Media Contact: Erin Gold
New Jersey Economic Development Authority
(609) 278-4794 (Fax)
FINANCING NOW AVAILABLE THROUGH THE EDISON INNOVATION
CLEAN ENERGY MANUFACTURING FUND
New Program Supports Innovative Clean Energy Technologies
TRENTON, N.J. (Feb. 25, 2009) - Financing is now available from the New Jersey Economic Development Authority (EDA) for the Edison Innovation Clean Energy Manufacturing Fund, a program which will enable New Jersey to take a leadership role in the clean technology industry by promoting new jobs and growth in the state while addressing the goals of New Jersey's Energy Master Plan. The program represents an expansion of the state's Edison Innovation Fund, a key element of Governor Jon S. Corzine's Economic Growth Strategy, which was created to spur innovation, create new, high-paying jobs and cultivate an entrepreneurial environment for technology and life sciences companies in New Jersey.
The Clean Energy Manufacturing Fund was specifically designed to support companies looking to site a Class I renewable energy or energy efficiency product manufacturing facility in New Jersey. The program is funded by the New Jersey Board of Public Utilities and administered through the EDA.
"Governor Corzine's Economic Growth Strategy places a high priority on encouraging innovation, and the Clean Energy Manufacturing Fund will ensure New Jersey remains on the cutting-edge of cleantech development," said Caren S. Franzini, chief executive officer of the EDA. "In addition to supporting economic growth in the state, businesses receiving support under this Fund will contribute greatly to the cost-competitiveness of renewable energy and energy efficiency in New Jersey."
"The Board of Public Utilities is excited about our new partnership with the EDA," added Board President Jeanne M. Fox. "It will create jobs, ensure energy security and help achieve Governor Corzine's mandate to reduce greenhouse gas emissions and combat global warming."
Through the Edison Innovation Clean Energy Manufacturing Fund, New Jersey clean technology manufacturers can receive funding under two separate components: project assessment and design, and project construction and operation. In total, a qualified manufacturer of Class I renewable energy or energy efficiency systems, products or technologies may be eligible to receive up to $3.3 million in grants and interest-free loans. Up to $300,000 is available as a grant to assist with the manufacturing site identification and procurement, design, and permits. Up to $3 million is available as a zero-interest ten-year loan to support site improvements, equipment purchases, and facility construction and completion.
To take advantage of this new program, a company must be a for-profit entity that is planning to manufacture eligible products in New Jersey and be entering or expanding within the manufacturing stage of commercial development. A minimum 50-percent cash match of total project costs from non-state grants, loans, or equity, is required for both program components. Preference will be given to those projects that demonstrate a greater percentage of the project being designed, manufactured, processed, assembled or made ready for commercial sale at the company's project facility in New Jersey. Eligible technologies for funding include energy efficiency equipment and technology, Class I renewable energy and other technologies or equipment that can demonstrate their integral nature to the development of Class I renewable energy and energy efficiency technologies.
To learn more about the Edison Innovation Clean Energy Manufacturing Fund, call 866-534-7789 or visit www.njeda.com\CEMFApplication.