AccelerateMass is a two-stage investment program that provides up to $150,000 in convertible notes to clean energy graduates of approved accelerator programs. The program exists to support companies as they advance and commercialize clean energy technologies and business models. AccelerateMass was launched in 2015. Four investments were made in both 2015 and 2016.

AccelerateMass program is closed for 2017. Please check back in fall 2018 for the next round of solicitation.

This program is currently CLOSED

Only Massachusetts-based applicants whose primary business fits the MassCEC definition of “clean energy” (defined in the MassCEC Enabling Legislation here), and that have successfully graduated within the current year from the following accelerator programs, are eligible:

Awards to applicants not currently located in Massachusetts will be contingent on proof of relocation to the Commonwealth. Detailed requirements can be found in the “Eligibility” section of the Solicitation for Applications

If you are an accelerator program and are interested in becoming AccelerateMass-approved, allowing your graduates to be eligible for the program’s funding, please email

Phase 1

Step 1: Successfully graduate from one of the accelerator programs listed in the "Who is eligible?" section above.

Step 2: Review the Solicitation for Applications and the Summary of Terms to determine eligibility and award provisions. 

Step 3: Submit a Phase 1 Application and required attachments (along with supporting materials to with the subject line "AccelerateMass Phase 1 Application - [Company Name]" by the deadline.

Step 4: MassCEC will notify applicants of finalist status and will schedule in-depth review meetings with finalists to further assess the company and business plan (see Solicitation Schedule below).

Step 5: MassCEC will select up to five finalist as Phase 1 Awardees to receive a $50,000 Phase 1 convertible note investment.

Step 6: In addition to quarterly check-ins with MassCEC staff, awardees will be required to submit informal, monthly written updates, quarterly financials, and a semi-annual progress report during the Phase 1 milestone period.

AccelerateMass Fall 2017 Phase 1 Solicitation Schedule

October 6, 2017 

Application period opens

November 11, 2017 

Phase 1 applications due

Late November, 2017

Applicants notified of finalist status

Early December, 2017  

Finalist presentations

January 2018         

Announcement of award recipients

AccelerateMass Fall 2017 Phase 1 Webinar

Click here to view the slide deck from the AccelerateMass Webinar.

Office Hours

We are offering office hours to answer any questions you may have regarding MassCEC AccelerateMass Program Awards.

Tuesday, October 31st from 3:00 pm - 4:30 pm at Greentown Labs, 28 Dane Street, Somerville, MA. Click here for directions.

Phase 2 (Note: Only companies that have received a Phase 1 investment are eligible to apply for Phase 2. Applications for AccelerateMass Phase 2 are accepted on a rolling basis)

Step 1: Complete Phase 1 of AccelerateMass in accordance with the agreed-upon work plan and reporting requirements outlined in Step 6 of Phase 1 above.

Step 2: Submit a program application and required attachments to with the subject line “AccelerateMass Phase 2 Application – [Company Name].”

Step 3: MassCEC staff will evaluate the progress the company has made during Phase 1 as well as the continuing merit of the technology and business plan prior to a company’s entrance into the Phase 2 program. Staff will notify Awardees if selected for a $100,000 Phase 2 convertible note investment.

Step 4: In addition to quarterly check-ins with MassCEC staff, awardees will be required to submit informal, monthly written updates, quarterly financials, and a semi-annual progress report during the Phase 2 milestone period.

What is a convertible note?

A convertible note is a financial instrument that is initially provided as a loan with accruing interest and, upon obtaining a Qualified Financing or other funding milestone, the loan converts into an equity stake in the company. If a Qualified Financing or other funding milestone is not reached prior to maturity of the loan, MassCEC may elect to convert its loan into equity at the then current fair market value.

If I am awarded a convertible note investment under AccelerateMass, what happens when I raise a Qualified Financing?

Upon  raising  a  Qualified  Financing,  the AccelerateMass convertible  note  will  convert  into the  same equity security issued in that Qualified Financing. The number of shares that the note converts into will be based on the share price of that round and will also take into account a tiered, time-based discount, and accrued interest. At that time, MassCEC becomes an equity holder in the company and has rights similar to other investors.

What is a Qualified Financing?

