 

To learn more about the Clean Energy Manufacturing Fund, call 866-534-7789 or visit www.njeda.gov\CEMFApplication.

 


 

 

New Program Supports Innovative Clean Energy Technologies
 
Trenton, N.J. (February 25, 2009) – Financing is now available from the New Jersey Economic Development Authority (EDA) for the Edison Innovation Clean Energy Manufacturing Fund, a program which will enable New Jersey to take a leadership role in the clean technology industry by promoting new jobs and growth in the state while addressing the goals of New Jersey’s Energy Master Plan.  The program represents an expansion of the state’s Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, which was created to spur innovation, create new, high-paying jobs and cultivate an entrepreneurial environment for technology and life sciences companies in New Jersey.

The Clean Energy Manufacturing Fund was specifically designed to support companies looking to site a Class I renewable energy or energy efficiency product manufacturing facility in New Jersey. The program is funded by the New Jersey Board of Public Utilities and administered through the EDA.


“Governor Corzine’s Economic Growth Strategy places a high priority on encouraging innovation, and the Clean Energy Manufacturing Fund will ensure New Jersey remains on the cutting-edge of cleantech development,” said Caren S. Franzini, chief executive officer of the EDA.  “In addition to supporting economic growth in the state, businesses receiving support under this Fund will contribute greatly to the cost-competitiveness of renewable energy and energy efficiency in New Jersey.”


“The Board of Public Utilities is excited about our new partnership with the EDA,” added Board President Jeanne M. Fox.  “It will create jobs, ensure energy security and help achieve Governor Corzine’s mandate to reduce greenhouse gas emissions and combat global warming.”


Through the Edison Innovation Clean Energy Manufacturing Fund, New Jersey clean technology manufacturers can receive funding under two separate components: project assessment and design, and project construction and operation.  In total, a qualified manufacturer of Class I renewable energy or energy efficiency systems, products or technologies may be eligible to receive up to $3.3 million in grants and interest-free loans.  Up to $300,000 is available as a grant to assist with the manufacturing site identification and procurement, design, and permits. Up to $3 million is available as a zero-interest ten-year loan to support site improvements, equipment purchases, and facility construction and completion.


To take advantage of this new program, a company must be a for-profit entity that is planning to manufacture eligible products in New Jersey and be entering or expanding within the manufacturing stage of commercial development.  A minimum 50-percent cash match of total project costs from non-state grants, loans, or equity, is required for both program components. Preference will be given to those projects that demonstrate a greater percentage of the project being designed, manufactured, processed, assembled or made ready for commercial sale at the company’s project facility in New Jersey.  Eligible technologies for funding include energy efficiency equipment and technology, Class I renewable energy and other technologies or equipment that can demonstrate their integral nature to the development of Class I renewable energy and energy efficiency technologies. 


To learn more about the Edison Innovation Clean Energy Manufacturing Fund, call 866-534-7789 or visit www.njeda.gov\CEMFApplication.