Provides that Companies Could be Eligible to Apply for EDA Incentive Programs
Senator Joe Pennacchio’s bill supporting fusion energy by ensuring companies working to develop the new technology could be eligible to apply under certain economic incentive programs was endorsed by the Senate this week.
Sen. Joe Pennacchio’s bill supporting fusion energy by ensuring companies working to develop the new technology could be eligible to apply under certain economic incentive programs was endorsed by the Senate. (SenateNJ.com)
“Fusion energy has limitless potential to produce safe, clean, renewable electric power,” said Pennacchio (R-26). “This technological breakthrough could someday soon change the world. If Trenton plays this right, New Jersey will be positioned to become a global leader in this promising new power source.”
Pennacchio’s bill, S-219, provides that fusion energy and fusion technology companies would be eligible to apply for programs administered by the state’s Economic Development Authority (EDA) to stimulate economic development of new or existing renewable energy or technology companies.
“The quest to master fusion’s promise is one of the most significant scientific undertakings ever,” said Pennacchio. “With this legislation, New Jersey and EDA will be prepared to assist with incentive programs at the appropriate time.
“Millions of dollars are being spent on fusion research and experimentation. Top researchers and scholars are hard at work, and as more is learned and discovered the pace of progress will explode,” said Pennacchio, who introduced a package of six bills after hosting a Fusion Energy Symposium at the State House in May 2019.