Technology Archives - Page 7 of 7

Grants and Technical Assistance Available to NJ Small Businesses Seeking Federal SBIR/STTR Funding

TRENTON, N.J. (December 23, 2019) – The New Jersey Commission on Science, Innovation and Technology (CSIT) is now accepting applications for grants through the New Jersey Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Support Program. The program provides technical and financial support to Garden State companies pursuing SBIR and STTR funding. Learn more and apply for funding here: https://www.njeda.gov/about/Public-Information/CSIT/Federal-and-State-Technology-(FAST)-Partnership-Pr.

“The innovation and research and development (R&D) contributions coming from New Jersey’s technology and life sciences communities are both impressive and vital to the creation of groundbreaking drugs and therapies,” CSIT Chairman Gunjan Doshi said. “Enabling entrepreneurs to maximize financial and educational benefits as they vie for federal funding and work toward commercialization will serve to strengthen the competitiveness of New Jersey small businesses on the national stage.”

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 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.

Initially capitalized with $500,000, the New Jersey SBIR/STTR Support Program has two core components: technical assistance for companies applying for federal SBIR/STTR funding and direct grant funding for businesses that are currently part of the federal program. The technical assistance piece of the program offers help with proposal preparation, specialized reviews, and critiques of draft proposals. The CSIT will also create a State SBIR/STTR one-stop website and establish a SBIR/STTR Alumni Advisory Group to provide additional support for New Jersey businesses that are applying to the federal SBIR/STTR Programs.

In addition to providing these resources for applicants, the CSIT will also provide up to $125,000 of matching grant funding to one New Jersey technical assistance provider per year that is applying to the Federal and State Technology (FAST) Grant Program. The FAST Program provides federal financial assistance to local organizations for outreach, technical assistance, and financial assistance initiatives that increase the number of SBIR/STTR applications. Applications for this component of the program are due January 13, 2020.

The second component of the New Jersey SBIR/STTR Support Program offers $375,000 in matching grants to New Jersey small businesses that have been successful in the federal SBIR/STTR programs. The CSIT will award $25,000 matching grants for general business operating costs to seven businesses that have received a federal Phase I SBIR/STTR award and $50,000 bridge funding grants to four NJ small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program. Companies can use these funds to maintain project activities and cover general operating costs. Applications for these grants are due January 20, 2020.

Information about program requirements and application materials for both components of the New Jersey SBIR/STTR Support Program are available here: https://www.njeda.gov/about/Public-Information/CSIT/Federal-and-State-Technology-(FAST)-Partnership-Pr.

Application Timelines

	Component 1: Grants for Technical Assistance Providers	Component 2: Grants for Businesses that have been Successful in the SBIR/STTR Program
Application Available	December 16, 2019	December 16, 2019
Application Due	January 13, 2020	January 20, 2020
Winners Announced	February 21, 2020	February 21, 2020

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Judith A. Sheft, Executive Director, Commission on Science, Innovation and Technology

TRENTON, N.J. (December 18, 2019) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced that it has named Judith A. Sheft as its Executive Director. Sheft, who has an extensive background in fostering opportunities for early-stage New Jersey companies and for the next generation of New Jersey entrepreneurs, will officially take the helm of the CSIT beginning January 13, 2020.

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.

Sheft brings nearly two decades of expertise in New Jersey’s innovation ecosystem to her new position. She spent the past 18 years as an Associate Vice President at NJIT.

“New Jersey already has the resources necessary to restore its innovation ecosystem to preeminence, including globally-recognized academic institutions and a highly talented workforce,” Sheft said. “I am honored to accept the Executive Director position and am excited to work with the Commission members and our partners throughout the Garden State to ensure that entrepreneurs worldwide know all that the state has to offer.”

At NJIT, Judith oversaw the Enterprise Development Center (EDC) (now known as Venturelink), the university’s high-tech accelerator/incubator, which falls under the auspices of the New Jersey Innovation Institute at NJIT. She was also responsible for managing the university’s Office of Technology Development and creating programs and policies focused on patent creation, intellectual property (IP) valuation, and the strategic use and protection of IP assets — elements that are crucial to emerging technology companies. In recent years, Sheft focused her efforts on helping further strengthen the health information technology (HealthIT) cluster in the state through the HealthIT Connections program funded in part by a grant from JPMorgan Chase through its Small Business Forward initiative. Earlier this year, Sheft was appointed Associate Vice President, Strategic Relationships & External Affairs: Senior Advisor to the NJII President Dr. Donald H. Sebastian.

