TRENTON, N.J. (November 30, 2018) – Suuchi Inc., a woman-owned technology and supply chain startup, announced today that it will remain and grow in New Jersey, finalizing a lease to occupy space at Kearny Point, a 130-acre business center that will be home to pioneering companies of the new economy. Suuchi, Inc. plans to create 410 advanced manufacturing jobs at its new 113,100-square-foot facility in New Jersey instead of a competing location in Charlotte, North Carolina.
The company, which was founded by Suuchi Ramesh, an immigrant from India, began operations in 2016. Suuchi Inc. designs, manufactures, and ships clothing for American fashion brands and Fortune 1000 companies. The company’s proprietary technology, Suuchi Grid, connects businesses with their “smart” shop floor, affording businesses and their customers with real-time access to their supply chains, including updates and analytics on sourcing, design, production and drop shipping. Suuchi Inc. currently employs individuals from 27 different nationalities, 75 percent of which are women. Suuchi Inc. is also home to Suuchi University, which trains the local community in advanced manufacturing skills before and on the job.
“Visionary companies like Suuchi Inc. recognize that New Jersey provides access to an unparalleled pool of skilled, diverse talent, and the distinct logistical advantages of our unmatched location,” said New Jersey Governor Phil Murphy. “A critical part of our vision for a stronger and fairer New Jersey economy is creating an environment that fosters the growth of diverse and innovative companies in high-growth sectors, including advanced manufacturing. We are delighted that Suuchi Inc. has chosen to grow here and provide more opportunities for New Jerseyans.”
Suuchi Inc.’s client roster includes American fashion brands and several Fortune 1000 companies. Suuchi sells to businesses including young designers launching fashion labels, retailers seeking to make private-label clothing in America, and large firms supplying uniforms to the casino and hospitality industries. Grow New Jersey (Grow NJ) tax credits of up to $37.17 million over ten years were approved for Suuchi, Inc. at the New Jersey Economic Development Authority’s (NJEDA’s) September 2018 Board meeting, and encouraged the company to expand in New Jersey instead of relocating operations to North Carolina.
“We have experienced great success in New Jersey, and attribute much of our momentum to our ability to recruit savvy and skilled employees from a diverse pool of talent,” said Suuchi Inc. Founder and CEO Suuchi Ramesh. “We are excited to continue to grow and support our customer base, while contributing to the local economy.”
Suuchi Inc. will be located at Kearny Point, a two million square foot flexible office and light industrial business hub on 130 acres undergoing redevelopment. Kearny Point is home to Building 78 and Kearny Works, a collaborative workspace offering creative office and coworking options for a diverse community of pioneering businesses. Building 78 was recently approved under NJ Ignite, a new NJEDA program that provides rent support for technology and life sciences companies moving to incubators, accelerators, or other collaborative workspaces in New Jersey.
“Making New Jersey the State of Innovation is a top priority of Governor Murphy’s economic development strategic plan, and Suuchi Inc.’s business model aligns with this vision,” said NJEDA CEO Tim Sullivan. “Between its technology-based business model and its commitment to creating advanced manufacturing jobs, New Jersey is positioned to support Suuchi’s continued growth.”
To read Governor Murphy's full economic plan, please visit: /wp-content/uploads/pdfs/StrongerAndFairerNewJerseyEconomyReport.pdf
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.
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TRENTON, N.J. (August 20, 2018) – The Garden State has been selected as one of four states to participate in a policy academy to identify best practices, partnerships, and policies to strengthen the manufacturing industry in their communities, the New Jersey Economic Development Authority (EDA) announced today.
Funded by the National Institute of Standards and Technology Manufacturing Extension Partnership and organized by the State Science & Technology Institute (SSTI) in Ohio and the Center for Regional Competitiveness, the Policy Academy on Strengthening Your State’s Manufacturers (Policy Academy) will offer New Jersey and other selected states dedicated technical assistance to help develop and implement policies that will strengthen their manufacturing bases. New Jersey joins Kentucky, Puerto Rico, and Utah in the Policy Academy.
