Energy company expands, moves into new office

The Princeton Power Systems Inc. event drew Gov. Jon S. Corzine and other officials, who hailed the company for its emphasis on increasing energy efficiency.

The company has grown from three employees to 30 since it was started in a dormitory room in 2001. This growth prompted it to look for a new office, where it will produce equipment used by the military, NASA and others to provide electric power.

“We like to think of ourselves as the front end of the smart grid,” said Marshall Cohen, Princeton Power president.

Cohen said the company’s work benefits from Corzine’s plan to reduce energy use in the state. It has received support from the state Economic Development Authority and Board of Public Utilities, he said.

Corzine hailed the company’s decision to manufacture its equipment in the state, saying he hopes for increased state production of solar panels and wind turbines.

“This is a very important company that fits into our clean energy master plan,” Corzine said.

Princeton Power board member Greg Olsen described the company as a “New Jersey success story,” including its background at Princeton University and history of attracting state-based venture capital.

Darren Hammell, one of the three young company founders, said the company has built a 1-megawatt power converter that is less than half the size of a golf cart, with the capability of providing electricity to more than 1,000 homes.

While it has done work across the country and world, “the vast majority of our work has been done right here in New Jersey,” Hammell said.

EDA Chief Executive Officer Caren S. Franzini said Corzine’s emphasis on green energy is attracting other companies. Princeton Power received EDA funding to expand and relocate.

“Princeton Power represents a notable example of the success businesses can achieve when they take advantage of the resources available to companies looking to grow in New Jersey,” she said.

The company is looking to hire more employees with energy and business development experience. Corzine joked about the job opportunities.

“I would turn in my resume, but I wasn’t so good in math, so I don’t think I’d make it,” he said.

E-mail Andrew Kitchenman at akitchenman@njbiz.com.