Beyond her role at NJIT, Sheft devotes much of her free time to serving on boards that help New Jersey technology companies grow, including the NJEDA’s Technology Advisory Board and Einstein’s Alley, created to promote the vast array of resources available to entrepreneurs and innovators in central New Jersey. She was a member of Governor Murphy’s transition team and serves as a member of the New Jersey Israel Commission and the board of the Women’s Center for Entrepreneurship Corporation.

“Judith has been a vocal champion for innovation within New Jersey, and she will be a great voice for the Commission to push forward the work of the CSIT and drive the innovation economy in New Jersey,” Chairman Gunjan Doshi said.

CSIT members include the State's Chief Innovation Officer, the Secretary of Higher Education; the Commissioner of Education; and the CEO of the New Jersey Economic Development Authority (NJEDA). Chaired by Gunjan Doshi, InRythm Founder and CEO, the Commission also includes Senator Paul Sarlo, Senator Robert Singer, Assemblyman Christopher DePhillips, and Assemblyman Andrew Zwicker, a physicist who chairs the Assembly Science, Innovation and Technology Committee, as well as the presidents of the New Jersey Institute of Technology (NJIT), Rutgers University, and Stevens Institute of Technology, David Pascrell, co-chair of Government and Regulatory Affairs at Gibbons, P.C., and Charlene Brown, regional vice-president of AT&T External Affairs. BioNJ President and CEO Debbie Hart is CSIT’s Vice Chair.

To learn more about resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov/tls or follow @NewJerseyEDA on Twitter, Facebook, and LinkedIn.

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Program Designed to Increase Competitiveness of New Jersey SBIR/STTR Proposals

TRENTON, N.J. (October 11, 2019) – The New Jersey Commission on Science, Innovation and Technology (CSIT) has announced approval of the creation of a new program to provide technical and financial support to Garden State companies pursuing federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer Program (STTR) funding. The newly-conceived program will be initially capitalized with $500,000 to support companies applying for the federal SBIR and STTR programs, which provide more than $3 billion nationally in early-stage funding to small businesses each year in a variety of technology and life sciences areas.

“New Jersey’s legacy of innovation, vast scientific talent pool, and network of renowned research universities are among its many competitive assets,” said New Jersey Economic Development Authority (NJEDA) CEO Tim Sullivan, who also serves as a CSIT member. “The new SBIR/STTR program’s focus on maximizing the benefits of federal resources by supporting collaboration between startup companies and academic institutions represents a significant step toward Governor Murphy’s vision for the State’s innovation economy.”

The highly-competitive, three-phase federal SBIR and STTR grant programs provide qualified small businesses opportunities to propose innovative ideas that meet specific research and development (R&D) needs of the federal government. The SBIR 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 a small business and a research institution such as a university, federal R&D center, or a non-profit research institution. Eligibility requirements for both SBIR and STTR include that a company must be a U.S.-based, for-profit small business with fewer than 500 employees.

“While the benefits of winning SBIR/STTR grants are clear, small businesses often face challenges in drafting and submitting competitive proposals or leveraging additional financial resources to maintain operations during the application process,” CSIT Chairman Gunjan Doshi said. “The SBIR/STTR support program will help New Jersey applicants overcome these challenges and maximize potential awards.”

The New Jersey SBIR/STTR Support Program has two core components, technical assistance and direct grant funding, that will serve as a complement to existing State programs that provide support to increase competitiveness of New Jersey SBIR/STTR proposals. This includes a SBIR/STTR training seminar sponsored by the Small Business Development Center (NJSBDC) Technology Commercialization Program. The program offers technical assistance in proposal preparation, specialized reviews, and critiques of draft proposals with specific suggestions on how to be competitive in winning grant awards.