“New Jersey’s selection into the Policy Academy reaffirms Governor Murphy’s proactive approach to reclaiming the State’s role as a leader in innovation and manufacturing,” EDA Chief Executive Officer (CEO) Tim Sullivan said. “We are confident that SSTI’s programming and expertise will help us build actionable plans that effectively support this crucial sector as part of the Governor’s larger goal to strengthen our state’s economy.”
The technical assistance provided by the Policy Academy will support the State in developing and implementing a plan to support manufacturing-related partnerships and policies that will help to move its economic development strategy forward. Peer-to-peer learning opportunities, webinars, visits by a lead technical expert and experience facilitator, and one-one-one meetings with Policy Academy instructors are all included in the Academy. Participation in the Academy will result in the identification of a set of actions for New Jersey and its manufacturing community to implement to ensure the State is well-positioned to capture 21st century manufacturing jobs and growth.
More than 11,000 small and large manufacturing firms currently employ over 375,000 workers within the Garden State, with an emphasis on technologically-advanced manufacturing processes across industries. In total, New Jersey’s manufacturing sector is worth $44.52 billion in output and represents 7.8 percent of the State’s gross domestic product.
Since January, the Murphy administration has taken the following steps to increase support of its manufacturing sector:
- Created a Jobs and Economic Opportunity Council to provide Governor Phil Murphy’s office with economic advice for stimulating job growth and workforce development in the State.
- Launched the New Jersey Apprenticeship Network to bolster on-the-job training in advanced manufacturing, clean energy, and other high growth sectors and strengthen the connections between our education and workforce systems.
- Made important investments in critical transit and intercity rail infrastructure that are essential to the manufacturing sector in New Jersey and the nation.
- Ordered the development of a new Energy Master Plan to create a roadmap to get to 100 percent clean energy by 2050, ensure a modern, affordable, and reliable energy system, and attract clean energy supply chain companies.
“For more than twenty years, we’ve helped develop and implement initiatives that support prosperity through science, technology, innovation and entrepreneurship," SSTI President and CEO Dan Berglund said. “We’re excited to launch this new Academy and have included New Jersey based on the critical role manufacturing plays in its economy and its forward-thinking vision for the industry’s future.”
By choosing New Jersey for this year’s Policy Academy class, or “cohort”, SSTI also recognized the State’s long history of research and development, its highly-educated workforce, and its strategic Northeast Corridor location. These factors are enhanced by connections to international markets, with the Port of New York and New Jersey being the third-largest port in the United State by volume and the largest by value of goods.
The EDA will spearhead the State’s delegation to the academy. The EDA submitted the Garden State’s application in partnership with the New Jersey Manufacturing Extension Partnership (NJMEP). Brian Sabina, the Senior Vice President of the new Office of Economic Transformation (OET) within the EDA, will lead New Jersey’s 15-person delegation, which will include senior government and private sector officials, academics, as well as industry group leaders. NJMEP is a non-profit organization that offers training and resources to support small- and mid-size manufacturing businesses within New Jersey.
“Advanced manufacturing has been identified by the Governor and OET as one of several sectors that will be pivotal in fortifying the State’s long-term competitiveness,” said Sabina. “We are confident that our work with the SSTI and the NJMEP will fuel meaningful policy that will serve as a foundation for a viable long-term strategy for economic development.”
Sabina expects that lessons learned through the year-long Policy Academy will not only strengthen the state’s manufacturing economy, but also promote long-term benefits to the entire state, including reduced unemployment, increased private sector investment, and a more diverse and knowledgeable workforce.
"NJMEP and its Industry Partners are very excited about this next logical step being taken by our State in regard to this National Policy Academy. Coupled with the year-old New Jersey Legislative Bi-Partisan Manufacturing Caucus, this teaming is unprecedented in my more than 30 years in the manufacturing and engineering sectors in New Jersey,” said NJMEP CEO John W. Kennedy, Ph.D. “Now we are adding applicable and viable tools that did not exist in the past."
