by Shankar P
Power conversion technology firm Princeton Power Systems Inc., in Princeton, and AppliCad, a contract manufacturer of electronic products in Farmingdale, have won funding of nearly $4.3 million from the Board of Public Utilities to expand their facilities that make renewable-energy or energy-efficient products.
The funding comes from the state’s Clean Energy Manufacturing Fund, which is funded by the BPU and administered by the state’s Economic Development Authority. The fund provides grants of up to $300,000 to help with manufacturing site selection, design and permits, and up to $3 million as an interest-free, 10-year loan to support site improvements, equipment purchases and facility construction and completion, according to the BPU.
Princeton Power won approval for $3.3 million for manufacturing grid-tied inverters with an expansion at its existing production facility, said Darren Hammell, its founder and executive vice president of business development.
The expansion will help it create 91 new jobs over the next two years, the BPU said, while its product, developed in conjunction with Princeton University, allows for more power generation and can operate a “microgrid” when disconnected from a utility, according to the company.
AppliCad, which makes energy-efficiency power meters on contract for Locus Energy LLC, of New York, won a $982,000 grant to help it build and expand facilities to make a new line of power meters.
Michael Herzig, Locus president, said his company’s power meter tracks energy consumption and generation among renewable-energy generating systems. He called AppliCad “a partner,” not just a contract manufacturer; the clean-energy funds will help the company create up to 10 new jobs, according to the BPU.
In addition to creating new jobs, helping lower energy costs and protecting the environment, the latest funding would also help in expanding the state’s manufacturing industry “with products that we can export throughout the world to assist in the battle against climate change,” said BPU President Jeanne M. Fox.
