I had the opportunity last month to meet the people behind Greentown Labs and many of the entrepreneurs growing their business ideas at this Boston-based cleantech incubator.
Greentown Labs enables entrepreneurs to create game-changing energy technologies that will transform the way people live, work and play. With a focus on creating new ways of producing and consuming energy, Greentown Labs provides office space, ample resources and funding to help these early-stage companies thrive.
In July, Greentown Labs announced its plans to move in September to Somerville, Mass., just 3.5 miles from downtown Boston. The announcement was made at a press event that included Somerville Mayor Joseph Curtatone, Massachusetts Governor Deval Patrick and other dignitaries including the Massachusetts Secretary for Energy and Environmental Affairs Richard Sullivan and the Massachusetts Secretary for Housing and Economic Development Greg Bialecki.
Founder of Greentown Labs Jason Hanna and CEO and Executive Director of Greentown Labs Emily Reichert with Massachusetts Governor Deval Patrick at the press event in July announcing Greentown Labs' new location.
The new building will offer 24,000 sq. ft. of prototyping lab and co-located office space, a shared machine and electronics shop, immersion in a growing community of energy and clean technology entrepreneurs, and on-site events and programs designed to enable start-ups to rapidly grow their networks and companies.
Greentown Labs was the first recipient of a $300,000 working capital loan through Somerville's new one-million dollar revolving innovation fund. Greentown Labs also received a $150,000 loan from the Massachusetts Clean Energy Center.
"Two years ago, we were just four startups who needed affordable space to build things. Now we are home to 28 organizations, 100 employees, a 15-company wait list, and a vibrant community that is helping to grow the clean energy ecosystem. All of this has exceeded our expectations in every sense of the word," said Jason Hanna, founder of Greentown Labs.
Also announced at the press event was a $30,000 Greentown Grows crowdfunding campaign to help finance final construction costs. The crowdfunding campaign, which ends Sept. 16, already boasts 169 funders and more than $23,000 raised. In addition, Greentown Labs is offering founding sponsorships to companies and partnering organizations that have strategic interests in building the cleantech ecosystem including talent acquisition, deal flow, company formation, and future acquisition and licensing opportunity.
"We are grateful for all the friends, sponsors and partners that have gotten us this far. The Greentown Grows Campaign is one way you can help continue to build this community and give more entrepreneurs a chance to pursue their dreams," said Emily Reichert, CEO and executive director of Greentown Labs.
Greentown Labs is home to more than 25 start-up companies -- ranging from those just beginning prototyping to those who have raised a Series A venture round, and span technologies ranging from energy efficiency to transportation to water technology -- including:
Altaeros Energies: Developing a breakthrough airborne wind turbine that produces abundant, low-cost, renewable energy. Altaeros turbines are designed for easy mobility and deployment at remote locations.
AMPL Energy: Creating advanced modular power, lighting and energy solutions to help the move to alternative energy sources and micro-generation.
Cleantech Open Northeast Region: The world's oldest accelerator program specifically for cleantech companies, finding, funding and fostering entrepreneurs addressing today's most urgent energy and environmental challenges.
Coincident: Developed a solution to optimize the use of HVAC equipment in residential and commercial settings.