The EDA offers a range of resources to support New Jersey’s manufacturing sector, including low-interest loans and bond financing. Visit https://www.njeda.gov/manufacturing and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn to learn more.
TRENTON, N.J. (September 14, 2017) – Projects approved today by the Board of the New Jersey Economic Development Authority (EDA) will add to momentum already underway in the State’s advanced manufacturing sector. Grow New Jersey (Grow NJ) tax credits will encourage two food manufacturers to locate in New Jersey, where combined, they would create more than 150 new jobs and drive more than $15.4 million in private investment.
Grow NJ is the State’s primary program for job creation and retention under the Economic Opportunity Act (EOA.) One of the key legislative objectives of the EOA is to drive growth in targeted industries, which in addition to manufacturing, also include finance, technology and life sciences, and logistics.
According to the Spring 2017 study of New Jersey’s advanced manufacturing cluster released by the New Jersey Department of Labor & Workforce Development’s Office of Research & Information, advanced manufacturing accounts for nearly 84 percent of manufacturing employment in New Jersey. Within advanced manufacturing, employment in food manufacturing is second only to chemical manufacturing, with more than 31,500 employed in New Jersey in 2015.
“New Jersey has a long, rich history in the food industry, and is home to many leading food companies,” said EDA Chief Executive Officer Melissa Orsen. “The State holds a special appeal for food manufacturers based on its logistical advantages and highly-skilled labor pool.”
In Bergen County, Schuster Meat Corporation, a Bronx-based, USDA-approved meat manufacturer in need of additional space, is considering a relocation to Lodi, where it would purchase a 53,000-square-foot facility. If the company opts for New Jersey over leasing a competing facility in the Bronx, the project would result in the creation of 40 new jobs and private investment of more than $8.9 million.
Gourmet Nut Inc. is contemplating a move from Brooklyn to Middlesex County, where the manufacturer and distributor of nuts, dried fruits, and trail mixes would acquire a 61,950-square-foot facility in Perth Amboy to increase cost-effectiveness and expand into other retail channels. The company expects to create more than 110 new jobs and invest more than $6.4 million if New Jersey is chosen over a location under consideration in Allentown, PA.
Orsen noted that New Jersey’s food and agriculture industry is estimated to produce $105 billion in revenues annually, and the State is home to more than 1,900 food manufacturing companies, not including the State’s thousands of food-distribution centers, retailers, and farms.
One additional manufacturing project was approved for Grow NJ tax credits today. Elite Décor, Inc., a custom window treatment manufacturer which has outgrown its headquarters and production facility in Brooklyn, is considering relocating to Passaic County, where it would purchase a 78,000-square-foot facility. Should Elite Décor choose to locate in New Jersey over Middletown, New York, the company would create more than 100 new jobs and invest more than $2 million in Clifton.
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
The EDA is part of the State’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, The Business Action Center, the Office of the Secretary of Higher Education and the EDA.
To learn more about EDA resources for manufacturing companies, including tax credits, loans, and tax-exempt bonds, visit www.njeda.gov and follow @NJEDAWasHere on Twitter and LinkedIn.
For information about opportunities for business growth throughout New Jersey, visit the State’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (800) JERSEY-7.
TRENTON, N.J. (December 13, 2016) – Three manufacturing sector projects expected to create a total of 390 new jobs were approved today by the Board of the New Jersey Economic Development Authority (EDA) for tax credits under the Grow New Jersey (Grow NJ) Program. Advanced under the New Jersey Economic Opportunity Act (EOA), Grow NJ is the State’s main job creation and retention incentive program.
“Manufacturing is one of several key industries targeted for growth under the EOA,” said EDA Chief Executive Officer Melissa Orsen. “Manufacturers are particularly important to the State’s economy for the career opportunities they offer, but also for the trade activity they spur and the important goods they provide that fuel other industries.”
