Last Updated July 18, 2021
Program Overview
Category:
Financial Incentive
State:
New Jersey
Incentive Type:
Industry Recruitment/Support
Administrator:
New Jersey Economic Development Authority
Start Date:
05/23/2011
Expiration Date:
N/A
Applicable Sectors:
N/A
Eligible Renewable/Other Technologies:
N/A
Summary
Note: The energy efficiency technologies indicated as "eligible" above are examples of possible eligible technologies listed on the program web site. Other products that conserve electricity or natural gas may also be eligible. The renewable energy technologies listed above are those deemed "Class I Renewable Energy" under the New Jersey renewables portfolio standard (RPS). For more detailed definitions please see the program web site.
The Edison Innovation Green Growth Fund (EIGGF), administered by the New Jersey Economic Development Authority, offers loans to for-profit companies developing Class I renewable energy (as defined under state renewables portfolio standard) and energy efficiency products. In order to qualify for a loan, the product in question must have already achieved "proof of concept" and have begun to generate commercial revenues.
Eligibility
- Energy Efficiency Products: Limited to those which conserve the end use of gas or electricity. Energy efficiency equipment and technology that reduce electric or natural gas consumption also apply.
- Class I Renewable Energy: Photovoltaic, solar, wind energy, renewably fueled fuel cells, wave, tidal, sustainable harvested biomass, and methane gas from landfills qualify.
Requirements
- Must employ 75% of W-2 employees in New Jersey, or commit to growing 10 high-paying jobs (minimum salary of $75k) over two years
- Must have strong intellectual property position and/or satisfactorily available collateral and cash flow.
- Must have a full-time management team (working only at that company) with domain experience.
- Founders/management team must have equity in the company (sweat equity not considered)
Use of funds: Growth capital to advance newly discovered energy efficient, renewable energy or supply chain products that will assist Class I renewable energy or energy efficient technologies in becoming competitive with traditional sources of electric generation.
- Up to $1.25 million for fixed assets, or up to $750,000 for working capital for a term of up to 10 years, with the option of either a fixed or variable below-market interest rate.
- The EIGGF offers loans up to $2 million with a performance grant component to support technology companies with Class I renewable energy or energy efficiency products or systems that have achieved “proof of concept” and successful independent beta results, have begun generating commercial revenues, and will receive 1:1 match funding by time of loan closing.
The EIGGF is funded by the state societal benefits charge (SBC), thus proposed projects in municipalities that do not pay into the SBC are not be eligible for funding under this program. In order to be considered for funding, applicants must submit an Eligibility Intake Form. For additional details please see the program website, which contains the program solicitation, application information, and FAQs.