Prism Capital Partners announced a major modernization phase for its distinctive 10-megawatt co-hybrid power plant at ON3, bolstered by substantial financial support from PSE&G. The utility giant has provided a combination of grants and interest-free loans to upgrade the campus’s central utility infrastructure, further solidifying ON3 as a model for energy-independent, sustainable mixed-use redevelopment.
The funding, supplemented by additional financing from Peapack Private Bank & Trust, is currently being utilized to replace the site’s aging wood-structured cooling towers with state-of-the-art fiberglass models.
ON3 is the first mixed-use redevelopment in New Jersey to integrate a Central Utility Plant (CUP). Originally constructed by Hoffmann-La Roche in 1943, the facility has evolved from a simple boiler house into a sophisticated co-hybrid system. By combining cogeneration (simultaneous production of electricity and useful heat) with modern distribution networks, the plant allows ON3 to operate with high autonomy and reduced reliance on the regional grid.
Key technical upgrades include:
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Fiberglass Cooling Towers: Replacing legacy wood structures with corrosion-resistant fiberglass models that offer higher thermal efficiency and lower maintenance.
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“Free Cooling” Technology: The new towers enable ambient air to cool the campus during winter months, bypassing energy-intensive chillers.
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Automated Switching: Advanced grid-sensing technology that seamlessly maintains power during external service interruptions, ensuring 24/7 reliability for sensitive R&D labs.
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Battery Exploration: Prism is currently evaluating the integration of industrial-scale battery storage to further enhance peak-shaving capabilities.
The modernization comes as the 116-acre campus continues its rapid expansion. With 1.55 million square feet currently fully occupied, the energy infrastructure is being built to support an anticipated build-out of an additional 2 million square feet.
“Establishing an energy infrastructure that will support New Jersey’s economic growth is top of mind in our state,” said Eugene Diaz, Prism’s principal partner. “Ongoing modernization of this utility will make ON3 even more self-sufficient as development accelerates.”
The campus is home to a prestigious roster of academic, medical, and corporate leaders who rely on the site’s redundant power:
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Healthcare & Education: Hackensack Meridian School of Medicine, Seton Hall University’s Graduate College of Nursing and the newly opened Hackensack Meridian Health & Wellness Center.
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Research & Corporate: Eisai Inc., Quest Diagnostics, The Ralph Lauren Corporation and biofabrication pioneer Modern Meadow.
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New Retail: Recently joined by Chase, Chipotle and Starbucks.
The collaboration with PSE&G underscores the utility’s commitment to decentralized energy solutions that stabilize the broader New Jersey grid. By producing 10MW of power locally, ON3 reduces the congestion on regional transmission lines, particularly during peak summer months.
“We are ‘Power-Empowered,’” Edwin Cohen, Prism’s principal partner said. “It is one of many operational advantages that have helped us transform this complex into a world-class, multi-tenant lifestyle hub.”
One of ON3 power plant’s new fiberglass cooling towers.
