February 21, 2013
Locus Energy Finds
New Home in Hoboken
Locus Energy,
which develops web-based performance
and portfolio management software
for renewable energy systems,
recently moved from New York to
temporary space in Hoboken while its
new, permanent location in New
Jersey 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.”
Founded in 2007,
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.
According to
Herzig, the company’s technology
platform has been designed to
advance two central goals: provide
cost-effective operations and
management support for distributed
energy systems so that they can
operate effectively in a
grid-parity, non-subsidized
framework; and, utilize its
analytics to further enhance the
transparency and performance of
distributed energy systems so that
they are both more competitive with
traditional energy sources and also
integrate better with existing
infrastructure.
To encourage Locus
Energy to choose New Jersey over
locations in New York, 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
(EIGGF), a program launched by the
Christie Administration in 2011 to
help New Jersey clean technology
companies advance energy efficient
and renewable energy products in the
state. 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.
Jointly
administered by the EDA and the New
Jersey Board of Public Utilities,
the EIGGF program offers up to $2
million to New Jersey class I
renewable or energy efficiency clean
technology companies that have begun
generating commercial revenues and
are seeking matching funding to
support the growth of their clean
technology business. With the
positive performance of the company,
up to 50 percent of the funding may
be converted to a performance grant.
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