Waltham Company Awarded $50K for Clean Energy Project

WALTHAM, MA – A Waltham-based clean energy company was awarded $50,000 in state funds for an upcoming project. CoolComposites was one of four Massachusetts companies awarded a total of $200,000 from the Massachusetts Clean Energy Center as part of AccelerateMass, a program designed to fund Massachusetts-based startup companies that recently graduated from business accelerator programs and focus on clean energy solutions.

"Massachusetts has a rich history of innovation and is proud to support entrepreneurs working hard to develop new, creative clean energy solutions," Gov. Charlie Baker said in a statement. "A vibrant startup scene is an important driver for any innovative economy and we are pleased these grants can help play a role in sustaining a competitive and innovative clean energy economy."

CoolComposites will use its funding to support the development of an insulation additive called CoolFlux, which improves the performance of insulation by up to 40 percent.

AccelerateMass has aggressively expanded since being founded last year; while the program was only open to MassChallenge and Cleantech Open Northeast graduates in 2016, this year it opened to five additional accelerators – Techstars Boston, TiE ScaleUp, Valley Venture Mentors, VentureWell’s ASPIRE Program, Village Capital’s Energy Program and all Cleantech Open chapters nationwide.

"This funding encourages businesses to come up with creative ways to create clean energy solutions," Rep. John Lawn, a Waltham democrat, said in a statement. "I am happy to see Waltham based company, CoolComposites, has come up with such an innovative solution improving the performance of insulation, this is a great way to help Massachusetts residents conserve both energy and money."

According to the 2016 Massachusetts Clean Energy Industry Report, the state's clean energy sector has grown 75 percent since 2010 and employs more than 105,000 workers from across the state. An $11.8 billion industry, clean energy represents 2.9 percent of the state's workforce and 2.5 percent of its overall economy.

"Supporting early-stage clean energy entrepreneurs encourages the innovation the Commonwealth needs to reduce our greenhouse gas emissions," Energy and Environmental Affairs Secretary Matthew Beaton said in a statement. "This funding will also help to drive these breakthrough technologies to market opportunities, delivering new, clean energy solutions for residents across the Commonwealth."

Boston-based Electra Vehicles, Battery Resources in North Grafton and Idle Smart in Longmeadow also received funding.

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