Press Release
MTC’s Renewable Energy Trust Provides Seed Funding for Clean Energy Companies
Investments will advance new technologies, strengthen growing clean energy cluster
WESTBOROUGH, MA (June 27, 2006) – Massachusetts Technology Collaborative (MTC) Executive Director Mitchell Adams today announced $1.4 million in funding from the state’s Renewable Energy Trust to support four clean energy companies. The infusion of capital will help companies that are developing new clean energy technologies and products including solar, fuel cells and biomass.
“These companies are creating new applications that can be used to generate, store and put clean energy to work in a way that benefits our local economy and leads to a cleaner environment,” said Adams. “Providing access to capital for early-stage, clean energy companies and entrepreneurs is a good way to plant seeds for economic growth in Massachusetts.”
Through a highly competitive process, the Trust made the following investments:
| Company | Technology | Location | Award Amount |
|---|---|---|---|
Seahorse Power Corp. |
Solar |
Winchester |
$500,000 |
Premium Power Corp. |
Energy storage/fuel cells |
North Andover |
$500,000 |
Agrivida, Inc. |
Biomass |
Cambridge |
$300,000 |
Stellaris Corp. |
Solar |
Andover |
$100,000 |
Following a peer review process and a review by an independent panel of investment experts, the Trust made the investments to encourage job creation and retention in the Commonwealth. The Trust has made similar investments in six small companies totaling $1.6 million through previous funding rounds.
“With so much focus right now on harnessing clean energy resources, there are tremendous opportunities for Massachusetts businesses to develop path breaking new products and applications in clean energy,” said Trust Director Warren Leon. “This funding is also leveraging substantial private investments that will help these young companies reach the next stage of development in our growing clean energy cluster.”