P. 1
New Jersey Economic Development Guide 2013

New Jersey Economic Development Guide 2013

|Views: 2,905|Likes:

New Jersey has a diverse and innovative economy that includes major pharmaceuticals, life sciences, financial services, advanced manufacturing, renewable energy, and transportation and logistics sectors. Twenty Fortune 500 companies are headquartered in the state, which also has operations for more than 1,100 multinational companies representing 40 nations. The state ranks sixth for foreign direct investment. With a Gross Domestic Product of $482 billion in 2009, if it were a standalone country, New Jersey would rank as the 19th-largest economy in the world.

New Jersey has a diverse and innovative economy that includes major pharmaceuticals, life sciences, financial services, advanced manufacturing, renewable energy, and transportation and logistics sectors. Twenty Fortune 500 companies are headquartered in the state, which also has operations for more than 1,100 multinational companies representing 40 nations. The state ranks sixth for foreign direct investment. With a Gross Domestic Product of $482 billion in 2009, if it were a standalone country, New Jersey would rank as the 19th-largest economy in the world.

More info:

Published by: Journal Communications on Dec 18, 2012
Copyright:Traditional Copyright: All rights reserved

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF or read online from Scribd
See more
See less

11/13/2015

pdf

garden state cultivates
clean-energy economy

Story by Kathryn Royster
Photography by Jeff Adkins

new Jersey has a growing and diverse

green-collar economy that employs
more than 200,000 workers in areas
ranging from renewable energy production
to green building construction to green design
to environmental remediation.
The state has established itself as a national
leader, thanks in part to an economic climate
that supports clean-energy companies at every
of the energy pipeline.

from IncubatIon ...

New Jersey’s support for clean energy starts with
initiatives like the New Jersey Clean Energy Resource
Network (NJ CERN), led by the Rutgers EcoComplex,
and the New Jersey Meadowlands Commission
Business Accelerator.
NJ CERN offers the Clean Energy Innovation
Work Group, whose panel of experts evaluates the
performance and market viability of new clean-
energy technologies.
“It gives startup companies a way to show that
their technology has been verified, so they’ll have a

38 nEw JErSEy EconomIc DEvELoPmEnt GuIDE

buSInESScLImatE.com/nEw-JErSEy 39

Fluitec International helps clean-
energy companies be more efficient.

buSInESScLImatE.com/nEw-JErSEy 41

buSInESScLImatE.com/nEw-JErSEy 41

higher likelihood of getting funding,” says Margaret
Brennan-Tonetta, Rutgers’ associate vice president
for economic development.
Entrepreneurs may find such funding through NJ
CERN’s online database, a comprehensive listing of
the state’s clean-energy startup resources (a grant
from the New Jersey Board of Public Utilities funds
regular updates.)

... to ProDuctIon ...

At the production stage, New Jersey boasts
innovative clean-energy firms such as Princeton
Power Systems (PPS), which manufactures inverters
and installs them in comprehensive, PPS-designed
solar or diesel power systems.
Current PPS systems are used primarily in
commercial applications such as public utilities and
small industry. The company is ready to branch into

the residential market, however, with a new solar
array that includes battery storage and an electric-
vehicle charging station.
Darren Hammell, the company’s executive vice
president and chief operating officer, sees New Jersey
as the ideal location for PPS for several reasons.
“There are a lot of smart professionals here, and
there’s a good market for our residential product,” he
says. “Combine that with strong government support
for solar energy, and there’s a lot to keep us here.”
Fluitec International also has many reasons to
do business in New Jersey. With customers in 40
countries, the company chose Jersey City for the
area’s multilingual workforce and its easy access
to international travel.
The Garden State has been an innovator in
renewables including wind power. Jersey-Atlantic
Wind Farm, which began operating in 2005 in

A Princeton Power Systems employee tests a new containerized energy Storage System (eSS) at the company’s headquarters
in lawrenceville. the Army is utilizing the 20-foot eSS to provide backup power and energy resources at Fort Bliss in texas.

42 nEw JErSEy EconomIc DEvELoPmEnt GuIDE

buSInESScLImatE.com/nEw-JErSEy 43

Atlantic City, was the first coastal wind farm in the
United States. The federal government has included
a 550-mile area off the New Jersey coast as one of
four areas available for lease to wind energy
developers by the end of 2012.
Fluitec specializes in helping clean-energy facilities
operate more efficiently and reduce waste. To that
end, the company provides consulting services and
data analysis as well as testing and filtration for
industrial fluids.
Additionally, Fluitec is growing by approximately
70 percent annually, thanks in part to a grant from
the state’s Clean Energy Manufacturing Fund (CEMF).
“With the state making such a sizable investment
in clean energy, it means there’s a very bright future
here for companies like ours,” says Frank Magnotti,
Fluitec’s president and CEO.

... to EnD-uSE

Another CEMF grant recipient is Noveda
Technologies, which makes full-building monitoring
systems that provide real-time, 24-hour energy and
water data.

The Noveda system is installed at more than 150
commercial locations, where it’s used primarily to
increase operating efficiency and help cut energy
costs. The system also has educational applications:
Students at Baylor University in Texas are using it
to study energy and water usage in campus dorms.
All this would not be possible, says Noveda
president and CEO Govi Rao, without New Jersey’s
unique green-collar climate.
“It’s thanks to what I like to call the New Jersey
business ecosystem,” he says. “You can access
markets, access talent and access capital to build a
viable and successful business in clean tech. That’s
the magic of New Jersey.”

clockwise from top left: demand Response inverter at Princeton
Power Systems in lawrenceville; An employee demonstrates how
to use a fluid monitor test kit at Fluitec international in Jersey city;
the Rutgers ecocomplex in Bordentown assists innovative clean-
energy and environmental companies.

what’s
online

Learn more about
new Jersey’s
clean-energy
industry and
the companies
it comprises at
businessclimate.
com/new-jersey.

42 nEw JErSEy EconomIc DEvELoPmEnt GuIDE

buSInESScLImatE.com/nEw-JErSEy 43

buSInESScLImatE.com/nEw-JErSEy 45

buSInESScLImatE.com/nEw-JErSEy 45

transportation and logistics systems
give New Jersey a global reach

when Wakefern Food Corp.

searched for a site for
a new food distribution
warehouse, company officials
looked no farther than Newark,
where the retail and wholesale
grocery cooperative is building
a $65 million food warehouse in
a redevelopment project on the
site of the Newark Farmers Market.
The 180,000-square-foot,
temperature-controlled
distribution facility will serve
ShopRite and PriceRite stores

in the Northeast. The new
distribution center is managed
by Forem Facility Management
for Wakefern Food Corp.
“The facility is going to be
a refrigerated warehouse,
incorporating many green
capabilities, including solar panels
on the roof and machinery
operated by hydrogen fuel cells,”
says David Forem, project
coordinator for Newark Farmers
Market. “In the first year alone,
we are going to create 140 jobs

and the next years to come we
are going to create an additional
250-plus jobs.”

GLobaL connEctIonS

Wakefern’s new distribution
facility will be one of thousands
already in New Jersey that take
advantage of a logistics
infrastructure that literally
connects the state to the world.
The state is home to 585 million
square feet of warehouse space
connected to 38,000 miles of

access to the world

Story by Gary Wollenhaupt • Photography by Jeff Adkins

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->