Governor Corzine Lauds Expansion of Homegrown Clean Energy Company
The vision of three Princeton University students has blossomed into a booming company and last week Governor Jon S. Corzine was on hand for the ribbon-cutting ceremony marking the opening of Princeton Power System's new headquarters in West Windsor.
Born in a dormitory room, the idea for the company emerged after its founders – three Princeton University engineering students -- won first place in Princeton University's 2001 Business Plan Contest. Since then, Princeton Power has grown from three to a staff of 30. The company develops advanced power conversion technologies, including AC-link™, that provide a more reliable and cost-effective method for converting electric power cleanly and efficiently. Its products reduce industrial energy consumption, lower peak electric usage, and provide clean, renewable energy sources with better performance.
Touting the company's rapid growth in the clean energy industry, Governor Corzine said, "Princeton Power is a quintessential success story for the state, and its remarkable growth will help to ensure New Jersey remains a leader in the clean energy industry."
The Governor highlighted the fact that the company has benefited from state assistance over the last five years. In 2009, Princeton Power received a Business Employment Incentive Program grant and an Edison Innovation Fund investment from the New Jersey Economic Development Authority (EDA) to support its expansion and relocation to the 8,000 square foot facility on the Sarnoff campus in West Windsor. Between 2004 and 2008, the company also received grants from the state to support the development and commercialization of its products.
"Princeton Power represents a notable example of the success businesses can achieve when they take advantage of the resources available to companies looking to grow in New Jersey," said EDA Chief Executive Officer Caren S. Franzini.
EDA, in conjunction with the Board of Public Utilities and the New Jersey Department of Environment Protection, recently launched Clean Energy Solutions, a suite of financing and incentive programs to further support Governor Corzine's commitment to promote economic development and a more responsible energy future.
Businesses interested in learning more about all Clean Energy Solutions opportunities should visit www.njeda.com for additional information.
Born in a dormitory room, the idea for the company emerged after its founders – three Princeton University engineering students -- won first place in Princeton University's 2001 Business Plan Contest. Since then, Princeton Power has grown from three to a staff of 30. The company develops advanced power conversion technologies, including AC-link™, that provide a more reliable and cost-effective method for converting electric power cleanly and efficiently. Its products reduce industrial energy consumption, lower peak electric usage, and provide clean, renewable energy sources with better performance.
Touting the company's rapid growth in the clean energy industry, Governor Corzine said, "Princeton Power is a quintessential success story for the state, and its remarkable growth will help to ensure New Jersey remains a leader in the clean energy industry."
The Governor highlighted the fact that the company has benefited from state assistance over the last five years. In 2009, Princeton Power received a Business Employment Incentive Program grant and an Edison Innovation Fund investment from the New Jersey Economic Development Authority (EDA) to support its expansion and relocation to the 8,000 square foot facility on the Sarnoff campus in West Windsor. Between 2004 and 2008, the company also received grants from the state to support the development and commercialization of its products.
"Princeton Power represents a notable example of the success businesses can achieve when they take advantage of the resources available to companies looking to grow in New Jersey," said EDA Chief Executive Officer Caren S. Franzini.
EDA, in conjunction with the Board of Public Utilities and the New Jersey Department of Environment Protection, recently launched Clean Energy Solutions, a suite of financing and incentive programs to further support Governor Corzine's commitment to promote economic development and a more responsible energy future.
Businesses interested in learning more about all Clean Energy Solutions opportunities should visit www.njeda.com for additional information.
