It has been over two years since Governor Baker enacted the Solar Massachusetts Renewable Target (SMART) Program, and nearly one year since the state’s Department of Energy Resources (DOER) released its final set of proposed regulations for the program. In our latest SMART update, we take a look at where the program currently stands and what energy providers can expect next (read our previous updates here and here).

Continue Reading Update on Massachusetts SMART Program: Where Are We Now?

A recent change to Section 3(c)(1) of the Investment Company Act may make it easier for small venture capital funds and certain special purpose vehicles to raise capital.  While Section 3(c)(1) previously enabled such funds with up to 100 beneficial owners to be exempt from registering as investment companies with the Securities and Exchange Commission, the revised law increases this threshold to 250 beneficial owners.

Teammates from Mintz Levin’s Corporate & Securities Practice recently explained the change to Section 3(c)(1) and the potential benefits for qualifying venture capital funds in an alert. To read the full alert, click here.

In May, Mintz Levin client Axiom Exergy closed an impressive $7.6 million Series A round to scale its cold-storage device for grocery stores, bringing its total fundraising to $12.5 million. Led by Shell Ventures and GXP Investments, this financing will allow the innovative thermal storage startup to expand from two pilot installations to fleet-wide rollouts and reinforce its cloud-based data analytics for optimizing electricity consumption.
Continue Reading June Leader in the News: Axiom Exergy Closes $7.6 Million Series A with a New Thermal Storage Model for Grocery Stores

In a report titled Moving Electrons, investment firm Village Capital highlighted the transportation sector as the next big focal point for cleantech investors seeking opportunities to support firms and sectors that are likely to significantly reduce carbon emissions. The report, which was co-sponsored by the Autodesk Foundation, is a collaborative piece based on feedback from an advisory board Village Capital assembled, including Generate Capital President Jigar Shah, Hewlett Foundation Environment Program Officer Marilyn Waite, CleanChoice Energy co-founder Richard Graves and BP Venture Advisor Miriam Eaves. The authors chose to focus on the transportation industry because of its status as the single largest source of carbon dioxide emissions. Continue Reading Village Capital Report Highlights Transportation as New Focus For Cleantech Investors

Congress

House Hearing on DOE Budget

On April 12, the House Energy and Commerce Subcommittee on Energy held a hearing on “The Fiscal Year 2019 Department of Energy Budget” with testimony from Secretary of Energy Rick Perry. The wide-ranging discussion covered the Administration’s request for the Office of Energy Efficiency and Renewable Energy (EERE), which would see a 70% reduction from Fiscal Year 2018; the Yucca Mountain project and legacy cleanup responsibilities; pipeline safety; encouraging innovation in the private sector; the Strategic Petroleum Reserve; resiliency in the electric grid; fusion energy research; cybersecurity infrastructure; fuel security; and Small Refinery Waivers.

Continue Reading May 2018 Washington Update

The world is changing! Over the last several years, Environmental, Social and Governance (ESG) criteria have been an emerging focus in the investing world, primarily driven by equity investors where it can be harder for a company raising funds to correlate capital costs with ESG impact. Last month, multinational food-products giant Danone Group and its bank group, led by BNP Paribas, redefined the ESG landscape with a credit facility that is said to directly link borrowing rates to  “verified positive impact on the word.”

Continue Reading Save the World, Reduce Your Cost of Capital: How Danone is Turning ESG Impact into Lower Borrowing Costs

In this four-part series, we revisit 2017’s biggest developments in Energy & Sustainability-related news, milestones, policy changes, and financial transactions. This is the first installment of the series. Continue Reading Energy & Sustainability 2017 Year in Review: Tax Bill (Part 1 of 4)

The global economy must triple its annual investment in low-emissions technology, from $750 billion per year between 2010 and 2015 to $2.3 trillion per year going forward until 2040, to keep the planet under 2 degrees Celsius warmer compared to pre-industrial levels according to analysis from the Precourt Institute for Energy at Stanford University. The report, Derisking Decarbonization: Making Green Energy Investments Blue Chip, served as the framing paper for the Clean Energy Finance Forum that the Precourt Institute hosted on November 1st.

Continue Reading Stanford Report Argues Clean Energy Investment Must Triple to Halt Catastrophic Global Warming

On August 23, the Baker-Polito Administration awarded $455,000 in grants to seven early-stage researchers and companies developing clean energy technologies as part of the Massachusetts Clean Energy Center’s (MassCEC) Catalyst program.

Continue Reading Baker-Polito Administration Awards $455,000 in Grants to Clean Energy Innovators