Through the first component, the CSIT will select and provide up to $125,000 of matching grant funding to one New Jersey technical assistance provider per year that is applying to the Federal and State Technology (FAST) Grant Program. The FAST Program provides federal financial assistance to local organizations for outreach, technical assistance, and financial assistance initiatives that increase the number of SBIR/STTR applications. The FAST Program requires a State-level match to receive any federal funding. The program will also create a State SBIR/STTR one-stop website and establish a SBIR/STTR Alumni Advisory Group, both aimed at providing additional support to NJ businesses that are applying to the federal SBIR/STTR Programs.

“The technical support component of the New Jersey SBIR/STTR Program will help entrepreneurs applying for SBIR/STTR resources present a more compelling and polished case for their companies and ultimately secure funding that will better position them for growth,” said Debbie Hart, President and CEO of BioNJ, and a CSIT member.

The second component will offer $375,000 in matching grants to New Jersey small businesses in two stages of the federal SBIR/STTR programs. The first would be to provide $25,000 matching grants for general business operating costs to seven businesses that have received a federal Phase I SBIR/STTR award. The second will provide $50,000 bridge funding grants to four 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.

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the New Jersey Commission on Science, Innovation and Technology. The Commission is tasked with leading the way in promoting the state as a home for academic and technological research, development, and commercialization. The Commission is comprised of 17 members including the State's Chief Innovation Officer, the Secretary of Higher Education; the Commissioner of Education; and the CEO of the NJEDA.

“This creative approach to supporting young, innovative New Jersey companies is the result of effective collaboration between the scientific, academic, private sector, and legislative communities,” said Senator Paul Sarlo, the sponsor of the legislation that re-established and renamed the New Jersey Commission on Science, Innovation, and Technology, and now a Commission member. “New Jersey has a formidable track record in innovation and the Commission is here to ensure that we make the most of every opportunity to cement our leadership position.”

In addition to Senator Sarlo, Senator Robert Singer, Assemblyman Christopher DePhillips, and Assemblyman Andrew Zwicker, a physicist who chairs the Assembly Science, Innovation and Technology Committee, are all members of the bi-partisan Commission.

“As a scientist and active member of New Jersey’s energy innovation community, I understand how vital early-stage capital is for companies working toward commercialization,” Zwicker said. “And as a legislator, I hear from companies within my district about the need for both technical and financial support as they vie for federal funds. Through the New Jersey SBIR/STTR Support Program, we are providing another tool for state’s researchers, scientists and entrepreneurs to use as they compete on the national, and ultimately global, stage.”

Applications for the program will become available early this winter.

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$60 Million Program Allows Eligible Companies to Sell Net Operating Losses for Cash

TRENTON, N.J. (May 1, 2019) – The New Jersey Economic Development Authority (NJEDA) announced today that it is currently accepting applications for the State’s 2019 Technology Business Tax Certificate Transfer Program, better known as the Net Operating Loss (NOL) Program. Through the NOL Program, New Jersey technology and life sciences companies can apply to sell their net operating losses and/or unused research and development (R&D) tax credits in exchange for non-dilutive capital. Applications are being accepted online through June 30, 2019 at https://www.njeda.gov/nol.

Heralded as a lifeline for companies that have not yet reached profitability, the capital raised through this program can be used for costs including, but not limited to, the expenses of fixed assets, such as the construction, acquisition and development of real estate, materials, start-up, tenant fit-out, working capital, salaries, and research and development expenditures. The NJEDA works collaboratively with the New Jersey Department of Treasury’s Division of Taxation to administer the program.

“The NOL Program has played a pivotal role in supporting hundreds of early-stage technology and biotechnology companies in the Garden State over the last two decades,” NJEDA Chief Executive Officer Tim Sullivan said. “As we continue to make New Jersey into the State of Innovation, we encourage entrepreneurs to explore how this critical program can help sustain their businesses while they work toward profitability.”

Over 530 companies have been approved for more than $1 billion in awards through the NOL Program since its inception in 1999. Last year alone, 49 companies were approved to share $60 million through the program.

The NOL Program offers numerous benefits to its participants, including:

The funding is non-dilutive, meaning that entrepreneurs do not have to give up equity in their companies to receive the money;
Emerging companies can use the funding they receive as working capital, and the businesses to which they sell are able to lower their tax burden;
The average historical award is over $1 million;
Nearly 90 percent of applicants successfully receive funding;
On average, funding is received within six to eight months of the application deadline (June 30^th).

