Locus Energy, a company that develops web-based performance and portfolio management software for renewable energy systems, recently moved from New York to temporary space in Hoboken while its new, permanent location in New Jersey is renovated following damage from Hurricane Sandy.
Founded in 2007, Locus Energy offers a technology platform providing automated monitoring support and data analytics for distributed generation systems in the residential, commercial, utility and industrial markets. The company, which relocated its New York City-based staff of 15 to Hoboken in December, plans to create as many as 20 new, high paying jobs in the state over the next two years.
“The Christie Administration continues to encourage the more affordable use, management and development of energy in New Jersey, and Locus Energy will help facilitate the expansion of renewable assets in our state,” said New Jersey Economic Development Authority (EDA) CEO Michele Brown. “We are pleased that, by choosing New Jersey, Locus Energy will not only provide environmental benefits to the state, but also will create new jobs in the growing renewable energy sector.”
To encourage Locus Energy to choose New Jersey over locations in New York, the company was approved for an award of up to $456,500 over 10 years through the Business Employment Incentive Program. Locus Energy also received a $1.45 million loan through the Edison Innovation Green Growth Fund (EIGGF), a program launched by the Christie Administration in 2011 to help New Jersey clean technology companies advance energy efficient and renewable energy products in the state. The financing will help Locus Energy expand the capabilities of its technology platform and support general growth capital needs, including research and development, hiring and training personnel, and marketing and purchasing inventory.
Jointly administered by the EDA and the New Jersey Board of Public Utilities, the EIGGF program offers up to $2 million to New Jersey class I renewable or energy efficiency clean technology companies that have begun generating commercial revenues and are seeking matching funding to support the growth of their clean technology business. With the positive performance of the company, up to 50% of the funding may be converted to a performance grant.