The state will announce later today that it has created NJ HAX Plasma Forge – a partnership between the N.J. Economic Development Authority, venture capital firm SOSV and the Princeton Plasma Physics lab aimed at bolstering plasma-focused startup creation and acceleration, BINJE has learned.
NJ HAX Plasma Forge will aim to leverage the world-class research conducted by PPPL and SOSV’s robust investment experience to promote industry collaboration and commercialize groundbreaking technologies in an emerging economic sector.
To be located in the Princeton area, NJ HAX Plasma Forge, will be the state’s 11th Strategic Innovation Center – one of the legacy initiatives of Gov. Phil Murphy.
The HAX Plasma Forge will include up to 10,000 square feet of lab and co-working space close to PPPL’s facility in the Princeton area, with equipment, staff and infrastructure suitable for low-temperature plasma research, which is essential to semiconductor manufacturing processes, and fusion supply chain development.
Princeton-based SOSV will operate the SIC in collaboration with PPPL, providing up to $24.5 million in seed funding to startup companies located in the SIC and engaging with established industry leaders to work alongside entrepreneurs and researchers. Pending approval by its board, the NJEDA intends to invest $24.5 million to support the HAX Plasma Forge operations and investment into participant companies.
EDA CEO Tim Sullivan said the latest SIC adds to a deep lineup of locations.
“Under Gov. Murphy’s leadership, New Jersey is partnering with inventive entrepreneurs, world-class academic institutions, and private sector experts to strengthen the state’s position as a leader in innovation,” he said. “With the support of the NJEDA’s Strategic Innovation Center initiative, entrepreneurs will be able to harness transformative advances
in plasma research to create businesses that drive this exciting industry forward and further the state’s ambitious clean energy and energy resiliency goals.”
The HAX Plasma Forge is not the first time SOSV has worked with the EDA. The two previously partnered to establish HAX’s flagship headquarters in Newark, a SIC which provides support for emerging companies, including up to a $550,000 initial investment in each participating company, 180 days of hands-on collaboration, and a global community for early-stage founders building hard tech startups.
SOSV General partner and HAX Managing Director Duncan Turner is excited about the potential of the latest joint venture.
“Plasma is a powerful tool in the deep tech arsenal, a technology that unlocks nuclear fusion, powers advanced spacecraft, and manufactures futuristic AI chips,” he said. “PPPL is a world-renowned leader in this field, and we’re thrilled to partner with them to unlock new possibilities. At SOSV, we’ve already backed a handful of startups harnessing plasma technology, and this new lab, made possible by the NJEDA, will allow us to expand and deepen that effort.”
PPPL, a U.S. Department of Energy national laboratory managed by Princeton University, conducts essential research across a full range of plasma applications to solve science and technology challenges. The laboratory aims to develop the scientific knowledge and advanced engineering to enable fusion to power the U.S. and the world, advance the science of nanoscale fabrication and sustainable manufacturing, and further the development of the scientific understanding of the plasma universe.
Today, plasma is being harnessed to power fusion reactors for carbon-free energy, propel advanced satellites, and build the next generation of artificial intelligence chips that will drive global innovation.
PPPL is considered to be the premier plasma physics lab in the United States and a world leader in plasma science.
“PPPL brings world-class talent and capabilities and is uniquely positioned to drive innovation in the state and the nation,” PPPL Laboratory Director Steve Cowley said. “Partnering with SOSV and NJEDA will expand our scientific footprint, enabling our expertise to drive economic development and advance new technologies. This is an exciting new chapter.”