Thirteen companies participated in the NOL Program for the first time in 2018, including Jersey City-based SCYNEXIS, Radius8 in Princeton, and Berkeley Heights-based CorMedix.

Biotechnology company SCYNEXIS is nearing its goal of commercializing Ibrexafungerp, a novel therapy designed to treat patients with difficult-to-treat and often life-threatening hospital-based invasive fungal infections, and women with vaginal yeast infections. SCYNEXIS has more than quadrupled its staff – from six to 25 – since moving from North Carolina to New Jersey in 2015 to benefit from the Garden State’s talented workforce.

“We’re ramping up Phase 3 trials of Ibrexafungerp and anticipate submitting our first New Drug Application in the second half of 2020,” SCYNEXIS Chief Executive Officer Marco Taglietti said. “Funding we received through the NOL Program this past year will bolster our cash flow as we work toward that critical point.”

Radius8 is a technology company that offers retailers real-time visibility into what is happening in proximity to their customers and stores. The company’s cloud-based software enables the company’s clients to leverage their brick and mortar stores to increase foot traffic, e-commerce conversion, and store productivity.
“We have found tremendous value in the NOL Program,” Radius8 Co-founder & CEO Sandeep Bhanote said. “Thanks to the funding received, we’ve been able to continue building out our platform and help even more clients provide their customers with a unique shopping experience.”

CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases. The company is focused on developing its lead product Neutrolin®, a novel, non-antibiotic antimicrobial solution designed to prevent costly and dangerous bloodstream infections associated with the use of central venous catheters, currently in Phase 3 development for patients undergoing chronic hemodialysis. Neutrolin is already marketed as a CE Marked product in Europe and other territories. In parallel, CorMedix is leveraging its taurolidine technology to develop a pipeline of antimicrobial medical devices, with active programs in surgical sutures and meshes and topical hydrogels.

“The cash from the NOL program bolsters our cash runway as we continue to move our Neutrolin development program forward,” said CorMedix CEO Khoso Baluch. “We are grateful for the NJEDA program.”

To participate in this year’s NOL Program, companies must apply online by June 30, 2019. To sell net operating losses or R&D tax credits generated through 2018, companies must file their corporate business tax returns with the NJ Division of Taxation by June 30, 2019. Applicants can expect to hear by the end of August if their applications are approved.

For more information on the NOL Program, including frequently asked questions, a complete list of eligibility requirements, and program details, please visit https://www.njeda.gov/nol. Questions about the NOL program may be submitted to nol@njeda.com.

To learn about the multitude of resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.

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NJEDA CEO Tim Sullivan moderates a panel focused on the potential for the State’s innovation economy to benefit from redevelopment in opportunity zones. From left: Tim Sullivan, Christopher Paladino, President DEVCO; Carl E. Van Horn, Ph.D., Distinguished Professor of Public Policy, Director, John J. Heldrich Center for Workforce Development; Mike Meyer, Hugo Neu Corporation, Aisha Glover, President & CEO Newark Alliance.

Trenton, NJ (March 11, 2019) – Governor Phil Murphy used today’s New Jersey Opportunity Zone Summit to demonstrate the State’s preparedness for attracting investment to the 169 Opportunity Zones in 75 municipalities spread across New Jersey’s 21 counties.

“Attracting investment to areas of the state that have been overlooked or perceived by investors as overly risky is key to achieving our goals for a stronger and fairer economy,” said Governor Murphy. “We are working together across state government to help Opportunity Zone communities put their best foot forward as they compete for investment dollars on a national scale.”

The New Jersey Opportunity Zone Summit, hosted by Choose New Jersey, featured a discussion between Governor Murphy and Anthony Foxx, Chief Policy Officer, Lyft, and former United States Secretary of Transportation. The discussion was facilitated by Choose New Jersey Chief Executive Officer (CEO) Jose Lozano.

Governor Murphy and Secretary Foxx discussed how the Opportunity Zone program will help to raise the profile of urban areas that have experienced long-term disinvestment. Foxx highlighted Lyft’s commitment to equitable mobility in New Jersey, particularly in areas underserved by existing traditional transit options. Foxx spoke to Lyft’s focus on forging public-private partnerships, growing the Lyft driver community, and the company’s plans to open a driver Hub in Jersey City later this year.

