For Immediate Release
Monday, November 16, 2009
For More Information:
Arti Sahni: (609) 984-1671
New Visual Media Group, Nostrum Energy, and PD-LD awarded clean energy funding
Trenton, NJ - The New Jersey Commission on Science and Technology (NJCST) and the New Jersey Board of Public Utilities (BPU) today announced the results of the first round of funding from the Edison Innovation Clean Energy Fund. This program is funded by the BPU through the New Jersey's Clean Energy Program and administered by the NJCST.
The following three companies were awarded grants in this first round of funding:
New Visual Media Group, LLC, Eatontown - $500,000
The company is developing a product for windows, which, when installed, would substantially increase energy efficiency
PD-LD, Inc. Pennington - $494,809
The company is developing a product, the Raman Solar Analyzer that would improve the productivity of solar panels.
Nostrum Energy LLC, New Brunswick - $499,834
The company is developing a product that would make it economically feasible to extract energy from low-speed winds using high-efficiency blade motion.
"Through an Innovative funding collaboration with the BPU, CST is now better able to encourage the development of far-reaching new technologies in Clean Energy giving New Jersey companies the edge they need to maintain their leadership in this industry sector", said NJCST Executive Director, Dr. Peter Reczek.
"In addition to building New Jersey's clean energy economy, these companies are developing products that offer the potential of lower energy costs, better air quality and fewer greenhouse gas emissions," added Jeanne M. Fox, President of the New Jersey Board of Public Utilities.
The Edison Innovation Clean Energy Program provides grants to for-profit entities organized as a C Corp or an LLC with its principal place of business in New Jersey. A minimum of 50-percent cash match of total project costs from non-state grants, loans, or equity, is required. All grant proposals should include a "demonstration project". A grant proposal should demonstrate how any research conducted will contribute to proving the scientific or technical feasibility of the approach or concept proposed.
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 next solicitation for financing under the Edison Innovation Clean Energy Fund will close on December 11, 2009. To learn more about the Edison Innovation Clean Energy Fund, call 609-984-1671 or visit http://www.nj.gov/scitech/entassist/energy/
The New Jersey Commission on Science and Technology is dedicated to improving the quality of life for New Jersey's citizens and promoting economic development by keeping New Jersey at the forefront of scientific and technological advances. Established in 1985, the NJCST is responsible for the development and oversight of policies promoting science and technology research and entrepreneurship. Commission members include business leaders, university leaders, scientists, legislators and representatives from the Governor's Office for Economic Growth and the Commissioner of the New Jersey Department of Education.
The New Jersey Board of Public Utilities is a state agency and regulatory authority mandated to ensure safe, adequate, and proper utility services at reasonable rates for New Jersey customers. Critical services regulated by the NJBPU include natural gas, electricity, water, wastewater, telecommunications and cable television. The Board has general oversight responsibility for monitoring utility service, responding to consumer complaints, and investigating utility accidents. To find out more about the NJBPU, visit our web site at www.bpu.state.nj.us
New Jersey's Clean Energy Program, established on January 22, 2003, in accordance with the Electric Discount and Energy Competition Act (EDECA), provides financial and other incentives to the State's residential customers, businesses and schools that install high-efficiency or renewable energy technologies, thereby reducing energy usage, lowering customers' energy bills and reducing environmental impacts. The program is authorized and overseen by the New Jersey Board of Public Utilities (BPU), and its website is http://njcleanenergy.com/