Bay State fund targets $50M to support clean energy start-ups

The Massachusetts Clean Energy Center (MassCEC) launched a new $50 million fund to support the advancement of clean energy and climate tech by investing in early-stage start-ups. 

The 2030 Fund will target firms that are creating highly technical tools that are critical for decarbonization.

MassCEC will focus investments made by the 2030 Fund on Net Zero grid, high-performance buildings, clean transportation, offshore wind, and other high-impact areas. Additionally, the agency plans to make commitments through 2030 on new investments, follow-on investments, and venture debt.

Massachusetts has a series of efforts under way to decarbonize the state in order to reach emissions goals and achieve Net Zero in 2050. These efforts include the development of the Massachusetts 2050 Decarbonization Roadmap, the Clean Energy and Climate Plan for 2025 and 2030, and the signing of the Climate Act, An Act Driving Clean Energy and Offshore Wind. 

“Early-stage funding is crucial to growing the Commonwealth’s burgeoning clean energy economy sustainably,” said Massachusetts Clean Energy Center CEO Jen Daloisio.

Episode 27 of the Factor This! podcast features Robin Laine and James McWalter, two climate tech entrepreneurs aiming to solve some of clean energy’s biggest challenges. The episode is available wherever you get your podcasts.

Since 2014, the agency has deployed $16.9 million over 100 transactions, translating to $725 million in leveraged capital. MassCEC’s BRIDGES Program — developed to counter investor pullback during the pandemic — brought together partners to leverage $1.1 million, which encouraged other investors to commit a further $9.4 million. The result was 100% successful outcomes for eight startups through acquisitions and further rounds of funding.

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Author: Jennifer Runyon