Under the Grow NJ program, projects in targeted industries are eligible for “per job” bonuses. Orsen notes that more than 60 percent of tax credits approved to date under Grow NJ are for projects in a defined targeted industry; of those, more than 45 percent are in the manufacturing sector. Other targeted sectors under the EOA include technology, life sciences, finance, and logistics.
In Passaic County, Vitaquest International LLC, a custom contract manufacturer of nutritional supplements, is expanding its assembly and packing capabilities by moving to a 79,650-square-foot facility in Paterson where it will invest more than $4.1 million. The expansion in Paterson would result in the creation of 100 new jobs and retention of 110 jobs at risk of leaving the State for Rochester, NY.
Cascades Containerboard Packaging, a manufacturer of containerboard and corrugated paper products, is considering constructing a state-of-the-art facility in Union County, in the city of Elizabeth, Union County, or Newtown, CT. The project is expected to create 182 new jobs, and is associated with private investment of more than $116 million.
In Somerset County, Cyalume Specialty Products Inc., may expand in Franklin Township, where it would invest $4.5 million to renovate a 44,392-square-foot facility, or relocate to a company-owned facility in West Springfield, MA. If it chooses Franklin Township, the manufacturer of specialty chemical products for the pharmaceutical, medical products and cosmetics markets expects to create 10 new jobs and retain 27 at risk of leaving the State.
Projects in two other sectors targeted for growth under the EOA, finance and life sciences, were highlighted at today’s meeting. Advisor Group, Inc., a financial services company consisting of a network of broker-dealers, is considering relocating to Jersey City, bringing with it 60 new jobs and $1.78 million in private investment. If Advisor Group chooses Jersey City over Brooklyn, it would lease and renovate a 17,840-square-foot facility.
Also in Jersey City, life sciences company Noven Pharmaceuticals, a specialty pharmaceutical company engaged in the research and development, manufacturing, marketing and sale of prescription pharmaceutical products, has identified a 16,000-square-foot facility where it may locate 30 employees and invest $1.9 million in the new site. The alternative would be to relocate these positions to the company’s headquarters in Miami.
The Business Action Center (BAC) worked in collaboration with the EDA to help cultivate these economic development projects, providing interdepartmental advocacy and ongoing customer support. As a performance-based program, approved Grow NJ projects must first generate new tax revenue, complete capital investments, and/or hire or retain employees to receive approved benefits.
The EDA and BAC are part of the State’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: BAC, Choose New Jersey, the Office of the Secretary of Higher Education and the EDA.
In other Board action, the EDA approved changes to its Economic Impact Model. Details can be found via www.njeda.gov/EIModelComments.
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
To learn more about opportunities for business growth throughout New Jersey, visit the State’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.
TRENTON, N.J. (July 14, 2016) – Five projects approved by the Board of the New Jersey Economic Development Authority (EDA) today for tax credits under the Grow New Jersey (Grow NJ) Program are expected to create more than 400 new manufacturing jobs in the State. Advanced under the New Jersey Economic Opportunity Act (EOA), Grow NJ is the State’s main job creation and retention incentive program.
“Manufacturing companies are drawn to New Jersey for its skilled labor pool and proximity to major ports and other logistical assets,” said EDA Chief Executive Officer Melissa Orsen. “Encouraging investment and growth in targeted industries, including manufacturing, is one of the major objectives of the Grow NJ program.”
Orsen notes that more than 60 percent of tax credits approved to date under Grow NJ are for projects in a defined targeted industry; of those, more than 40 percent are in the manufacturing sector. Other targeted sectors under the EOA include technology, life sciences, finance, and logistics.
In Bergen County, Flaum Appetizing Corp., a manufacturer and distributor of kosher food products, is considering relocating its operations from Brooklyn to industrial space in Ridgefield Park or Newburg, NY, bringing with it 104 manufacturing jobs.
