Massachusetts Bolsters Climatetech Sector with $27.2 Million in Tax Incentives
The Massachusetts government is stepping up its support for clean energy innovation with a substantial investment in the climatetech sector. The Healey-Driscoll Administration recently unveiled $27.2 million in tax incentives aimed at fostering the growth and development of 18 state-based climatetech companies, reinforcing Massachusetts’ position as a leader in sustainable energy solutions.
The funding, distributed through the Mass Clean Energy Center‘s Climatetech Tax Incentives Program, will enable these companies to expand their operations, generate employment, and accelerate technological advancements that aim to curtail costs, diminish pollution, and enhance public health.
Governor Maura Healey emphasized the impact of these investments, stating, “Climatetech is creating new opportunities for workers and communities across Massachusetts. These investments will help companies expand their facilities, hire more workers and grow right here in our state.”
Launched under the Mass Leads Act, the Climatetech Tax Incentives Program is part of a broader strategy to sustain Massachusetts’ leadership in climatetech. It aligns with the MassCEC’s Climatetech Economic Development Strategy and Implementation Plan, which outlines a decade-long roadmap focusing on strategic investments and ecosystem coordination.
Energy and Environmental Affairs Secretary Rebecca Tepper highlighted the technologies being developed, mentioning, “Massachusetts companies are developing the technologies that will shape the future of energy – from long-duration storage to geothermal and hydrogen.”
The inaugural awards support a diverse range of technologies including energy storage, geothermal energy, clean hydrogen, and sustainable aviation fuel. The initiative is expected to attract additional private investment and support further expansion in research, development, and manufacturing within the state.
Climatetech Companies Benefiting from the Initiative
- AeroShield Materials (Waltham, MA): $140,000 – Enhancing window energy efficiency through aerogel insulation.
- BT2 Energy (Roxbury, MA): $100,000 – Specializing in EV charging and energy efficiency solutions.
- Daqus Energy (Woburn, MA): $100,000 – Innovating in battery cathode materials for energy storage.
- Eden Geopower (Somerville, MA): $100,000 – Advancing geothermal energy with electric pulse drilling technology.
- Florrent (Sunderland, MA): $120,000 – Producing clean energy storage solutions from biomass waste.
- Luminous Robotics (Boston, MA): $400,000 – Developing autonomous systems for solar farm construction.
- Mantel Capture (Cambridge, MA): $100,000 – Creating carbon capture tech for industrial applications.
- Orpheus Ocean (New Bedford, MA): $100,000 – Building underwater vehicles for seafloor data collection.
- Pascal Technologies (Cambridge, MA): $100,000 – Offering solid refrigerant cooling systems.
- Reframe Systems (Andover, MA): $800,000 – Operating microfactories for efficient home production.
- REON Technology (Chelmsford, MA): $100,000 – Optimizing battery and solar system management.
- Vertical Semiconductor (Somerville, MA): $120,000 – Engineering transistors for AI data centers.
- Commonwealth Fusion Systems (Devens, MA): $7,500,000 – Developing superconducting magnets for fusion.
- Electric Hydrogen (Devens, MA): $7,500,000 – Manufacturing low-cost clean hydrogen electrolyzers.
- Electrified Thermal Solutions (Charlestown, MA): $954,000 – Delivering zero-carbon industrial heat solutions.
- Form Energy (Somerville, MA): $5,677,258 – Innovating in grid-scale iron-air battery technology.
- Fourth Power (Bedford, MA): $1,546,830 – Creating thermal batteries for energy storage.
- Lydian Labs (Charlestown, MA): $1,784,570 – Producing sustainable fuel from carbon dioxide and hydrogen.
State Senator Barry Finegold and Representative Carole Fiola have both expressed their support for the tax incentives, noting that these measures are crucial for maintaining Massachusetts’ competitive edge in the climatetech sector while addressing energy costs.
To learn more about the Climatetech Tax Incentives Program, visit masscec.com/program/climatetech-tax-incentives-program.
— Mass Clean Energy Center
Original Story at www.thesomervilletimes.com