Clean Tech Startups Receive $3.6 Million in Awards from CSIT
Fourteen clean tech startups in New Jersey have been selected to receive a total of $3.6 million in awards from the Commission on Science, Innovation and Technology (CSIT). This funding comes as part of the Pilot Clean Tech Demonstration Grant Program, which is financed by the New Jersey Board of Public Utilities (NJBPU). The program aims to support startups in the clean energy sector by providing grants of up to $250,000 for the development of their technologies.
The grants are specifically designed to assist startups with existing prototypes of their clean energy technologies, enabling them to validate their products in real-world settings. The funding can be utilized for testing and validating the technological performance of their innovations at demonstration and customer sites.
To prioritize support for small businesses, each of the awardees had fewer than 25 employees at the time of their application, with the majority having fewer than 10 employees. By providing these grants, CSIT aims to foster opportunities for startups to succeed and make an impact in the clean technology space.
The successful applicants encompass a diverse range of technologies. Some of the innovations being developed include a power source that operates independently from the grid, an indoor farm that utilizes 80% to 90% less water than traditional farming methods, and next-generation, low-cost, high-performance lithium-ion battery materials and energy storage systems.
The Chairman of CSIT, Debbie Hart, highlighted the significance of these technologies in positioning New Jersey as a leader in innovation. The state has seen a growing number of companies in its portfolio that possess some form of prototype, indicating a substantial need for funding in the clean tech startup ecosystem. Hart expressed her satisfaction with being able to support over a dozen startups through this program.
The Clean Tech Demonstration Grant Program aligns with New Jersey’s commitment to achieving 100% clean energy by 2035, as outlined by Governor Phil Murphy. Tim Sullivan, CEO of the New Jersey Economic Development Authority (NJEDA), emphasized that clean energy transition is inevitable and integral to creating a greener future in the Garden State. He praised the program for providing critical funding to startups as they advance their technologies and contribute to the growth of the industry.
Joseph Fiordaliso, President of the NJBPU, believes that connecting clean tech startups with the necessary funding to validate their technologies is a crucial step towards developing the green economy championed by Governor Murphy. He looks forward to hearing about the successful testing and validation efforts of the grant recipients in the future.
The Pilot Clean Tech Demonstration Grant Program not only offers substantial financial support to clean tech startups but also serves as recognition of their potential value in creating a sustainable and clean future. By promoting innovation and providing opportunities for these startups to showcase their technologies, New Jersey is paving the way for a greener tomorrow.
