Edison Innovation Clean Energy Fund

September 10, 2010

Summary

The New Jersey Commission on Science and Technology (CST) administers the Edison Innovation Clean Energy Fund through a Memorandum of Understanding with the New Jersey Board of Public Utilities (BPU). The Clean Energy Fund provides grants of $100,000 to $500,000 to New Jersey companies for demonstration projects and developmental and ancillary activities necessary to commercialize identified renewable energy technologies and innovative technologies that significantly increase energy efficiency. All grants are subject to a 50% matching funds requirement. Businesses may also apply for and receive up to 20% of the approved grant amount in equity-like financing from the New Jersey Economic Development Authority (EDA) for non-research and development related costs. Grants may be issued for the development of technologies that significantly increase energy efficiency or technologies that are demonstrably integral to the development of Class I renewable energy sources and technologies that produce or support the production of renewable or clean electricity generation. The definition of Class I resources, as provided under the state renewable portfolio standard (RPS), includes solar; wind, geothermal; landfill gas; sustainable biomass; fuel cells using renewable fuels; ocean thermal, tidal, and wave; and other low-emission advanced renewable energy conversion technologies. Grants under this program are intended for proof-of-concept development work. Applications must include a "demonstration project" designed to show the commercial value of the concept or technology being studied through practical application. Basic research and development and the construction and installation of renewable energy systems are not eligible for grants. The grants are only available to for-profit New Jersey-based businesses with at least 75% of their employees located in New Jersey and with annual revenues of $10 million or less. However, applicants may and are encouraged to partner with New Jersey universities and other New Jersey based research institutions and companies, subject to certain cost-sharing restrictions (see program guidelines for additional eligibility requirements and details). Applications are limited to one per applicant per round of funding. The program was funded at $6 million for 2009. Subject to appropriations, the CST expects to receive $3 million annually in additional funding through 2012. The most recent application deadline expired December 11, 2009 but additional solicitations may be issued in 2010.