New Jersey earmarks $55m in funding for CHP

The US state of New Jersey is to allocate $55m in grants in the hopes of encouraging the development of combined heat and power systems (CHP) as well as hydrogen fuel cells for businesses and industrial companies.

The grants are part of the state’s Energy master Plan, which aims to promote alternative energy and make New Jersey a leader in sustainability.

The issuance of these grants will be overseen by the state’s Economic Development Authority and the Board of Public Utilities. State officials believe that the initiative will lend significant momentum to the alternative energy industry.

The hydrogen fuel projects that will receive backing from the state are expected to be capable of generating 1 MW of electricity, enough to provide power to more than 800 homes.

The state is looking to grant $3m for fuel cell projects at this time, but will issue more funds for these projects at a later date.

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