October 30, 2015

Lexington's FirstFuel Raises $8.5 Million in Funding

The cleanest kilowatt hour is the one that’s never used.

Energy efficiency—providing the same amount of work or utility with fewer energy units—is all about getting the most out of each electron and Massachusetts has long been a leader in energy efficiency.

For the past three years, the Commonwealth has been ranked #1 by the American Council for an Energy Efficient Economy.  And while that's an impressive accomplishment, we're continuing to look forward by increasing our commitments to energy efficiency and by creating an environment where innovation can happen.

The most recent bit of good news comes from FirstFuel Software, a Lexington-based company employing 30 people locally and focused on delivering energy efficiency analytics for large consumers.  FirstFuel recently announced that they have successfully procured $8.5 million in Series B funding, bringing their grand total to date up to $20.9 million. FirstFuel’s funding announcement represents another clear signal that energy efficiency continues to move forward here in Massachusetts.

This sort of attention is excellent news when it comes to growing quality jobs in our state and is further proof that Massachusetts is fertile territory for clean energy companies to start, move to and grow.

One way MassCEC is helping accelerate the development of companies like FirstFuel is through our Clean Energy Internship Program, which has helped ensure that companies are able to maintain their strong momentum as they continue to expand and transition into hiring additional full-time employees, many of whom will be those very same interns who have already gained valuable first-hand experience.

It is only natural that Massachusetts would capitalize on its already well-established tech and startup ecosystem to take advantage of the growing energy efficiency field. It's a way to drive our innovation economy forward, and if FirstFuel’s recent success is any indication, an easy sell.