Grant advances commercialization and innovation investments of heat-to-electricity clean energy company MTPV.
BOSTON, MA AUGUST 31, 2016 MTPV Power Corporation (http://www.mtpv.com), a clean energy company that converts heat to electricity using semiconductor chips, has announced that it is a MassVentures 2016 START program awardee, receiving a Stage 1 grant to advance commercialization and further innovation.
The START program awards grants to select companies that have received a SBIR (Small Business Innovation Research) Phase II grant and is a three-year process designed to provide increasing financial rewards to SBIR Phase II companies that demonstrate progress on the path toward commercialization.
A highly competitive process, the START program awards Stage 1 grants to 10 companies annually. The MTPV proposal was selected from among 89 applicants this year to receive this commitment from MassVentures. The grant follows and builds upon the SBIR and Technology Enhancement for Commercial Partnerships grants awarded to MTPV by the National Science Foundation in both 2015 and 2016.
“MTPV Power Corporation is excited and honored to be named a MassVentures 2016 START Program Stage I winner. The START Program is an invaluable resource for high growth companies in the Commonwealth of Massachusetts looking to commercialize innovative technologies,” said MTPV’s President & CEO David Mather. “The funding and support provided by the START Program is integral to the successful development and commercialization of our groundbreaking waste heat to electricity conversion technology.”
“We look forward to working with the 2016 winners and helping them become powerful economic development engines for the Massachusetts economy,” said Jerry Bird, President of MassVentures. “MassVentures helps innovative companies like MTPV Power Corporation capitalize on their SBIR funds and arm them with the capital, experience, and a powerful network they can use to accelerate their transition to high-growth companies.”
“The START Program help companies bridge the gap between innovation and commercialization, supporting research, development, and manufacturing jobs in Massachusetts,” said Housing and Economic Development Secretary Jay Ash. “Investments in revolutionary companies and products supports the continued growth of the Commonwealth’s creative and innovative sectors, and will help us maintain our position as a world leader in new technology.”
About MTPV Power Corporation (http://www.mtpv.com)
MTPV is a clean energy semiconductor company using its breakthrough technology to harness the world’s heat and convert it to electricity. For more information, visit http://www.mtpv.com and connect with MTPV on LinkedIn, Facebook and Twitter.
About MassVentures (http://www.mass-ventures.com/)
MassVentures is quasi-public venture capital firm focused on fueling the Commonwealth’s innovation economy by funding early-stage, high-growth Massachusetts startups as they move from concept to commercialization. The MassVentures’ START program received the prestigious 2015 Tibbetts Award from the U.S. Small Business Administration. The Tibbetts Award recognized MassVenture’s critical role in research and development and for successfully driving innovation and creating new jobs through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.