Grow NJ tax credits were also approved for two food industry manufacturers considering locating in Middlesex County. Virginia Dare Extract Co., Inc., a manufacturer and supplier of flavors, extracts and concentrates, is considering relocating from Brooklyn to occupy 152,000 square feet in a newly constructed 206,000-square-foot building in Carteret, which would result in the creation of 104 new jobs in the State.
Classic Cooking, a manufacturer and distributor of home-style food products sold in specialty and grocery stores, has identified a 33,000-square-foot facility in Woodbridge, to which it may move its manufacturing operations from Jamaica, NY, including 100 jobs. The alternative under consideration by the company is in Hauppauge, NY.
Veeco Process Equipment, a Somerset County manufacturer of thin film process technologies for the electronic industry, may streamline part of its New York and New Jersey operations into its existing Somerset facility, where it would reconfigure and expand, adding 49 new jobs and retaining 26 at risk of leaving the State. If it does not consolidate in Somerset, the company will leave the State to invest and expand in leased space in New York.
Microcision LLC, a manufacturer of medical implant devices, which has outgrown its current, company-owned, Philadelphia location, has identified a 40,000-square-foot facility in Pennsauken Township, Camden County. If Microcision chooses to locate in New Jersey, it would purchase and renovate this facility, rather than expanding its existing facility, making it home to 70 employees relocated from Philadelphia.
The Business Action Center (BAC) worked in collaboration with the EDA to help cultivate these economic development projects, providing interdepartmental advocacy and ongoing customer support. As a performance-based program, approved Grow NJ projects must first generate new tax revenue, complete capital investments, and/or hire or retain employees to receive approved benefits.
The EDA and BAC are part of the State’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, BAC, the Office of the Secretary of Higher Education and the EDA.
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
To learn more about opportunities for business growth throughout New Jersey, visit the State’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.
TRENTON, N.J. (January 12, 2016) – Action taken by the Board of the New Jersey Economic Development Authority (EDA) today under the Grow New Jersey Assistance Program (Grow NJ) includes projects that support the attraction and growth of businesses in the manufacturing industry. Advanced under the New Jersey Economic Opportunity (EOA), Grow NJ is the state’s main job creation and retention incentive program.
“Today’s Board actions demonstrate the effectiveness of the EOA in attracting businesses in industries such as manufacturing, that play a key role in creating good paying jobs and supporting a robust economy,” said EDA Chief Executive Officer Melissa Orsen.
Orsen notes that approximately 60 percent of tax credits approved to date under Grow NJ are in a defined targeted industry; of that, nearly half are in the manufacturing sector. Manufacturing is one of several industries targeted for growth under the EOA. Other targeted sectors include technology and life sciences, finance, and logistics.
The four manufacturing projects approved today represent private investment of $68.5 million, the expected creation of more than 600 new jobs, and the retention of more than 700 jobs at risk of leaving the State.
In Newark, Fabuwood Cabinetry is considering consolidating three existing New Jersey locations into one, retaining 330 jobs at risk of leaving the State for Staten Island, and is expected to create more than 270 new jobs.
Manhattan-based C2 Imaging, an integrated media graphics solutions company, is considering Jersey City as its home, over an alternative location in Long Island City, bringing with it 110 new manufacturing jobs.
Linde North America LLC, a New Providence-based manufacturer and supplier of industrial, medical, and specialty gases, may relocate to and create 150 new jobs in Bridgewater while retaining 450 jobs at risk of leaving the state for Fort Washington, Pennsylvania.
Finally, Showman Fabricators Inc., a manufacturer of scenery and specialty fabrications for Broadway, television, architectural projects, special events and museum and retail industries, is weighing whether to remain in its current Long Island City location or relocate to a facility in Bayonne, creating 90 new jobs.
The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.
