NEW JERSEY—The New Jersey Board of Public Utilities (BPU), through its Clean Energy Manufacturing Fund (CEMF), has closed on $3.3 million in financing to support Fluitec Wind, a technologies manufacturer that works to reduce the cost of operating wind turbines.
“Last September, I was pleased to welcome Fluitec to Jersey City, and today’s news is evidence that the company continues to thrive in New Jersey,” said Lt. Governor Kim Guadagno. “Creating jobs and promoting the growth of New Jersey’s clean energy economy are key priorities of the Christie Administration, and Fluitec is helping us achieve both.”
Fluitec Wind will use its $3.3 million award to accelerate the development of its business operations and its SaaS analytical platform, a cloud-based cost-control program.
As a result of the funding, Fluitec Wind expects to create 20 new jobs.
Designed to support companies looking to site or expand a renewable energy or energy-efficient product manufacturing facility in New Jersey, the CEMF is funded by BPU and administered by the New Jersey Economic Development Authority (EDA) and provides eligible clean technology manufacturers funding under two separate components: project assessment and design and project construction and operation.
Qualified manufacturers may be eligible to receive up to $3.3 million in grants and interest-free loans.
Fluitec, a privately held, Luxembourg-based company, provides customers in over 40 countries technologies and knowledge to realize optimum reliability and productivity of their rotating equipment.
Fluitec Wind, a subsidiary of Fluitec SA, is based in Jersey City and uses data mining, predictive analytics and behavioral targeting to reduce the cost of operations and maintenance of wind turbines.