“Transportation is critical to economic opportunity and at Lyft, we are committed to providing rides to those who need them most,” said Foxx. “Not only is it imperative that we help people move around the state affordably and reliably, but we want to invest in New Jersey through growing our driver community and supporting local businesses. I commend Governor Murphy on not only highlighting this important initiative, but on investing in projects that will make a difference in Opportunity Zones across the state.”

Governor Murphy also highlighted several initiatives that will help to facilitate investment in New Jersey’s Opportunity Zones. As proposed in the Governor’s Economic Plan announced last October, the New Jersey Economic Development Authority (NJEDA), in partnership with the New Jersey Department of Community Affairs (DCA) and the New Jersey Redevelopment Authority (NJRA), will develop the NJ Opportunity Zone Marketplace, a real estate and business equity project sharing portal. As envisioned, the Marketplace will be a nationwide access point where qualified investors and eligible New Jersey projects can meet up and begin the development process. Based on best practices from leading community development and economic empowerment philanthropies, this portal will allow projects from New Jersey’s 75 Opportunity Zone municipalities to market their investment opportunities nationwide. The Marketplace is expected to launch in summer 2019.

The NJEDA, DCA, and NJRA will also partner to launch the New Jersey Opportunity Zone Challenge, a competitive funding program which will be designed to leverage community knowledge, skills, and abilities. Its goal is to boost local community-based capacity in financial and technical planning. The funding will help selected entities write plans to identify their specific needs, leverage local resources, and advance projects through the development process. A Request for Proposals is expected to be issued by the NJEDA in the spring.

“Opportunity Zones are designed to attract investments to some of our most underserved communities to spur economic growth and job opportunities in all 21 counties,” said Lieutenant Governor Sheila Y. Oliver, who also serves as Commissioner of the Department of Community Affairs. “We are optimistic that the partnerships we are building today between stakeholders and municipalities will provide the competitive edge needed to reach a broader audience so development projects succeed at every stage – from concept to completion.”

NJEDA CEO Tim Sullivan moderated a panel focused on the potential for the State’s innovation economy to benefit from redevelopment in opportunity zones, including unique, revitalized facilities for shared workspaces, small businesses, and entrepreneurs. The panel featured Carl E. Van Horn, Ph.D., Distinguished Professor of Public Policy, Director, John J. Heldrich Center for Workforce Development; Aisha Glover, President & CEO Newark Alliance; Christopher Paladino, President DEVCO; and Mike Meyer, Hugo Neu Corporation.

“Governor Murphy and his entire administration are committed to making New Jersey the premier destination for Opportunity Zone investments that can catalyze inclusive, sustainable economic development,” said Sullivan.
“The Opportunity Zone Challenge will provide mayors and local leaders with vital resources to advance their unique visions for the transformative investments they would like to see in their own communities.”

Choose New Jersey’s Opportunity Zone Summit was supported by PSE&G, New Jersey Resources, Hackensack Meridian Health, and New Jersey Business Magazine.

“The lively discussions among experts from the real estate, academic, economic development, and investment communities we saw throughout the day are indicative of New Jersey’s collective determination to maximize the potential for returning these long-neglected pockets of our cities to economic productivity,” said Lozano. “New Jersey’s drive to showcase its Opportunity Zones enhances Choose New Jersey’s ability to appeal to investors in both the national and international arenas.”

To read Governor Murphy’s full economic plan, please visit: https://nj.gov/economicplan

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Technology and life sciences startups at Rowan University's Technology Business Incubator at the South Jersey Technology Park can now benefit from NJ Ignite, New Jersey's new rent-support program.

Collaborative Workspace is One of 10 Approved
to Offer Rent Support Through NJ Ignite

TRENTON, N.J. (February 5, 2019) – The community of startups that has emerged at Rowan University’s Technology Business Incubator at the South Jersey Technology Park (SJTP) in Mullica Hill is a microcosm for New Jersey’s innovation ecosystem. Entrepreneurs from a variety of technology and life sciences sectors—including health technology, information technology, medical devices makers, and defense companies—work side-by-side as they advance their businesses. Many of the incubator’s tenant companies hire Rowan University students and graduates to fill jobs and internships.

