The first bill, the Fusion Technology Industry Promotion Act, S4074, would mandate the NJ Economic Development Authority to invest in fusion technology development companies in NJ, matching dollar for dollar private investments in the companies.
A second bill, S4073, would make fusion energy companies eligible for any state renewable energy or emerging technologies economic incentive programs. The third bill, S4075, would establish the NJ Fusion Technology Industry Commission which would oversee the fusion energy program for the state of NJ.
In addition, Sen. Pennachio introduced a resolution, SR-146, urging the US Congress to increase funding for fusion energy research.
"It's wholly apparent that some prudent moves by the State to support this industry in its infancy could yield massive dividends for our residents and New Jersey’s future" Sen. Pennachio said in a press release. "Just as California has its Silicon Valley, New Jersey could have its Fusion Epicenter if we play our cards right."
"Fusion is one of the world's most promising sources of energy, with the potential to supply our world's growing electricity needs without further polluting the atmosphere or producing long-term radioactive waste," Pennacchio added. "This is something that New Jersey and the world desperately need."