(TRENTON) — Legislation sponsored by Assemblyman Upendra J. Chivukula that would qualify New Jersey boat manufacturers for loans by the NJ Economic Development Authority (EDA) for investment in renewable energy technology, systems or equipment, was approved today by the full Assembly.
The measure (A-3336) is intended to make boat manufacturers eligible to apply for the Edison Innovation Clean Energy Manufacturing Fund administered by the EDA in collaboration with the Board of Public Utilities.
To qualify for EDA loans that support Class I renewable energy or energy efficiency, the boat manufacturer would need to use the loan to manufacturer Class I renewable energy or energy efficiency systems, products or technologies like wind turbines.
“The measure is intended to propel forward our state’s renewable energy economy by expanding the base of entities that would qualify for loans intended to encourage the manufacture of Class I energy systems and technology like wind turbines. Many of our state’s boat manufacturers have the ability and desire to expand into renewable energy and the measure will empower them to do that,” Chivukula (D-Somerset\Middlesex) said.