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Looking to take advantage of massive public and private investment in clean technology development, a group of North Shore business leaders have opened a cleantech incubator in Lynn.
The Cleantech InnoVenture Center announced its first resident, building efficiency technology firm Magniture Systems, this morning at a cleantech business breakfast sponsored by the North Shore Technology Council. Its chief executive, Paul Gregory, is a former business development official at Boston demand response and efficiency firm EnerNOC Inc.
The center will provide low-cost space as well as access to technical services and research capabilities through a relationship with the Fraunhofer Center for Sustainable Energy Systems at MIT. Cleantech InnoVenture’s CEO, Eric Graham, is an incubator director at Fraunhofer, which has the goal of working with businesses to develop new technology in the energy efficiency and renewable energy industries.
The North Shore is prominent in developing small life sciences firms, and Lynn elected officials hope the success at Beverly’s Cummings Center in the biomedical space will translate into a resurging business climate in its city.
“(Cleantech InnoVenture Center) is going to be successful — the city supports it, the state supports it and private industry supports it,” said state Rep. Steven Walsh of Lynn, who helped secure startup funding for the incubator, at the breakfast. “It’s going to help bring cleantech jobs to the North Shore.”
The site itself, at 20 Wheeler St., is the former “J.B. Blood” building redeveloped by the the Economic Development & Industrial Corp. of Lynn.
Cleantech InnoVenture’s Graham said the center is close to accepting several other startups in the coming weeks.
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