Through a collaborative agreement, MassDevelopment’s Emerging Technology Fund and the Massachusetts Technology Collaborative (MTC) have each agreed to provide Beacon with $2.5 million.
“Beacon Power has always been a Massachusetts-based company, and we applaud the state's commitment to clean technology industry,” said Bill Capp, President and CEO. “[The state] understands the importance of supporting development-stage companies like ours. We're grateful for this funding and we look forward to continuing to expand our operations, add jobs, and move forward with commercial operations.”
The $2.5 million in funding to be provided by MassDevelopment comes from their Emerging Technology Fund, which supports innovation and growth in Massachusetts by providing loans and guarantees for technology-based manufacturing facilities and equipment.
“The Emerging Technology Fund helps companies like Beacon Power, which have been successful in research and development, transition smoothly to production and manufacturing,” said Robert L. Culver, president and CEO of MassDevelopment. “Retaining and growing technology-based companies in Massachusetts is key to maintaining our position as a leader in the innovation economy on both a national and international scale.”
The other $2.5 million will come from MTC through the Renewable Energy Trust, which supports development and expansion of the production capacity of renewable energy technology firms in Massachusetts.
“We’re proud to partner with Beacon Power as it expands its operations in Massachusetts,” said Mitchell Adams, executive director of MTC. “Not only is this company creating new clean energy jobs, it is also advancing vital emission-free technologies that can help the New England electric grid operate more reliably and efficiently.”
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