EBTC Selected as Renewable
Energy Industry Partner
The Environmental Business and Technology Center (EBTC) located
in the College of Management at the University of Massachusetts
Boston (UMB), has received a contract from the Massachusetts Renewable
Energy Trust Fund (RET) for the Massachusetts Renewable Energy Sector
Economic Analysis and Business Development Needs Assessment.
In 1997, when the Legislature deregulated the electric utility
industry in Massachusetts, it created the RET. Between 1998 and
2003, the Trust will receive about $150 million to accelerate the
use of cleaner sources of electricity and invest in the development
of the renewable energy industry in Massachusetts. In subsequent
years, the Trust will receive about $20 million a year.
This study results will be used by MRET to make decisions about
investments to increase the capacity of the Massachusetts renewable
energy industry cluster to contribute to regional economic development.
The study will be completed in December 2002.
A large energy technology market is opening up as part of the nationwide
deregulation of utilities. Renewable energy technologies such as
solar, wind and fuel cells are receiving lots of attention.
The study team includes Dr. David Levy, an Associate Professor
in the Department of Management, UMass Boston; Dr. David Terkla,
Professor, Economics Department, UMass Boston; and Dr. Michael Goodman,
Director of Economic Research and Analysis for the University of
Massachusetts Donahue Institute.
"The University has been a tremendous resource to the Renewable
Energy Trust by analyzing the needs of companies that make up the
renewable energy industry in Massachusetts and we look forward to
working with the EBTC to help these enterprises succeed."
Mitchell Adams
Executive Director
Massachusetts Technology Collaborative
Acumentrics Selected to Lead $74 million Solid State Energy Conversion Alliance
Acumentrics Corporation, a Westwood, MA developer of solid oxide fuel cells, has been selected by the U.S. Department of Energy for projected nine year $74 million Solid State Energy Conversion Alliance (SECA) cost share program. The DOE SECA program has a ten year goal to develop highly efficient and clean small-scale solid-state ceramic fuel cells with a factory cost as low as $400 per kilowatt.
Acumentrics' proprietary tubular solid oxide fuel cells produce electricity through a silent electrochemical reaction powered from either tomorrow's hydrogen fuel or today's fossil fuels including natural gas, propane, and ethanol.
This alliance of U.S. industry, universities, and other research organizations, represents a new model for joint government and private industry technology development. Acumentrics is one of two new teams joining existing members including Siemens/Westinghouse, Cummins, General Electric and Delphi.
"The Department of Energy's SECA program support further validates our belief that SOFC technology will be a major part of the distributed power generation infrastructure of the future," said Gary A. Mook, President and CEO of Acumentrics. "We are very fortunate and pleased to be part of the SECA program, and in particular to be the only private company selected for this prestigious contract award."
Acumentrics investors and distribution partners include ChevronTexaco (NYSE:CVX), Northeast Utilities (NYSE:NU), Gneral Dynamcs (NYSE:GD), NiSource (NYSE:NI), and Sumitomo (TSE:8053, OTC:SSUMY), Connecticut's Clean Energy Fund and the Massachusetts Technology Collaborative.
Venture Investment in Clean Technologies Reaches $1.1 billion
Just under $1.1 billion was invested in 179 emerging clean technology companies in 2002, according to Clean Tech Venture Network. At 5.1% of overall venture capital activity last year, about 1 in every 20 deals was in the cleantech space, from solar energy to water purification. Cleantech is now the sixth largest venture category.
Highlights of 2002 include:
- Clean energy ventures received the most dollars at $494 million, or 45%, but received only 33% in the fourth quarter with clean industrial technology companies taking up the slack.
- Average deal size declined from $8.1 million in the first quarter to $4.1 million in the final quarter, as investors moved from follow-on financings to backing startups, consistent with venture capital activity in other sectors.
- West Coast companies received the most funding at 23% but the Northeast came in a close second at 22.1%, with a strong fourth quarter showing of 37.6%. Canadian companies secured 14% of total funding.
- Most active investor, by number of deals, was Hydro Quebec Capitech, the venture capital arm of the Montreal-based utility. Only one of the top ten investors is based on the West Coast.
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