Renewable Energy Economic Development Program (REED)

Summary

Note: This program is currently undergoing revisions, which will include a restructuring of the grant and a change in the program name. However, as of November 2005, applications were still being accepted for the 2004 solicitation. The Office of Clean Energy (OCE) within the New Jersey Board of Public Utilities provides funding in the form of a recoverable grant for the development of renewable-energy businesses, renewable technologies and market infrastructure through the Renewable Energy Economic Development (REED) program. The program provides seed capital for new businesses or business ventures and with the aim of helping businesses transition into traditional capital markets. Total program funding is $5 million. The REED program is open to applicants who seek funding for research, business development, commercialization, and technology demonstrations of innovative products or services that advance the delivery of renewable-energy systems to the marketplace. The REED program is not intended to provide financing for construction and installation of renewable-energy systems. Eligibility is limited to New Jersey-based, for-profit or not-for-profit renewable technology small businesses, independently operated, and with not more than 500 employees. Firms considering relocation to New Jersey, as well as individuals and non-profit organizations in the process of establishing New Jersey companies, may apply. Applicants will be evaluated on a rolling basis and will be awarded funding within the program criteria until the annual program budget has not been committed. This is a recoverable grant award that a company will be required to repay as its business venture generates revenue. The minimum award amount is $50,000; the maximum is $500,000.