Grants totaling US$2.7 million were awarded to 10 renewable energy businesses as part of the New Jersey Board of Public Utilities (BPU) Office of Clean Energy’s (OCE) new Renewable Energy and Economic Development (REED) Program. The grants will promote renewable energy business development in the Garden State.Newark, New Jersey – August 28, 2003 [SolarAccess.com] “These inaugural grants represent my administration’s commitment to making New Jersey one of the most energy efficient states in the nation,” said Governor James E. McGreevey. “The businesses selected to receive grants bring innovative solutions to tomorrow’s energy needs.” The 10 companies receiving awards ranging from $50,000 to $500,000, will contribute to the development of New Jersey based businesses that use wind, solar and tidal power. “These first awards under the REED Program are a major step forward in developing New Jersey’s renewable energy resources,” said BPU President Jeanne M. Fox. “I am hopeful these grants will encourage more companies in New Jersey to embrace New Jersey’s goal to develop smart technologies that are good for increasing the state’s energy independence, environment and economy.” The new programs are expected to create 200 new high technology jobs. “This is an exciting time for the BPU,” added Commissioner Frederick F. Butler. “This list of grantees represent a comprehensive and diverse group of renewable energy projects, which will make New Jersey a leader in renewable energy business development.” The REED Program provides funding that is focused on promoting the growth of the renewable energy industry in New Jersey, with an ultimate goal of transforming New Jersey into the new “Silicon Valley” for renewable energy economic development. According to the REED Program, using this funding in this manner has the benefits of increasing high tech jobs in the state, as well as advancing the commercialization of clean technologies that will help to make New Jersey a leading state in the advancement of a cleaner and brighter energy future. “We are taking extraordinary steps at the BPU,” said Commissioner Carol J. Murphy. “This is not business as usual, which is why these projects are exciting and challenging.” The commissioners hope that by providing the initial springboard for these companies and technologies, the State of New Jersey will assist in the wide scale deployment of renewable energy systems, which translates into cleaner air, additional peak load generation and greater system reliability. “This is an important step for renewable energy in New Jersey,” added Commissioner Connie O. Hughes. “I live in a solar home, support sound energy efficiency and renewable technologies, and believe that this is a great initiative coupled with topnotch New Jersey industry partners.” The companies receiving grants are Advanced Power Associates Corp. of New Milford; Energy Photovoltaics, Inc. of Lawrenceville; Green Mountain Energy of Mt. Holly; Madison Energy Consultants of Madison; Ocean Power Technologies of Pennington; Partners for Environmental Quality of Trenton; Reaction Sciences, Inc. of Ocean; Resources Control Corp. of Moorestown; Sun Farm Ventures of Califon; and World Water Corp. of Pennington. “These grants translate into smart business,” said Commissioner Jack Alter. “We still have a great deal of work to do to advance renewable energy in New Jersey, however, these projects are a great first step.” The BPU, under Governor’s McGreevey’s leadership, has undertaken a number of measures promoting renewable energy. The Governor created the Governor’s Renewable Energy Task Force, which was charged with increasing the state’s renewable energy portfolio. The Governor asked the Board to implement the Task Force recommendations for Class I renewable portfolio standards (RPS) to four percent by 2008 and the total RPS to 20 percent by 2020. The Class I RPS requires all energy suppliers in New Jersey to supply a certain percentage of their power with energy generated from renewable resources, including solar, wind, biomass, landfill gas, and geothermal or tidal sources. In addition, the Governor recently announced the Board’s investment of $22 million to leverage another $48 million in private capital for the construction of renewable energy systems and a business development initiative in which the BPU partnered with the New Jersey Economic Development Authority. This major initiative makes its more affordable and cost effective for business to make investments in energy efficient equipment and renewable energy systems.