New Jersey's Board of Public Utilities awarded Fluitec Wind $3.3 million in financing, through the state's Clean Energy Manufacturing Fund, as an incentive to establish its headquarters in the Garden State and support research to develop technologies that reduce the cost of operating wind turbines.
Its parent company, Fluitec SA, a subsidiary of Luxembourg-based Fluitec, consolidated its U.S. operations and all global corporate functions in Jersey City. "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."
"This award will help Fluitec Wind develop world-class software, monitoring, and engineering facilities here in New Jersey," said Frank Magnotti, Fluitec's CEO. "Our choice to expand here is a result of the Christie Administration's pro-economic growth policies and long-term commitment to clean energy."
Fluitec Wind concept utilizes advanced data mining, predictive analytics and behavioral targeting to reduce the cost of operations and maintenance of wind turbines "By identifying and significantly reducing the expense of operating a wind turbine, Fluitec Wind facilitates growth in renewable energy production. This funding will ensure we are able to continue to support this important industry," Fluitec Wind COO Amar Pradhan said.
Fluitec Wind expects to create 20 new, high-paying, jobs as a result of the state funding. With its move to New Jersey last year, Fluitec SA created 30 additional new jobs in the state.
The New Jersey Economic Development Authority said the grant is part of Gov.Chris Christie's commitment to creating jobs and growing the State's economy, as well as to developing renewable energy resources. Qualified manufacturers of renewable energy or energy efficiency systems, products or technologies may be eligible to receive up to $3.3 million in grants and interest-free loans.