Locus Energy, a firm that develops web-based performance and portfolio management software for renewable energy systems, recently moved from New York to temporary space in Hoboken, New Jersey, while its new, permanent Garden State location is renovated following damage from Hurricane Sandy.
“With an ideal location and an open floor plan, our new space in Hoboken will allow us to be more collaborative, inclusive and dynamic as we work to maximize the efficiency and transparency of energy monitoring for our clients,” said Locus Energy CEO and Founder Michael Herzig. “Locus Energy is poised for continued growth and our new home in New Jersey will help propel our expansion and innovation in the renewable energy data market.”
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 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.”
As an incentive to encourage Locus Energy to relocate to New Jersey, the company was approved for an award of up to $456,500 over ten years through the Business Employment Incentive Program. Locus Energy also received a $1.45 million loan through the Edison Innovation Green Growth Fund, a program launched by the Christie Administration in 2011 to help New Jersey clean technology companies. 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.