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Funding Resources
Funding Resources
| MA Sustainable Energy Development Initiative | |
|---|---|
| Type of Incentive | Loan |
| Eligible States | MA |
| Eligible Technology | Backpressure Turbine, Boiler, Combustion Turbine, Condensing Turbine, Extracting Turbine, Fuel Cell, Microturbine, Other, Reciprocating Engine, Heat Recovery Generator, Stirling Engine |
| Eligible Fuel | Biogas, Biomass, Hydrogen, LFG, Other |
| Eligible Project Size | All (MW) |
| Number of Awards |
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| Size of Award | The Renewable Energy Trust, a division of the Massachusetts Technology Collaborative, is offering up to $500,000 of funding in the form of a loan. Loans will range from anywhere between $50,000 to $500,000. To be eligible for funding companies must be based in MA and must provide energy from biomass, fuel cells, photovoltaic (PV), wave, tides, hydropower, and wind. Companies that produce the following items are also eligible: power inverters, power controls, power switching equipment, power storage and instrumentation with a specific renewable energy source. Loan outline: 5-yr loan, the interest rate is prime + 2% Company match: 1:1 match with SEED award - Years 0-2: Interest accrues - Year 3: Current interest is due quarterly - Year 4: Remaining interest is amortized quarterly through due date, at which point Principal is also payable. Equity: automatically converts at a 25% discount in an equity round of over $2 million. Terms: One loan is allowed per company within any 12 month period. |
| Start Date | 11/17/2005 |
| End Date |
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| Minimum Efficiency(%) |
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| Additional Information | Publicly traded companies are eligible. Once a pre-application is submitted then the MTC will notify the applicant of their facility's eligibility within 10 days. The applicant has 60 days from the receipt of eligibility notification to submit an application. Applicants will receive notification of financial assistance within 180 days of their full application submittal. Then applicants have 45 days to submit all other required documents after receiving the financial assistance package. * The SEED program has no expiration date listed. |
| Web Site | http://www.masstech.org/SEED/  |
| Primary Contact | Sissi Liu 75 North Drive Innovation Center Westborough, MA 1581 U.S.A. Sissi Liu (SEED@masstech.org) |