Trenton, N.J. (April 9, 2008) – The New Jersey Economic Development Authority (EDA) has closed a $200,000 Edison Innovation Fund investment to assist Mt. Laurel-based Innovation Engineering Inc., a technology company that designs and manufactures advanced radio frequency delivery systems. The Edison Innovation Fund, a focus of Governor Jon S. Corzine’s Economic Growth Strategy, was created to support technology and life sciences companies throughout their discovery, development and commercialization stages.
“Facilitating growth in life sciences and technology is an important part of working toward creating a more vibrant state economy,” said EDA Chief Executive Officer Caren S. Franzini. “Investing in emerging companies like Innovation Engineering will ensure that New Jersey continues to be a leader in the technology and life sciences industries.”
The EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology (CST), is responsible for managing the Edison Innovation Fund. Since the launch of the Fund in October 2006, New Jersey has delivered nearly $245 million in financing assistance, business incentives and tax credits to early-stage and established technology and life sciences businesses. In addition, over $425 million in total project costs has been leveraged by Edison Innovation Fund investments.
“We are excited to have the EDA as an investor in Innovation Engineering and greatly appreciate its commitment and confidence in us,” said Innovation Engineering Chief Executive Officer Imran Bhutta. “This investment will help us expand our technology and grow in New Jersey.”
Established in 2002, Innovation Engineering is a provider of advanced power systems and radio frequency based technologies for the semiconductor equipment, industrial lasers, medical equipment and telecommunication markets. EDA funds will be used to expedite product development and commercialization as well as research and development. The primary products being developed are the SmartCap – an electronically variable capacitor – and a very high frequency generator. As a result of the investment, Innovation Engineering expects to grow from a staff of six to 17.
The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.
For information on the Edison Innovation Fund and to learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.