Greentown Labs Secures More Than $4 Million from Partners Across Ecosystems in Massachusetts and Texas

Fresh funding and a new Board of Directors will support the incubator's next chapter of climate impact

HOUSTON and SOMERVILLE, Mass., Dec. 18, 2024 /PRNewswire/ -- Greentown Labs, the largest climatetech incubator in North America, has closed over $4 million in new funding from a dynamic mix of partners across its ecosystems in Somerville, Mass. and Houston, Texas. The funding will bolster the incubator's financial position and help its leadership team prepare for Greentown's next chapter supporting even more climate and energy transition entrepreneurs.

The funding was provided by a joint partnership between Houston and Massachusetts investors and entities, including Bobby Tudor, CEO of Artemis Energy Partners and Chairman of the Houston Energy Transition Initiative at the Greater Houston Partnership; David Baldwin, Co-founder of OpenMinds and TEX-E and Partner, SCF Partners; Rice University; MassDevelopment, Massachusetts' development finance agency and land bank; and the City of Somerville. This diverse group of partners shines a spotlight on the synergies of the Massachusetts and Texas ecosystems—their entrepreneurial spirit and leadership, engineering strength, brilliant business minds, and collaborative efforts to tackle major challenges like climate change.

"The challenges of the energy transition are immense, and the role played by technology incubators like Greentown Labs is essential," said Tudor. "We believe this role, which is a partnership between academia, industry, philanthropists, entrepreneurs, and governments, is the best way to get to effective, scalable solutions in a time frame that the urgency of the challenge requires. We need all hands on deck, and this partnership between Massachusetts and Texas can be a role model for others."

"Greentown plays a vital role in the Massachusetts innovation ecosystem by supporting entrepreneurs who are solving the world's biggest energy and environmental challenges and helping our state reach our ambitious climate goals," said MassDevelopment President and CEO Navjeet Bal. "MassDevelopment is pleased to provide this support for Greentown, and we look forward to seeing the emerging clean energy and climate technology solutions enabled by them in the years to come."

"Greentown's mission aligns closely with the Houston Energy Transition Initiative's goal of accelerating global solutions to address the dual challenge of meeting growing energy demand globally while also significantly reducing CO₂ emissions," said Steve Kean, President and CEO of the Greater Houston Partnership.

"Greentown Labs has been a vital partner to the City of Somerville for over a decade, driving innovation, supporting entrepreneurs, and solidifying our city as a hub for the climatetech industry," said Somerville Mayor Katjana Ballantyne. "This new funding will empower Greentown to continue its essential work, ensuring that the climate solutions of tomorrow are born and scaled here today."

Building on the nonprofit's strong track record of supporting more than 575 startups and its expansion to Houston in 2021 as the city's first-ever climatetech incubator, this injection of capital reflects the important role Greentown plays in its ecosystems. Further, it underscores the investors' and partners' long-standing commitment to catalyzing innovative climate and energy transition technologies to help address the climate crisis.

In tandem with this funding announcement, Greentown is proud to introduce its newly appointed Board of Directors, featuring prominent leaders from the Greater Houston and Greater Boston climatetech and energy innovation, entrepreneurship, and investment industries. The new governing board will provide strategic guidance and expertise, amplifying Greentown's mission to accelerate climatetech innovation and commercialization by empowering entrepreneurs and enabling collaboration. Each member brings a wealth of experience, deep industry knowledge, and a shared commitment to driving climate action. Tudor will serve as Board Chair.

• Bill Aulet, Ethernet Inventors Professor of the Practice of Entrepreneurship (MIT Sloan) & Managing Director of the Martin Trust Center for MIT Entrepreneurship
• David Baldwin, Co-founder of OpenMinds and TEX-E; Partner, SCF Partners
• Georgina Campbell Flatter, Co-founder and Executive Director of TomorrowNow 
• Jason Hanna, Co-founder of Greentown Labs; Head of Product, AI Solutions Group at Analog Devices
• Bob Harvey, Former President and CEO of Greater Houston Partnership; Board Member of TEX-E
• John Hitt, General Counsel at the Massachusetts Clean Energy Center
• Juan Carlos Morales, Founder and Managing Director of Surfside Capital Advisors; Board Member of MassDevelopment
• Pam Reeve, Former CEO of Lightbridge; active public, private, and nonprofit board member
• Jane Stricker, Senior Vice President, Energy Transition and Executive Director of the Houston Energy Transition Initiative at the Greater Houston Partnership
• Bobby Tudor, Greentown Labs Board Chair; CEO of Artemis Energy Partners; and Chairman of the Houston Energy Transition Initiative at the Greater Houston Partnership

"With this new funding, Greentown is poised to expand its impact across its existing ecosystems and support even more climatetech startups," said Kevin Dutt, Interim CEO of Greentown Labs. "We believe in the essential role entrepreneurship will play in the energy transition and we're grateful for the support of our partners who share in that belief and our collective commitment to commercializing these technologies as quickly and efficiently as possible."

After a comprehensive and strategic search process, the Greentown Board of Directors plans to announce the incubator's new CEO in the coming months.

About Greentown Labs 
Greentown Labs is a 501(c)(3) nonprofit accelerating climatetech innovation and commercialization by empowering entrepreneurs and enabling collaboration. As the largest climatetech startup incubator in North America—with locations in Somerville, Mass. and Houston, Texas—Greentown convenes the climatetech ecosystem to provide entrepreneurs the community, connections, and resources they need to thrive. Greentown is home to more than 200 startups and has supported more than 575 since its founding in 2011; these startups have collectively created more than 11,000 jobs and raised more than $7.5 billion in funding. For more information, visit www.greentownlabs.com or follow Greentown on LinkedIn.

Greentown Media Contact:
Julia Travaglini
Senior Vice President of Marketing & Communications
[email protected]

SOURCE Greentown Labs