On February 14, the Massachusetts Clean Energy Center (MassCEC) announced it will fund eight early-stage companies through grants and convertible notes totaling $505,000. The funding comes from MassCEC’s Catalyst and AccelerateMass programs. Congratulations to our clients, Onvector, a start-up focused on developing technologies that address the costly process of treating industrial wastewater, and Titan Advanced Energy Solutions (Titan), an advanced battery management system technology start-up, for receiving funding.
Onvector received a $65,000 grant through MassCEC’s Catalyst program. MassCEC jointly administers the program with the Massachusetts Technology Transfer Center (MTTC). The pair awards funds to early-stage companies to use to demonstrate the feasibility of their initial prototypes of clean energy and water technologies. Vinit Nijhawan, MTTC Interim Executive Director, said that “these awards will catalyze the commercial viability of their inventions leading to additional private capital to grow into sustainable businesses.” Onvector will use its funding for “developing a high-voltage, highly-efficient, plasma vortex (“lighting in a bottle”) approach to treating industrial wastewater, such as pharmaceutical and chemical industry wastewater.”
MassCEC invested $50,000 in Titan through the AccelerateMass program, and it may invest an additional $100,000 in Titan if Titan reaches specific business objectives. The AccelerateMass program provides up to $150,000 in convertible notes to clean energy companies that have graduated from an approved list of accelerator programs. Titan graduated from Greentown Launch of Greentown Labs, making the company eligible for the AccelerateMass program. The intention of the program is to provide resources for recent accelerator graduates that will allow them to reach commercial milestones and obtain private investment funding.
Massachusetts Lieutenant Governor Karyn Polito commented, “these programs provide an opportunity to support small businesses while also stimulating our nation-leading clean energy economy. Interacting with these companies at an early-stage ensures they have the resources necessary to advance innovative technologies and secure additional private investment.”