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South Plainfield-based Petra Solar Inc. is the first business to be awarded funding under the state's new Clean Energy Manufacturing Fund.
The fund, specifically designed to support companies looking to site or materially expand a renewable energy or energy-efficient product manufacturing facility in New Jersey, is designed to attempt to bolster the state's role in establishing a green economy by ensuring companies have the financial resources they need to sustain, grow and prosper while addressing the goals of the state's energy master plan.
Petra Solar received a total of $3.3 million through the fund to support the purchase of equipment and machinery and the planning and design process. This project will result in a total public and private investment of more than $7.6 million and the company expects to create 164 new jobs over the next two years.
Founded in 2006, Petra Solar designs, develops and manufactures electric power and power management products focused on the solar energy and smart grid markets. The company's flagship product is the SunWave, which is described as a utility grade AC solar module that enhances the reliability of electric distribution systems by combining distributed solar generation with Smart Grid technology."Petra Solar exemplifies Governor Corzine's vision for our state and its economy," said Jeanne M. Fox, state Board of Public Utilities president. "It is a company creating New Jersey jobs by manufacturing products that will generate renewable energy and reduce the greenhouse gases that cause global warming. The world needs these products and they will be looking to New Jersey to find them."
Under the fund, which is financed by the BPU and administered through the state New Jersey Economic Development Authority, New Jersey clean technology manufacturers can receive funding under two separate components: project assessment and design, and project construction and operation.
A qualified manufacturer of renewable energy or energy efficiency systems, products or technologies may be eligible for a grant up to $300,000 to assist with the manufacturing site identification and procurement, design, and permits, and up to $3 million as a zero-interest, ten-year loan to support site improvements, equipment purchases, and facility construction and completion.
Shihab Kuran, Polar Star president and CEO, said of the state aid, "My colleagues and I are honored that Petra Solar is the first company selected to obtain the support and recognition of New Jersey's CEMF program. Through the leadership of Governor Corzine and the efforts of the BPU and EDA, Petra Solar will be able to create green jobs at our New Jersey facility as well as at our New Jersey suppliers. Petra Solar is now positioned to deliver true technological innovation to utilities in the U.S. and the world.
The enhancement of electric distribution grid reliability through the interaction of solar generation and smart grid technology is compelling to our utility partners."
To take advantage of the fund, 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.
Preference will be given to projects that demonstrate a greater percentage of the project being designed, manufactured, processed, assembled or made ready for commercial sale at a company's project facility in New Jersey.
The renewable energy is defined as electricity derived from solar energy, wind energy, wave or tidal action, geothermal energy, landfill gas, anaerobic digestion, fuel cells using renewable fuels, and, with written permission of the state Department of Environmental Protection, other forms of sustainable energy.
To learn more about the Clean Energy Manufacturing Fund, call 866-534-7789 or visit njeda.com.
– TOM HESTER SR., NEWJERSEYNEWSROOM.COM
