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New Jersey Economic Development Authority Program Overview

New Jersey Economic Development Authority Program Overview. BPU Renewable Energy Committee Meeting July 15, 2008 Paula Durand, Barbara Pierce, NJEDA. TODAY’S AGENDA. NJCEP Renewable Energy Programs NJEDA Edison Innovation Fund Programs Commercialization Fund Growth Fund R&D Wraparound

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New Jersey Economic Development Authority Program Overview

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  1. New Jersey Economic Development AuthorityProgram Overview BPU Renewable Energy Committee Meeting July 15, 2008 Paula Durand, Barbara Pierce, NJEDA

  2. TODAY’S AGENDA • NJCEP Renewable Energy Programs • NJEDA Edison Innovation Fund Programs • Commercialization Fund • Growth Fund • R&D Wraparound • Digital Media Tax Credit • Clean Energy Manufacturing Fund • New Clean Energy Programs Under Development • Regional Greenhouse Gas Initiative Programs (RGGI) • Green Municipal Composite Bonds

  3. NJCEP RENEWABLE ENERGY PROGRAMS • Programs to fund Energy Efficiency and Renewable Energy projects in New Jersey through New Jersey's Clean Energy Program (NJCEP) • Renewable Energy Project Grants and Financing • Renewable Energy Business Venture Assistance • In consultation with NJCEP Program staff, agreement to exit programs in 2007 • Remaining commitments being serviced through pre-existing program funds

  4. NJEDA EDISON INNOVATION FUND • Ongoing pathway of collaboration and partnership with BPU and the New Jersey Commission of Science and Technology for both R&D and Technology Commercialization • Meshing goals of Edison Innovation Fund with BPU Clean Energy Program • R&D – CST • Technology Commercialization – NJEDA Edison Innovation

  5. NJEDA EDISON INNOVATION FUND - PURPOSE • To create, sustain and grow high-tech businesses in NJ • Building the entrepreneurial environment of the state • Increasing access to early stage capital • Providing specialized assistance to existing mid-sized and large science and technology businesses • Building capacity of the state’s research colleges and universities in strategic areas that complement economic development

  6. NJEDA EDISON INNOVATION FUND– CURRENT FINANCING PROGRAMS • Edison Innovation R&D Fund Wraparound • Up to $100K for non-R&D related costs for early stage companies, already approved for grant funding through the NJ CST, fixed 2% interest rate • Edison Innovation Commercialization Fund • Up to $200K equity-like funding for costs to achieve “proof of concept”; below market interest rate; 5 year term; team must have domain expertise, have proprietary technology, evidence ability to leverage state funding, andlook to grow high paying jobs in NJ • Edison Innovation Growth Fund • Financing from $250K to $1 million, similar requirements to Commercialization Fund but requires a 1:1 funding match and a successful “proof of concept”

  7. NEW! NJEDA EDISON INNOVATION FUND– NEW PROGRAMS • Edison Innovation Digital Media Tax Credit Program • New Program Approved by NJEDA Board July 8, 2008 • Up to $5MM annually in Corporate Tax Credits to support Digital Media Industry • Edison Innovation Clean Energy Manufacturing Program • Being developed in accordance with the goals of the NJ Energy Master Plan and the NJ Economic Growth Strategy • Supporting Renewable Energy and Energy Efficiency Technologies, Clean Energy Industry in New Jersey • Currently finalizing program definition with BPU, anticipating launch in 2H08

  8. EDISON INNOVATION CLEAN ENERGY MANUFACTURING FUND - PURPOSE • Program Benefits to New Jersey: • Increase the volume of renewable energy and energy efficiency manufacturing jobs in New Jersey • Stimulate economic development in the New Jersey renewable energy and energy efficiency sector through demand for goods and services by manufacturers • Increase the volume of renewable energy and energy efficient products manufactured in state to New Jersey consumers

  9. EDISON INNOVATION CLEAN ENERGY MANUFACTURING FUND – STRUCTURE • Proposed grant and zero interest loan funding up to $3,300,000 per facility project sponsored for funding energy efficiency and renewable energy equipment manufacturers entering or expanding within the stage of commercial development • Grant up to $300,000 for identifying and securing a site and completing initial facility design • Zero-interest loan up to $3,000,000 – with a partial performance grant - to support equipment procurement and facility construction and completion • Specific program details will be available shortly. Terms of the program as outlined herein are subject to change.

  10. NEW CLEAN ENERGY PROGRAM DEVELOPMENT • Regional Greenhouse Gas Initiative – RGGI • EDA working closely with BPU & DEP to develop programs supporting initiative for greenhouse gas reduction • Looking towards program launch in 2009 • Green Municipal Composite Bond • EDA exploring issuing tax-exempt bond, tee off market manager municipal audits, to fund direct loans to municipalities for qualified green uses • Participating municipalities could get low interest rates, reduced energy bills, support green initiatives and receive salable green credits • Currently undergoing exploratory meetings with various potential stakeholders, including the New Jersey State League of Municipalities and BPU

  11. QUESTIONS? COMMENTS? New Jersey Economic Development Authority 609-777-4898 www.njeda.com For more information about doing business in New Jersey visit www.newjerseybusiness.gov or call 866-534-7789

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