Bill > S367

Introduced Session

This bill requires the New Jersey Economic Development Authority (EDA), in consultation with the New Jersey Commission on Science, Innovation and Technology (commission), to establish a Fusion Technology Industry Development Program to promote the fusion technology industry in the State and to attract fusion technology businesses to the State. The bill requires that the program: include research and information on commercial opportunities in fusion technology; provide technical and financial assistance to fusion technology businesses considering locating in New Jersey; regularly represent or assist in representing the interests of New Jersey-based firms in the national and international markets for fusion technology through conferences and seminars; provide New Jersey-based fusion technology businesses with customized technical, financial, and other assistance; and recruit capital investment in New Jersey to be applied to the fusion technology industry. Under the bill, the EDA is required to invest moneys from business assistance programs administered by the EDA, as may be available and which the EDA deems appropriate for the purposes of the bill, in a fusion industry development company. The bill requires the EDA to invest in the company an amount that is equal to the investments in the company received from all other sources. The EDA's investment, together with investments by other public and private entities involved in the fusion technology development company, are to be at a minimum amount to be determined by the EDA. Other public and private entities contributing to the minimum amount may include, but not necessarily be limited to, the Princeton Plasma Physics Laboratory, Princeton University and other private institutions of higher education, public institutions of higher education, and energy businesses. The moneys invested by the EDA and other public entities are to be used for the purchase of stock or an interest in the company, provided that the class of stock or interest purchased by the EDA and other public entities are to require the company to repay the investment of funds from the EDA and other public entities prior to the repayment of funds from private sources. The bill specifies that the amount of stock or interest purchased by the EDA and other public entities is not to exceed 59 percent of the total outstanding stock or total shared interest of the company. The bill also provides that the EDA may sell or otherwise dispose of the stock or interest purchased by the EDA, and further requires the EDA to sell or dispose of the stock or interest in the company no later than 10 years after the date of purchase. The fusion technology development company is required to have a board of directors or board of trustees and retain the services of an independent commercial auditor. In connection with the investment of EDA moneys in the company, the company is required to solicit other forms of support, such as grants from the federal government or from other public and private sources, and make available its stock or a shared interest for purchase by private entities. The EDA, in consultation with the commission, is to analyze on an ongoing basis the state of the fusion technology industry in New Jersey, including, but not limited to, its strengths and weaknesses, opportunities and risks, emerging technologies, processes, and market niches, the commercialization of technologies, capital availability, education and training needs, and infrastructure needs. The EDA is to annually report to the Governor and, the Legislature. Each report is to set forth a complete operating and financial statement covering the operations of the authority under the program and audit information received from the fusion industry development company. With the initial annual report, and every third year thereafter, the commission is report on its recommendations on how the State can better attract and retain fusion technology businesses.

AI Summary

Committee Categories

Joe Pennacchio (R)*, 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 01/09/2024)

Official Document