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Loans and grants available for development of green technologies

The state Economic Development Authority Tuesday announced a new loan and grant program - the Edison Innovation Green Growth Fund (EIGGF) -- which offers growth capital loans to assist New Jersey clean technology companies in developing efficient and renewable energy products.

The program is funded by the state Board of Public Utilities and offers assistance of up to $1 million to so-called 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 a company, up to 50 percent of the funding may be converted to a performance grant. Interest rates will be fixed for a five-year term, based on the risk profile and location of the company.

The program was launched in response to market demand for a companion program to the state’s Clean Energy Manufacturing Fund (CEMF), for companies looking for growth capital funding.

“We are very pleased to partner with BPU in introducing this exciting new program,” EDA CEO Caren S. Franzini said. “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.

“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,“ BPU President Lee Solomon said.

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.

—TOM HESTER SR., NEWJERSEYNEWSROOM.COM