FINANCING NOW AVAILABLE THROUGH THE CLEAN ENERGY SOLUTIONS EDISON INNOVATION PROJECT FUND
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.com/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.com/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.