- ABOUT MassCEC
The Bridging Recovery for Innovators Driving Green Energy Solutions (BRIDGES) Program is a limited $1,500,000 investment program that provides convertible notes to clean energy startups that have previously received funding from certain MassCEC investment and innovation grant programs. The program was created to support innovative clean energy startup companies that have been adversely affected by the COVID-19 pandemic. Companies selected for a BRIDGES investment from MassCEC will also have the opportunity to be considered for an additional investment from Breakthrough Energy Ventures, which has committed an additional $1,000,000 to back MassCEC and the BRIDGES program.
This program is currently CLOSED.
Click here to view a recording of the BRIDGES Launch Informational Webinar. The webinar clarifies program details, eligibility, application, and selection process.
A link to the slides presented can be found here.
The BRIDGES Program is available for Massachusetts-based, clean energy startup companies who have received prior funding from certain MassCEC programs including: Catalyst, InnovateMass, AmplifyMass, DeployMass, AccelerateMass, Seed Investments, Equity Investments, and Venture Debt. Detailed requirements can be found in the “Eligibility” section of the Solicitation for Applications.
The BRIDGES Program is a competitive solicitation that is designed to support promising startups by filling a funding gap to help them achieve financial runway of at least six months. Applications will be accepted from May 1st to May 15th, 2020.
Step 1: Review the Solicitation for Applications, the Summary of Terms, the Application, the Frequently Asked Questions, and the informational webinar and slides, to determine eligibility and award provisions.
Step 2: Reach out to firstname.lastname@example.org with any additional questions.
Step 4: MassCEC will notify applicants if they have been selected for investment and will work with applicants to finalize investment terms (as outlined in Summary of Terms) and request additional legal due diligence materials.
Step 5: In addition to quarterly check-ins with MassCEC staff, recipients will be required to submit informal written updates every other month and quarterly financials.
Clean technology startups are facing severe challenges due to the COVID-19 pandemic, from operational disruptions to weakened demand to lack of access to financing.
The goals of the BRIDGES program are to:
- Support the continuity of Massachusetts-based startups advancing critical decarbonization technologies during a period of unforeseen disruption due to COVID-19;
- Preserve jobs and business activities in the Commonwealth;
- Attract additional capital to the clean technology sector.