North Shore InnoVentures Graduates Two Cleantech Companies and adds a New Cleantech Startup to its Incubator Portfolio
Beverly business accelerator also receives $70,000 in grants from Mass. Clean Energy Center and City of Beverly
BEVERLY, Massachusetts, October 9, 2013. North Shore InnoVentures, (NSIV) one of New England's leading technology incubators and business accelerators, announced today that two of its portfolio companies in the cleantech sector, Energy Compression and Save Energy Systems have graduated and entered the marketplace. In addition, cleantech startup Crowd Comfort has joined NSIV, for a total of 19 companies now in the incubator. To date, NSIV has graduated ten startups – six in cleantech and four in life sciences.
NSIV also announced that it has received a $60,000 grant from the Massachusetts Clean Energy Center to support its cleantech incubator companies. NSIV has also received a $10,000 grant from the City of Beverly in recognition of the contribution NSIV is making to the economic development of the City through fostering enterprise growth and job creation.
"With nearly 80,000 cleantech jobs now supported in Massachusetts, interest in this vital field is at a historic high," said Martha Farmer, CEO of North Shore InnoVentures. "Our latest two graduates are entering the market during an exciting time for the sector. We look forward to their ongoing success and are eager to help our newest cleantech company, CrowdComfort, achieve its growth goals."
North Shore InnoVentures operates technology business incubators to nurture innovative early-stage companies and support sustained economic growth in the North Shore region. NSIV focuses on cleantech and life sciences; two of the strongest technology clusters in Massachusetts, and provides creative business acceleration services that increase the success rate for early-stage companies and their investors.
The two cleantech companies graduating NSIV are:
Energy Compression – which is bringing a new kind of grid-scale energy storage to the marketplace called Adsorption-Enhanced Compressed Air Energy Storage. This breakthrough technology promises utilities and power generators enhanced flexibility in managing energy storage and peak-load balancing.
Save Energy Systems – which is marketing its energy efficiency technology to reduce costs for businesses. Its patented Demand Limiting Controller (DLC) provides small to mid-sized facilities with a simple, efficient solution for intelligent control of multiple HVAC systems, resulting in overall energy reduction without compromising comfort.
NSIV's newest member to join the incubator, CrowdComfort, is the "world's first crowd sourced thermostat." CrowdComfort offers building owners, operators, and occupants an app-enabled way to report on their comfort in the building environment, with the means to convert that information into time-stamped and geo-located heat maps.
"We are always looking for ways to reduce barriers faced by early-stage companies as they look to take their promising technologies from the laboratory to the marketplace," said MassCEC CEO Alicia Barton. "Assisting incubators creates more opportunities for startups to drive cutting-edge clean energy innovation right here in Massachusetts."
"The job growth in Massachusetts' cleantech economy has been dramatic and our investment in North Shore InnoVentures demonstrates that Beverly is committed to being at the forefront of this important field," said Beverly Mayor William Scanlon.
"As a former Board member of NSIV, I've seen how its unique combination of physical facilities, executive guidance and collaboration opportunities have accelerated the development of startup companies," said Eric Graham, CEO of CrowdComfort. "Now as a new entrepreneur, I'm looking to NSIV's extensive network of mentors and business contacts to help build my business."
Created by the Green Jobs Act of 2008, the Massachusetts Clean Energy Center (MassCEC) is dedicated to accelerating the success of clean energy technologies, companies and projects in the Commonwealth – while creating high-quality jobs and long-term economic growth for the people of Massachusetts. Since its inception in 2009, MassCEC has helped clean energy companies grow, supported municipal clean energy projects and invested in residential and commercial renewable energy installations creating a robust marketplace for innovative clean technology companies and service providers. http://www.masscec.com.
About North Shore InnoVentures
North Shore InnoVentures (NSIV) is a non-profit 501(c)(3) business incubator headquartered at the burgeoning cluster of more than sixty life sciences and cleantech businesses at the Cummings Center in Beverly, MA. NSIV is dedicated to accelerating the growth of innovative early-stage life sciences and cleantech businesses and supporting the economic growth of Boston's North Shore. Its management, board of directors, advisory board, and mentors bring a wealth of entrepreneurship experience in addition to business development and technical expertise. Further support comes from sponsors who contribute marketing, legal, operational and educational services. http://www.nsiv.org.