7AC Technologies Inc., Woburn, MA, announces the completion of a $2.3M Series-A investment round led by the Massachusetts Clean Energy Center (MassCEC).
“We are delighted to announce this significant investment milestone which adds MassCEC to our existing investors CEVG and 1and12 Ventures” said Peter Vandermeulen, CEO and Founder of 7AC Technologies. “MassCEC’s involvement signals a strong vote of confidence in our technology and will enable us to execute the next phase of our commercialization plans which includes our first rooftop installations in the summer of 2012.”
“7AC is one of nearly 5,000 clean energy companies that make up the Commonwealth’s vibrant and growing clean energy sector,” said MassCEC Chief Executive Officer Patrick Cloney. “Through these early-stage investments in the development and commercialization of clean energy and energy efficiency technologies, MassCEC can help high-potential clean energy companies establish themselves in Massachusetts, which in turn attracts and retains critical talent, while bringing in other clean energy companies that are essential to the growth of Massachusetts’ clean energy cluster.”
“7AC Technologies epitomizes the type of innovative CleanTech startups that have made Massachusetts their home” said Arif Padaria, the Managing Director of Investments at theMassCEC. “Having observed firsthand the impressive progress that 7AC has made towards bringing their highly disruptive technology to market we are delighted to be the lead investors in their Series-A round. Our participation will enable 7AC to grow their business and tap into the broad talent pool of people and suppliers that exists here in Massachusetts.”