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SEED 2007
Up to $500,000 of Seed Capital per Company
Ze-gen received a SEED award to develop an advanced biomass gasification technology that can turn organic and inorganic waste into a synthetic fuel for power generation. SolarOne, a SEED award recipient, develops advanced solar powered LED area lighting systems.  SEED award recipient Nanoptek’s unique photocatalyst absorbs 10 times the sunlight of competing photocatalysts, thereby providing efficient, clean, and low-cost hydrogen produced from water (prototype shown).

The Massachusetts Technology Collaborative (MTC) is pleased to announce the 2007 SEED Solicitation release.

As an investor interested in the renewable energy industry, you often come across business plans from companies whose technologies are appealing but are still too premature for your investment. Such companies may be the perfect candidates for our SEED program.

We welcome your partnership in helping to build premier renewable energy technology firms with the potential of enhancing your investment portfolio, as well as catalyzing the renewable energy cluster in Massachusetts.

For 2007, SEED is offering low-cost flexible working capital of up to $500k per company. The SEED funding agreement has been revised and streamlined, offering simpler terms to awardees. Companies may apply any time during the year. To find out more about SEED, please go to www.masstech.org/SEED.

SEED 2007 Highlights

  • Application/Award Amount: Up to $500,000 per company per 12-month period, up to two awards per Massachusetts company.
  • Funding Match Requirement: 1:1 match with SEED award amount from external sources.
  • Use of Proceeds: Working capital for product development and commercialization.
  • Funding Instrument: Convertible loan.
  • Conversion Discount Rate: 25% share price discount in equity round of over $2 million.
  • Interest Rate: Prime + 2%.
  • Term and Repayment: 5-year balloon.
  • Eligibility Technologies:
    • Solar photovoltaic or solar thermal electric energy
    • Wind electricity
    • Ocean thermal, wave, or tidal energy
    • Biomass
    • Hydropower
    • Fuel cells
    • A company may also be eligible if it produces power inverters, power controls, power storage, or other equipment that is important to enabling the commercialization of renewable energy technologies. 
  • Application Process: SEED is accepting applications on an open enrollment basis.

About MTC and SEED

MTC, a quasi-state agency, established the Sustainable Energy Economic Development (SEED) Initiative to support growth and commercialization of renewable energy technologies in Massachusetts. SEED provides direct and flexible capital to early-stage companies for new renewable energy related product development and facilitates companies in gaining access to private capital.

Past SEED Award Recipients include Agrivida, CellTech Power, Lilliputian Systems, Nanoptek, Premium Power, SolarOne, SafeHydrogen, and Ze-gen, representing a diverse spectrum of renewable energy technologies from solar to biomass, to fuel cells.

For more information about SEED or if you have any suggestions, please contact:
Sissi Liu
Massachusetts Technology Collaborative
75 North Drive - Innovation Center
Westborough, MA 01581
LIU@masstech.org
Tel: 508-870-0312  x 1 226
Fax: 508-898-9226
www.masstech.org/SEED