A Qualified Financing is any sale of the company’s capital stock or other equity interests in a single transaction or series of related transactions amounting to $750,000 or more.

What if I raise a Qualified Financing before I apply for or receive my Phase 2 investment?

A Qualified Financing is a significant milestone and may demonstrate investor/commercial traction. Therefore, if you raise a Qualified Financing before receiving a Phase 2 investment, MassCEC will consider awarding the Phase 2 investment at the time of the close of the Qualified Financing. Both the Phase 1 and Phase 2 investment would then convert into the securities issued in the Qualified Financing.

What does the “significant Massachusetts presence” requirement mean?

You must have a majority of the following offices based in Massachusetts (as applicable) in order to have a “significant Massachusetts presence”:

  • Company headquarters
  • Primary research and development operations
  • Primary sales and marketing office
  • Primary manufacturing operations

What if my company decides to move outside of Massachusetts after receiving an AccelerateMass investment?

You must notify MassCEC if your company no longer maintains a significant Massachusetts presence, as defined above, after receiving the AccelerateMass investment. In the case of out-of-state relocation, the award is subject to redemption by MassCEC.

What if my company is not currently located in Massachusetts, but is interested in relocating there?

Out-of-state companies are eligible to apply for AccelerateMass if they are seriously considering a move to Massachusetts. Part of our Phase 1 review process will be to gauge the company’s commitment to relocating. Disbursal of a Phase 1 investment will be contingent on proof that the company now meets the “significant Massachusetts presence” requirement. Following notification of award, companies will be given a 3-month grace period to provide proof of relocation.

Can MassCEC assist companies in relocating to Massachusetts?

Ultimately, companies are responsible for finding their own space in Massachusetts. However, there are numerous incubators in the Commonwealth that may be a good fit for companies at this stage, including:

For more information on clean energy incubators in Massachusetts, please visit our Massachusetts Clean Energy Incubators  page. 

My application contains sensitive materials. What is MassCEC’s policy on confidentiality?

As a public entity, MassCEC is subject to Massachusetts' Public Records Law, codified at Chapter 66 of the Massachusetts General Laws ("Public Records Law"). Any documentary material, data, or other information submitted to MassCEC are presumed to be public records. An exemption to the Public Records Law may apply to certain records, including materials that fall under certain categories under a statutory or common law exemption, including the limited exemption at Massachusetts General Laws Chapter 23J, Section 2(k) regarding certain types of confidential information submitted to MassCEC by an applicant for any form of assistance.

In line with Public Records Law requirements and with regard to companies in which MassCEC makes equity and debt investments, MassCEC generally considers the following types of information as confidential:

  • Board meeting minutes
  • Capitalization table
  • Budgets and financial projections
  • Current and historical financial Statements
  • Confidential Information contained in pitch deck
  • Term sheet(s)
  • Investment transaction documents
  • Details of strategic partnership or exclusivity agreements (if not already public)
  • Customer contracts
  • Supplier contracts
  • Technical product drawings or descriptions
  • Employee agreements
  • Details of fundraising history (major investors, pre- and post-money valuations, etc.) (if not already public)
  • Product pricing
  • Sales pipeline
  • R&D roadmap
  • Profitability margins

If I have already received a Phase 1 investment under AccelerateMass, and have since completed another accelerator program, am I eligible to apply for a second Phase 1 investment?

No, prior Phase 1 awardees are not eligible to receive additional Phase 1 investments. 

Further, MassCEC shall have the right to disclose the name of any payee, the amount of the investment, and any other information it may deem reasonably necessary on Open Checkbook, the Commonwealth of Massachusetts’ online database of state spending.

AccelerateMass was created to serve as a resource for recent accelerator graduates to allow them to reach a stage where they can reach commercial milestones and successfully obtain private investment funding. The goals of the program are to:

  • Provide additional funding opportunities for early stage companies to support commercial development;
  • Help to build on a company’s momentum by providing a runway from accelerator graduation to an early stage financing round;
  • Encourage cleantech startups to apply to accelerator programs;
  • Improve the rate of success for cleantech companies graduating from accelerators;
  • Assist out-of-state companies relocating to Massachusetts; and
  • Attract private capital to earlier stage companies.

Current portfolio companies include: