Sustainable Energy Economic Development (SEED)

The Renewable Energy Trust’s SEED Initiative is currently accepting new applications.

SEED supports the growth and commercialization of renewable energy technologies in Massachusetts. SEED provides flexible capital to early-stage companies for new renewable energy related product development and facilitates companies’ access to private capital.

Since 2004, SEED has made 15 awards, totaling $4.9 million. Seven of the companies have received significant funding from private investors after SEED closing. The SEED companies currently have a total known valuation of $237 million and support 150 jobs in Massachusetts. Click here to see previous SEED awards.

SEED 2007 Solicitation Highlights

Application/Award Amount: Up to $500,000 per company per 12-month period.
Company 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 Criteria:

  • Company is a private entity based in Massachusetts;
  • Company has not received private institutional equity financing;
  • Company has completed basic research but has not yet commercialized a product;
  • Company has not received more than two SEED award loan; and
  • Company provides products or services related to the following renewable energy technologies:
    • Solar photovoltaic or solar thermal electric energy
    • Wind electricity
    • Ocean thermal, wave, or tidal energy
    • Biomass
    • Hydropower
    • Fuel cells
    • A company is also 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.

Detailed SEED Information:

Official Contact:

Sissi Liu
Massachusetts Technology Collaborative
75 North Drive - Innovation Center
Westborough, MA 01581
SEED@masstech.org
Fax: 508-898-9226