Nation’s largest cleantech incubator will utilize the funding to support daily operations
Late last week the Massachusetts Clean Energy Center (MassCEC) announced $530,000 in grants for four small business incubators: Greentown Labs, Chestnut Innovation Center, North Shore InnoVentures and TechSandBox. The funding, under MassCEC’s IncubateMass program, is part of the state’s ongoing strategy to accelerate the development of cleantech startups and the commercialization of their products in the Commonwealth.
The funding will directly support Greentown Labs’ daily operations which focuses on providing early-stage ventures with the space and resources they need to thrive. In addition to these tangible resources, Greentown Labs offers networking events, expert mentorship and an encouraging community of experimentation and idea exchange to its member companies.
“The sole mission of Greentown Labs is to provide its members with the resources they need to thrive and grow. Thanks to MassCEC, an essential member of our ecosystem, we’re able to offer commercialization and support services to our clean technology entrepreneurs. With this grant, we’ll continue to strengthen our member resources, empowering our member companies to solve the world’s greatest energy and environmental challenges,” said Emily Reichert, CEO of Greentown Labs.
This is the third year in a row Greentown Labs received the IncubateMass funding which equals to $300,000 over a three-year-period. This was the first year the program allowed incubators to apply for three years’ worth of funding in an effort to provide ongoing and stable support to organizations with proven records of success in cleantech company development.
“The research and development work being done at Greentown Labs is critical to the future of our nation’s economy, and I am excited and very proud that this work is happening right here in Somerville,” said State Representative Timothy Toomey (D-Cambridge). “MassCEC’s support for incubator space has helped cement our city and region as a national and global center of cleantech research and innovation.”
According to the 2015 Massachusetts Clean Energy Industry Report, there are nearly 100,000 clean energy workers at more than 6,400 companies across the Commonwealth. Clean energy jobs rose by 11.9 percent from 2014 to 2015, and clean energy employment in the Commonwealth has grown by 64 percent overall since 2010.
“These organizations help to grow the number of cleantech jobs in the Commonwealth, advance innovation, and equip entrepreneurs with the resources they need to succeed in a competitive global marketplace,” said MassCEC Interim CEO Stephen Pike.
Greentown Labs is the nation’s largest cleantech incubator and is home to more than 40 startups that represent multiple sectors: energy generation; energy distribution and storage; transportation; agriculture, water and waste, building and energy efficiency; and chemicals and advanced materials.
“Greentown Labs and its member companies play a huge role in furthering Massachusetts’ innovation economy,” said Sen. Pat Jehlen (D-Somerville). “With this financial support, Greentown Labs will continue to push Massachusetts toward a greener future.”
To learn more about the IncubateMass program, please visit www.masscec.com.