Cleantech Center Established in Lynn, Mass

Oct 26 2009 | 10:08am ET

Local businesspeople hoping to ride the current wave of interest – and investment – in cleantech have established a cleantech incubator in Lynn, Massachusetts.

The Cleantech InnoVenture Center (CIVC) will be run by North Shore InnoVentures (NSIV), a non-profit corporation established by the leadership of the North Shore Technology Council (NSTC). The NSTC is a non-profit business association that focuses on the needs of technology industries and companies located or active north of Boston.

Magniture Systems, a company dedicated to reducing energy use in large buildings, has signed on as the center’s first resident and the center says it is close to accepting several other startups.

In addition to low-cost space, the InnoVenture Center will provide technical services and research capabilities, thanks to a relationship with MIT’s Fraunhofer Center for Sustainable Energy Systems.

Cleantech InnoVenture CEO Eric Graham is an incubator director at Fraunhofer, which works with businesses to develop energy efficiency technologies and renewable energy industries.

The CVIC is associated with another NSTC interest group, the Sustainability Forum, bringing together members interested in cleantech and alternative energy development efforts in the region.

The CVIC is “going to be successful,” according to Massachusetts Rep. Stephen Lynch, who told guests at a breakfast meeting to announce the center that it enjoys the support of the city, the state and private industry and will “help bring cleantech jobs to the North Shore.”

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