Up to $2 million in loans
Up to $1 million in a performance grant
Growth capital to advance newly discovered energy-efficient, renewable energy or supply chain products that will assist Class I renewable energy or energy-efficient technologies in becoming competitive with traditional sources of electric generation
50% of loan available as performance grant
Fixed, low-interest interest rate
Must employ 75% of W-2 employees in NJ
Strong intellectual property position and/or satisfactory cash flow
Full-time management team with domain experience
Founders/management team with equity in the company
Program Summary: The EIGGF offers loans up to $2 million with a performance grant component to support 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.
Use of Funds: Growth capital to advance newly discovered energy efficient, renewable energy or supply chain products that will assist Class I renewable energy or energy efficient technologies in becoming competitive with traditional sources of electric generation.
- Energy Efficiency Products: Limited to those which conserve the end use of gas or electricity. Energy efficiency equipment and technology that reduce electric or natural gas consumption, such as furnaces, boilers, and air conditioning systems with higher efficiencies than adopted New Jersey building energy codes or federal or New Jersey appliance standards, as well as lighting systems, including LED lights and energy monitoring and control systems would qualify. Products which improve the efficiency of electricity or gas generation, transmission or distribution are not eligible.
- Class I Renewable Energy: Photovoltaic, solar, wind energy, renewably fueled fuel cells, wave, tidal, sustainable harvested biomass, and methane gas from landfills qualify, as well as other technologies or equipment that can demonstrate their integral nature to the development of Class I renewable energy technologies, including technologies that produce or support the production of renewable or clean electricity generation.
- Must employ 75% of W-2 employees in New Jersey, or commit to growing 10 high-paying jobs (minimum salary of $75k) over two years
- Must have strong intellectual property position and/or satisfactorily available collateral and cash flow
- Must have a full-time management team (working only at that company) with domain experience
- Founders/management team must have equity in the company (sweat equity not considered)
Repayment: The interest rate for this program will be fixed at 2% for a five-year term. A 50% loan conversion to a performance grant may occur at the end of year five based on the borrower's successful completion of specific business milestones.
- Division of Taxation Tax Clearance Certificate Application Processing Fee: $75 for standard processing; $200 for expedited processing (response within three business days)
For more program details, follow the links below, contact EIGGF@njeda.com or call 866-534-7789.