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Is Boston Losing the GreenTech Game to California?
What’s the Silicon Valley got that Boston doesn’t?
The two regions are competing for GreenTech investment and government dollars, and so far, the Silicon Valley appears to be winning. Companies like BrightSource Energy and Nanosolar, both of California, are catching the attention of venture capitalists. Government stimulus funds and loans are also flowing more freely toward California. In June, Tesla Motors of San Carlos, Calif., an electric vehicle maker, was awarded a $465 million low interest loan from the US Department of Energy to build an assembly plant there. The DOE offered solar panel manufacturer Solyndra, Inc., of Freemont, Calif., a $535 million loan in March to expand its facilities.
The global Greentech market is estimated to be $6 trillion annually—a number that indicates there’s enough to go around for everyone. Will Boston’s fledgling startups catch up to their Silicon Valley counterparts? What’s the potential for GreenTech job creation in this region and can companies that are focused on renewable energy and energy storage help the local economy rebound?
Ideally situated to access wealthy markets in northeastern US, the Boston region is also a short plane ride away from the European market where sustainability is already a way of life. The intellectual capital within Boston’s Interstate 495 belt includes the best and brightest from top-ranked Massachusetts Institute of Technology. And in Watertown, a company borne from the prestigious university, A123 Systems, Inc., is creating waves. The lithium-ion battery-maker has attracted more than $350 in private investment funds. In August the company was awarded $249 million from the government’s 2009 Stimulus Plan, and on September 24 its valuation soared to $1.9 billion in an initial price offering of $13.50 per share. But not everyone views it as a winner, noting that the eight-year-old company has yet to turn a profit.The company employs 1700 worldwide and is building its first manufacturing facility in southeast Michigan.
The two regions are competing for GreenTech investment and government dollars, and so far, the Silicon Valley appears to be winning. Companies like BrightSource Energy and Nanosolar, both of California, are catching the attention of venture capitalists. Government stimulus funds and loans are also flowing more freely toward California. In June, Tesla Motors of San Carlos, Calif., an electric vehicle maker, was awarded a $465 million low interest loan from the US Department of Energy to build an assembly plant there. The DOE offered solar panel manufacturer Solyndra, Inc., of Freemont, Calif., a $535 million loan in March to expand its facilities.
The global Greentech market is estimated to be $6 trillion annually—a number that indicates there’s enough to go around for everyone. Will Boston’s fledgling startups catch up to their Silicon Valley counterparts? What’s the potential for GreenTech job creation in this region and can companies that are focused on renewable energy and energy storage help the local economy rebound?
Ideally situated to access wealthy markets in northeastern US, the Boston region is also a short plane ride away from the European market where sustainability is already a way of life. The intellectual capital within Boston’s Interstate 495 belt includes the best and brightest from top-ranked Massachusetts Institute of Technology. And in Watertown, a company borne from the prestigious university, A123 Systems, Inc., is creating waves. The lithium-ion battery-maker has attracted more than $350 in private investment funds. In August the company was awarded $249 million from the government’s 2009 Stimulus Plan, and on September 24 its valuation soared to $1.9 billion in an initial price offering of $13.50 per share. But not everyone views it as a winner, noting that the eight-year-old company has yet to turn a profit.The company employs 1700 worldwide and is building its first manufacturing facility in southeast Michigan.
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