Hard-Tech with HAX: HAX Accelerator Program and Headquarters

On Jun 29, 2023

Citing both Newark’s industrial and logistics heritage as well as its proximity to large universities, HAX – the globally known accelerator of Princeton-based venture capital firm SOSV – is establishing a new hard-tech accelerator and US headquarters in Newark. It has leased 32,669 square feet of space – including room for 200 founders and staff – at 707 Broad Street.

Another factor in HAX’s location decision: The state is committing $25 million toward HAX’s presence here. SOSV and the New Jersey Economic Development Authority intend to form a new entity combining science and engineering, and focus on industry-level innovations related to the reindustrialization and decarbonization of the US.

SOSV will invest at least $25 million in HAX startups over the next five years, and these firms may receive up to $50 million from SOSV as follow-on financing to support the companies as they grow.

Startups have already arrived in Newark and are operating in a facility marking Phase I of the project. This includes main workstation areas, shops for testing and fabrication, and conference room and private calling areas.

The greater Northern New Jersey area will benefit from the broader HAX project: Portfolio companies will be tapping into the region’s dense manufacturing network to scale their prototypes. Post their accelerator experience, HAX cohorts will be able to establish their companies locally. Graduate companies will contribute to – and thrive within – New Jersey’s innovation ecosystem as they offer mentorship and support to new HAX cohorts. 

Architect

Kimmerle Group

Harding Township

Builder

Turner Construction Co.

Bridgewater

Financing

SOSV

Princeton

New Jersey Economic
Development Authority

Trenton

Nominator

Ingrid Austin,
Manager, Public Relations and Communications Manager,
Choose New Jersey

Newark

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