What Are the Tech and Clean Tech Companies Receiving Funding through the EDA’s NOL Program? Part One.
New Jersey’s Technology Business Tax Certificate Transfer Program allows eligible tech and life-science companies to sell their net operating losses and unused research and development tax credits to unrelated profitable corporations for cash. The cash can be used as working capital or to fund research.
The state only offers this program to companies that have filed for, or have a license to use, protected proprietary intellectual property (defined as a patent or a registered copyright); and there are other restrictions. More commonly known as the Net Operating Loss (NOL) Program, it is administered by the New Jersey Economic Development Authority (EDA) and the New Jersey Division of Taxation within the state’s Department of the Treasury.
This year, 48 companies were approved to share $60 million. The EDA saw an 18 percent increase in the number of applications this year over 2017, adding up to the highest number since 2014. The average award in 2018 was $1.25 million. Over the course of this program, the EDA has approved more than $1 billion in funding for over 540 tech and life-science companies.
The state recently released a list of the companies it has supported through the NOL Program in 2018. The list below represents tech and clean/green tech companies doing business in New Jersey that were supported by the program this year. They are given in alphabetical order. Here, in Part One, we list the companies from A to E. Most of the descriptions were taken from the companies’ own websites. The full list of companies can be found here.
Arable Labs (Princeton) is an agricultural business intelligence solution using data from in-field measurements. According to its website, the company offers “a global solution to managing weather risk and crop health, delivering real-time, actionable insights from your field.”
Brilliant Light Power (Cranbury) has developed a “new commercially competitive, non-polluting, plasma-based primary source of massive power from the conversion of hydrogen atoms of water molecules to dark matter, the previously unidentified matter that makes up most of the mass of the universe. The SunCell that was invented to harness the new power source catalytically converts hydrogen directly into dark matter form called Hydrino releasing brilliant high-energy light which is down-converted in energy to facilitate the production of electricity using commercially available concentrator photovoltaic cells.”
CircleBlack (Kingston) is a wealth management platform designed to make life easier. “From investors who desire more knowledge and control over their investments to Advisors looking for better ways to connect with their clients, CircleBlack was designed with your needs in mind. …Led by distinguished financial professional John Michel and a team of financial innovators, CircleBlack is experienced in financial technology, investing and the consumer wealth marketplace. Together, we have driven innovation for Bloomberg, Citi, Deutsche Bank, FactSet, Merrill Lynch, UBS and more.”
Connotate (New Brunswick) is “the market leader in massively scalable web content extraction. [Their] combination of proven technology and real-world experience turns the web’s big data into a worldwide database for our customers. With Connotate, information service providers and other data-centric companies dramatically increase their content harvesting capacity, drive down their ongoing cost of content extraction, and radically reduce the complexity of their downstream data operations.”
Deltronic Crystal Industries (Dover) was established in 1972 to “grow and process crystals for the Electro-Optic and telecommunications industries. Deltronic Crystal’s headquarters … serves as a combination of office, production, and warehouse facility – providing capabilities in advanced materials growth, development, fabrication, processing, polishing, and coating to support the growing demand for electro-optic materials and components. Our current capacity is 18,400 Sq. Ft. in two buildings. Future expansion may include the addition of new crystal growth furnaces, processing stations, test, and measurement apparatus.”
doForms’ (Cranford) mission is to “make work easier by improving the way organizations of all types and sizes collect, transmit, integrate, access, and share field-based data through mobile forms technology. … Affordable wireless bandwidth and powerful mobile devices have changed the way data is collected in the field and transmitted into back-office systems. With mobile forms technology and mobile data collection, data becomes faster and easier to gather, transmit, access and store, meaning businesses are better positioned to take action and achieve success.”
Enhatch (Hoboken) offers an end-to-end solution that powers the design and delivery of standard and patient-specific implants, from preoperative planning to the surgical theater. “In 2015, Enhatch acquired Surgisoft, the most advanced medical device inventory management solution in the industry. Since then, Enhatch has built the industry’s most comprehensive Patient-Driven Technology platform enabling device manufacturers and sales teams to easily access the most relevant education materials, patient-specific planning software, inventory controls, sales management tools, and financial reporting.”
Eos Energy Storage (Edison) strives to deliver “solutions that address the fundamental requirements of the marketplace and compete economically with incumbent solutions used on the grid today. With these guiding principles in mind, Eos has launched its flagship Eos Aurora DC Battery System powered by its revolutionary zinc hybrid cathode battery technology [they] call Znyth.”
