MassDevelopment issued a $175,000 revolving bridge loan from the Emerging Technology Fund to Dynamo Micropower Corporation. Dynamo Micropower Corporation is a privately-held developer and manufacturer of fuel-flexible micro-turbine based power generation systems for the oil and gas industry, located in Somerville, Massachusetts.
Dynamo has developed a scalable 15-75kW flexible-fuel, portable micro-turbine platform that meets the power challenges of oil and gas wells by reducing maintenance and fuel expenses. The turbine operates on associated petroleum gas, propane, or compressed natural gas in a single unit. Dynamo’s micro-turbine emissions control exceeds regulatory requirements, while its reliability translates to a lower cost of ownership.
“Managing cash needs is a big challenge for small companies like Dynamo,” said Jason Ethier, President/CEO of Dynamo Micropower. “The funding from MassDevelopment’s Emerging Technology Fund provides us with cash reserves that help reduce our need for costly equity capital.” The bridge financing from the Emerging Technology Fund will support federal Small Business Innovation Research grant awards.
“MassDevelopment’s support of Dynamo Micropower is yet another example of leadership and investment in the Massachusetts start-up and clean energy ecosystem,” said Emily Reichert, CEO of Greentown Labs. “To date, MassDevelopment has been a supporter of Greentown companies with direct assistance—as with Dynamo—and also by supporting the start-up ecosystem through Greentown’s Manufacturing Initiative, which helps make it possible and desirable for more companies to stay and grow in Massachusetts.”
“The Commonwealth thrives thanks to its innovation economy,” said Marty Jones, President/CEO of MassDevelopment. “We’re thrilled that the entrepreneurs at Dynamo Micropower can use this Emerging Technology Fund loan to help grow in Massachusetts and develop their micro-turbine technology to provide a more efficient option than those currently on the market.”