TRENTON, N.J. (June 9, 2015) – Actions taken by the Board of the New Jersey Economic Development Authority (EDA) today under the Grow New Jersey Assistance Program (Grow NJ) include projects that support the attraction of businesses in the manufacturing industry that hold the promise of creating over 450 new jobs and leveraging the private investment of more than $26.2 million in New Jersey’s economy. Advanced under the New Jersey Economic Opportunity Act of 2013, Grow NJ is the state’s main job creation incentive program.
“The EOA continues to be effective in attracting industries that are critical to the growth of New Jersey’s economy, including manufacturing,” said EDA Chief Executive Officer Melissa Orsen.
Orsen notes that approximately 68% of tax credits approved to date under the Grow NJ program support a company in a targeted industry; notably, over 34% are companies in the manufacturing sector.
Among the projects approved today are two manufacturing companies, including Manhattan-based Frederick Goldman, Inc., which was approved for up to $16 million over 10 years if the company chooses to purchase a facility and create 214 new jobs in Secaucus, rather than locating its operations in New York. Frederick Goldman is a privately held jewelry manufacturer, whose products are often sold under such brand names as ArtCarved, Vera Wang and Scott Kay.
SSB Manufacturing Company, a wholly-owned manufacturing subsidiary of Serta Simmons Bedding, is considering creating a new manufacturing facility with an accompanying showroom in Carteret, or expanding an existing company facility in Pennsylvania. To encourage the company to choose New Jersey and create more than 250 new jobs in the state, SSB was approved for up to $27.6 million in tax credits over 10 years.
The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.
TRENTON, N.J. (April 8, 2014) – Further enhancing the Christie Administration’s efforts to stimulate business growth and drive innovation in the State, the Board of the New Jersey Economic Development Authority (EDA) today approved assistance to encourage a diverse range of manufacturing and technology companies to remain and expand in New Jersey.
“The Grow NJ and Angel investor Tax Credit programs have significantly improved New Jersey’s standing in these increasingly important segments of our economy,” said EDA Chief Executive Officer Michele Brown.
Brown noted that since the EDA began accepting applications under the enhanced Grow NJ program last November, 23 projects have been awarded tax credits tied to the creation of nearly 2,900 new jobs and the retention of more than 2,580 “at-risk” jobs. Of the projects approved to date, nine awards included a bonus increase for being in the targeted industry of manufacturing and six included a bonus for being in the targeted industry of technology.
At the April meeting, the EDA Board approved Grow NJ awards spanning Bergen, Middlesex and Camden counties. This includes an award to encourage ENER-G Rudox Inc. to establish an advanced manufacturing facility for cogeneration and energy-efficiency systems, as well as a state-of-the-art network operations center, in East Rutherford instead of Wisconsin. A Grow NJ also was approved to encourage SodaStream USA, Inc. to expand its presence in Pennsauken, rather than a competing location in Utah. With its lease expiring at year end, a Grow NJ was awarded to Sys-tech Solutions to encourage the technology company to relocate and expand in Plainsboro over Pennsylvania.
Brown also noted that the Angel Investor Tax Credit Program has achieved considerable results since it was signed into law last year. The program provides credits against New Jersey corporation business or gross income tax for 10 percent of a qualified investment in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state.
Since EDA began accepting applications to the program last July, 30 investments have been approved representing the injection of $14.7 million of capital into New Jersey technology and life sciences companies. Businesses that benefitted in the first quarter of 2014 include Bat Blue Networks, a leading provider of Cloud-based Virtual Perimeter Services based in Clifton, and Totowa-based VectraCor, a company working to develop and commercialize a portfolio of products to simplify and provide a faster method for diagnosis, prevention, and treatment of cardiac and neurological diseases.