Technology and life sciences businesses in their earliest stages that are considering joining the incubator can apply for rent support grants through the New Jersey Economic Development Authority’s (NJEDA’s) NJ Ignite Program. NJ Ignite provides up to nine months of rent support for startup businesses moving to collaborative workspaces. The funding is made possible through a combination of support from the NJEDA and the collaborative workspace, with the NJEDA supporting up to six months’ rent and the collaborative workspace supporting rent for half the length of NJEDA’s commitment. Due to SJTP’s affiliation with Rowan University, it can offer its companies participating in NJ Ignite an additional month of rent support, totaling ten months, with seven months of support coming from the NJEDA.

“Increasing collaboration among entrepreneurs is crucial to helping the State’s youngest companies flourish,” said Brian Sabina, NJEDA Senior Vice President – Office of Economic Transformation. “Governor Phil Murphy is committed to making New Jersey the State of Innovation, and programs like NJ Ignite are key to fulfilling that vision.”

Twenty-eight technology and life sciences startups currently call SJTP home. Each of these companies has access to Rowan University’s engineering, science, and business faculty and students, as well as their research, development, and commercialization expertise. They can also tap into SJTP's program of events and rich network of business resources, including legal, marketing/e-commerce resources, and venture capital. In 2014, Rowan University launched the Rowan Innovation Venture Fund, a $5 million fund designed to provide early-stage funding primarily to students, faculty, staff, alumni, and South Jersey individuals and companies that have developed and tested projects and products that are ready to compete in the marketplace.

In addition, tenants have access to some of the larger companies and research centers based at the SJTP, including Lockheed Martin, Inspira Health Network’s Innovation Center, and several of Rowan University’s Research Centers including Virtual Reality, Materials, Orthopedics, and the Center for Research and Education in Advanced Transportation Engineering Systems (CREATEs).

“One of our greatest assets is our ability to facilitate connections between our tenants and the broader New Jersey innovation ecosystem including governmental and scientific contacts,” said Jeanne Nevelos, Executive Director of the SJTP. “This includes making introductions between entrepreneurs and key individuals within the university’s network, including its two medical schools: the School of Osteopathic Medicine and Cooper Medical School at Rowan University.”

The Technology Business Incubator is one of ten collaborative workspaces that have already been approved to participate in the NJ Ignite Program. To learn more about the program and find a participating workspace by geographic location, please visit https://www.njeda.gov/njignite.

@NewJerseyEDA spoke with Nevelos about the incubator and her experience at Rowan University.

What would you say is the single biggest selling point for entrepreneurs moving to the incubator?
Access to a large and diverse university of more than 19,000 students offering a great talent pipeline of students, faculty expertise, and the ability to be part of a growing entrepreneurial community are among our strongest selling points.

What advice do you have for entrepreneurs looking to set up shop in southern New Jersey?
If you are seeking professional support, affordable space and access to other like-minded companies, the Technology Park can help you tap into the resources of one of the fastest growing universities in the country.

Any big plans for the incubator in the near future?
We have some innovative ideas that we plan to announce in the coming months. Stay tuned!

About Rowan University
Rowan University is a Carnegie-classified national doctoral research institution dedicated to excellence in undergraduate education. It offers bachelor’s through doctoral and professional programs to 19,500 students through its campuses in Glassboro, Camden and Stratford, New Jersey. Home to Cooper Medical School of Rowan University and the School of Osteopathic Medicine, it also comprises the William G. Rohrer College of Business; the Henry M. Rowan College of Engineering; the colleges of Communication & Creative Arts; Education; Humanities & Social Sciences; Performing Arts; Science & Mathematics; the School of Health Professions; the School of Earth & Environment, the Graduate School of Biomedical Sciences and a multidisciplinary honors college. Rowan is collaborating with regional leaders to create research and academic programs in health sciences. It has earned national recognition for innovation, commitment to high-quality, affordable education and developing public-private partnerships.

To learn more about EDA resources for technology and life sciences businesses, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

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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 (Znyth^TM) 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.