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The Edison Innovation Clean Energy Fund is a unique funding opportunity that arose from a collaboration between NJCST and the Board of Public Utilities (BPU). It will provide funding in the amount of $100,000 to $500,000 to New Jersey technology companies, for demonstration projects and developmental and ancillary activities necessary to commercialize identified renewable energy technologies and innovative technologies that significantly increase energy efficiency. This grant will fund technologies that can demonstrate their integral nature to the development Class 1 renewable energy technologies that produce or support the production of renewable or clean electricity generation.

Funding of demonstration projects will be open to proposals that seek funding for research, market development, deployment, and technology demonstrations of innovative products or services that advance the delivery of renewable energy and energy efficiency technologies. The proposal should demonstrate how any research conducted will contribute to proving the scientific or technical feasibility of the approach or concept proposed.

Supplemental financing will be available through the New Jersey Economic Development Authority (NJEDA) for non-project specific costs not covered by the grant.  Companies that are awarded the Edison Innovation Clean Energy Fund can apply for and receive up to 20% of the approved NJCST grant, not to exceed $100,000, from the NJEDA in equity-like financing for non-R&D related costs.  Terms for this supplemental funding are non-negotiable. Please note that NJCST does not require a fee to process this application. Currently the supplemental financing program is unfunded.

Program Goals
  • To grow clean energy science and technology businesses in New Jersey
  • To increase the amount of and the value of intellectual property
  • To promote collaboration between New Jersey technology companies and New Jersey research universities, companies and institutions
  • To advance companies to the point that they are eligible for lower-risk state financing and loans, especially through the New Jersey Economic Development Authority
  • To increase corporate and venture capital investment in New Jersey technology companies
  • To leverage public and private resources for advancing the technologies and services necessary to support a vibrant renewable energy industry in New Jersey
  • To increase the infrastructure for New Jersey's renewable energy and energy efficiency industry
  • To provide support for development of technological advances that will assist renewable technologies to become competitive with traditional energy generation technologies
     

 Applications are not being accepted at this time

 

Program Definition

The Commission will issue grant awards to New Jersey companies for a specific project to develop a renewable energy technologies that can demonstrate their integral nature to the development of Class 1 renewable energy technologies that produce or support the production of renewable or clean electricity generation. The Edison Innovation Clean Energy Fund will provide grants on a competitive basis to New Jersey companies in the amounts of $100,000 to $500,000.

This program will focus on the Governor’s Clean Energy Initiative of developing renewable energy technology.  Companies are encouraged to partner with any New Jersey PhD granting university or with any institution or a company with their primary business location in New Jersey.

Program Eligibility


Lead Company eligibility

  • Organized as a C Corp or an LLC
  • Principal place of business in New Jersey
  • 75% of employees live in New Jersey
  • 75% of employees work in New Jersey
  • Minimum of one full time employees at the company with applicable industry experience employee
  • Total revenue of this company and all its subsidiaries is less than $10 million
  • The applicant’s primary business is the provision of a scientific process, product or service and the applicant owns, has filed for, or has a license to use protected, proprietary intellectual property.
  • Company may not be a home or university based operation

Partner Organization Eligibility

  • All New Jersey PhD granting universities
  • Companies or institutions with their primary business location in New Jersey

Matching Fund Requirements

  • Source of matching funds must be demonstrated and may not be other state funding sources
  • Applicant Company – must contribute cash at a minimum of 50% of CST funds
  • Partner University, Company, or Institution – must contribute in-kind or cash at a minimum of 20% of CST funds