NEW JERSEY LAUNCHES NEW GREEN GROWTH CAPITAL FUNDING PROGRAM
TRENTON, N.J. (May 31, 2011) – The New Jersey Economic Development Authority (EDA) is pleased to announce the launch of a new loan/grant program in its successful Clean Energy Solutions product suite – the Edison Innovation Green Growth Fund (EIGGF). This program is funded by the New Jersey Board of Public Utilities (BPU) and offers growth capital loans to assist New Jersey clean technology companies in advancing energy efficient and renewable energy products in the State.
The EIGGF program offers assistance in the form of loans with a performance grant component of up to $1 million to New Jersey class I renewable or energy efficiency clean technology companies that have begun generating commercial revenues and are seeking matching funding to support the growth of their clean technology businesses. With the positive performance of the company, up to 50 percent of the funding may be converted to a performance grant. Interest rates for this program will be fixed for a five-year term, based on the risk profile and location of the company. This program was launched in response to market demand for a companion program to the State’s Clean Energy Manufacturing Fund (CEMF), for those companies looking for growth capital funding.
“We are very pleased to partner with BPU in introducing this exciting new program,” said EDA Chief Executive Officer Caren S. Franzini. “This program will further support the growth of the clean technology sector in the state and contribute to the cost competitiveness of renewable and energy efficiency with traditional sources of electric generation, a win-win for the State of New Jersey and the Christie Administration.”
Eligible technologies for funding include energy efficiency equipment and technology that reduce electric or natural gas consumption, such as furnaces, boilers and air conditioning systems with higher efficiencies than existing energy codes or standards. Lighting systems such as LED lights, and energy monitoring and control systems which conserve the use of gas or electricity, are also eligible under the program. Eligible renewable energy technologies include: photovoltaic technologies, wind energy, renewable fueled fuel cells, wave, tidal, renewable generated hydrogen, sustainable harvested biomass and other technologies that can demonstrate their integral nature to the development of Class I renewable energy technologies that produce or support the production of renewable or clean electricity generation.
BPU President Lee Solomon noted, “By supporting the advancement of emerging commercially viable clean and energy efficient technologies in New Jersey, the EIGGF program contributes a host of tangible benefits to New Jersey ratepayers, including greater access to renewable energy and energy efficiency products, support of well paying jobs here in New Jersey, and a range of environmental benefits.”
Other program requirements include an obligation by the company to support high skill, high-paying jobs in New Jersey. Additionally, eligible companies must provide solid evidence of commercial viability.
For additional information on the EIGGF program, visit www.njeda.com/EIGGF. To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.