At the meeting, the EDA also provided an update on its Commercialization Center for Innovative Technologies (CCIT), which is part of the Technology Centre of New Jersey campus in North Brunswick. With successful graduates like Genewiz and Chromocell Corporation, CCIT continues to be New Jersey’s leading life sciences incubator. In the first quarter of 2014, CCIT welcomed three tenants – Novanex, a medical device company that develops and commercializes innovative devices and technology to monitor or detect disease conditions or status; VClinBio, a scientific research organization that provides services in translational, clinical and preclinical research for advancing drug discovery, personalized therapeutics, biomarkers research and clinical diagnostics validation; and, Crystal Pharmatech, a technology-driven contract research organization that focuses on materials science and engineering for drug development. Additionally, specialty pharmaceutical company Ascendia Pharmaceuticals executed a lease for an additional 1,000 square feet of space at the center.
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
The EDA is part of the state’s results-driven Partnership for Action, the hub for all economic development activity in New Jersey. The Partnership is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.
New Program Supports Manufacturing of Innovative Clean Energy Technologies
Trenton, N.J. (July 8, 2009) – South Plainfield-based Petra Solar, Inc. is the first business to be awarded funding under the state’s new Clean Energy Manufacturing Fund (CEMF). The program, specifically designed to support companies looking to site or materially expand a Class I renewable energy or energy-efficient product manufacturing facility in New Jersey, will bolster the State’s national leadership role in establishing a green economy by ensuring companies have the resources they need to sustain, grow and prosper while addressing the goals of Governor Corzine’s Energy Master Plan.
Trenton, N.J. (July 8, 2009) – South Plainfield-based Petra Solar, Inc. is the first business to be awarded funding under the state’s new Clean Energy Manufacturing Fund (CEMF). The program, specifically designed to support companies looking to site or materially expand a Class I renewable energy or energy-efficient product manufacturing facility in New Jersey, will bolster the State’s national leadership role in establishing a green economy by ensuring companies have the resources they need to sustain, grow and prosper while addressing the goals of Governor Corzine’s Energy Master Plan.
Petra Solar received a total of $3.3 million through CEMF to support the purchase of equipment and machinery and the planning/design process. This project will result in a total public/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™, 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, President of the New Jersey Board of Public Utilities (BPU). “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 CEMF, funded by BPU and administered through the New Jersey Economic Development Authority (EDA), 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 Class I 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, President and CEO of Petra Solar said, “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 US 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. My colleagues and I are committed to work every day to advance New Jersey as the nation’s leader in the creation of green jobs and the source of innovative products that contribute to addressing global energy and climate challenges.”
To take advantage of this 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.
Class I 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 New Jersey Department of Environmental Protection (DEP), certain other forms of sustainable biomass.
The second solicitation for financing under CEMF began June 1 and will close on July 15. To learn more about the Clean Energy Manufacturing Fund, call 866-534-7789 or visit www.njeda.gov\CEMFApplication.
New Program Supports Manufacturing of Innovative Clean Energy Technologies
TRENTON, N.J. (May 29, 2009) – The second solicitation for financing by the State of New Jersey under the Clean Energy Manufacturing Fund will begin June 1. The recently launched program was specifically designed to support companies looking to site or materially expand a Class I renewable energy or energy-efficient product manufacturing facility in New Jersey, and will enable the state to take a leadership role in the clean technology industry by promoting new green jobs and growth while addressing the goals of Governor Jon S. Corzine’s Energy Master Plan.
The program is funded by the New Jersey Board of Public Utilities (BPU) and administered through the New Jersey Economic Development Authority. The solicitation period opens June 1, and is scheduled to close on July 15.
“The Clean Energy Manufacturing Fund will contribute greatly to the cost-competitiveness of renewable energy and energy efficiency in New Jersey while also supporting the creation of green collar jobs in the Garden State,” said Caren S. Franzini, chief executive officer of the EDA.
“Our continued partnership with the EDA will create jobs, ensure energy security and help achieve Governor Corzine’s mandate to reduce greenhouse gas emissions and combat global warming,” added BPU Board President Jeanne M. Fox.
Through the 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 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. Class I 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 New Jersey Department of Environmental Protection (DEP), certain other forms of sustainable biomass.
To learn more about the Clean Energy Manufacturing Fund, call 866-534-7789 or visit www.njeda.gov\CEMFApplication.