Greentown Labs announces US$11 mn expansion plan

Greentown Labs announced an US$11 million expansion project in Union Square, Somerville, Massachusetts.

The growth comes just two years after Greentown Labs moved to Somerville in September 2013, taking over a portion of Ames Business Park and becoming a cornerstone of what has been dubbed “Innovation Row.” In that time the incubator grew from a collection of 25 companies to a community of more than 40 companies, emerging as the largest cleantech incubator in the nation with a strong set of corporate sponsors, partners and government organizations.

With the planned expansion and new headquarters, the organization will more than double its space to 93,000 square feet, enabling Greentown Labs to serve as a global center for cleantech innovation.

Greentown Labs current 33,000 SF facility reached capacity within a year of opening and started a waitlist of hardware-focused cleantech startups seeking to join the community and grow their companies. Members of the Greentown Labs community have collectively raised more than US$118 million in investment and employ more than 400 people.

The expanded location will enable Greentown Labs to not only support startup growth, but also provide an innovation space for global corporations to form strategic partnerships, and conduct skunk works or R&D projects. In addition, the new center will provide a showcase and meetup space for local manufacturers.

“Our goal is to support the best companies as they work to solve the world’s most challenging energy and environmental problems. We not only want to inspire the next generation of companies, but also serve as a key player in building and supporting global cleantech innovation,” Reichert commented.

Construction on the project is expected to begin in 2016 with occupancy expected by the end of the year. The site also promises to become a showcase of innovation in its construction by utilizing solar arrays, LED lighting, advanced HVAC systems and offer such amenities as bike sharing and high-speed charging stations for electric vehicles. Greentown Labs will also provide opportunities to pilot technologies of member companies to operate the new expansion space.