Governor Healey Touts New Climatetech
Initiative at Woburn Clean Tech Innovation Company
Mass Leads Act proposes a new ten-year, $1
billion strategy to advance climatetech in Massachusetts
WOBURN – Today, Governor Maura T. Healey continued her Mass Leads Road Show with a stop at Boston Metal to
promote the key climatetech investments included in the bill. Boston Metal
is a clean tech innovation company focused on “green steel production” or
decarbonizing steel production by using electricity rather than
coal. 
Photo by Chutze Chou
This visit
is part of the Governor’s Mass Leads Act Road Show during which she is
traveling to communities across Massachusetts to highlight the ways in which
her recently proposed economic development bill will grow the state’s economy,
support businesses and attract talent. The bill proposes a new ten-year, $1
billion strategy to make Massachusetts the climate innovation lab for the
world, and includes a framework for capital, tax incentives, and
operations. 
Photo by Chutze Chou
“Massachusetts
is home to some of the world’s greatest innovators and as a result, we have the
opportunity to meet one of the world’s greatest challenges – climate change.
The climatetech space is our opportunity to become a world leader in the
emerging climatetech industry and build a better future together,” said Governor
Healey. “Our Mass Leads Act is the type of investment that we need to make
to ensure that climatetech companies like Boston Metal can start and scale here
in Massachusetts”
“We’re
making Massachusetts a global leader in the fight against climate change,” said
Lieutenant Governor Kim Driscoll. “The Mass Leads Act makes key
investments in the climatetech space that support the development and
innovations of projects that propel the world forward to a clean energy
future.”
“Building a
more sustainable future requires new approaches to product development and
manufacturing. It’s exciting to see Woburn become a hub for climate/green tech
companies,” said Woburn Mayor Mike Concannon. “We have a thriving
workforce, close proximity to major highways, and a spirit of innovation which
we foster. We’re honored when trendsetters, like Boston Metal, make Woburn
their home.”
Boston Metal was spun out of MIT in 2013 and is headquartered in
Woburn. They have over 100 employees and were recently included in Time
Magazine’s list of “America's Top GreenTech Companies 2024”,
alongside 27 other Massachusetts-based companies. Since 2017, Boston Metal has
specifically been focused on reinventing the process at the core of the still
industry to reduce carbon emissions and fight climate change.
"We
are proud to be a part of the climate tech innovation ecosystem here in
Massachusetts and appreciate Governor Healey's focus on ensuring our state
takes a leadership position in the sector. Boston Metal is forging the next
chapter in American steel manufacturing right here in Woburn, and Massachusetts
can build on its legacy of firsts to be home to the green steel revolution,”
said Tadeu Carneiro, Chairman & CEO, Boston Metal.
Governor
Healey is proposing a $1 billion, 10-year climatetech initiative to make
Massachusetts the climate innovation lab for the world. The initiative would
create jobs, support technology development and infrastructure to reduce
emissions, and promote resilience locally. Massachusetts would be well
positioned as a global leader in climatetech. The funds and programs would help
companies start and scale in Massachusetts, creating well paying jobs across
the state. The initiative has three core parts:
1.
Capital Funding: The bill would provide significant capital
resources to MassCEC for the first time. Bond authorizations can support
research and development, innovation, manufacturing, commercialization, and the
deployment of climatetech technologies, including offshore wind, across
Massachusetts.
2.
Tax Incentives: The bill would authorize funding for tax
incentives, which will help ensure the state is competitive in attracting and
retaining these businesses. The initiative proposes to establish a new
Climatetech Tax Incentive Program to enable the state to invest in climatetech
companies, expand employment opportunities and support research and
development. The bill also seeks to continue implementation of the newly
created Offshore Wind Tax Credit and proposes some strategic changes to further
grow the program.
3.
Operating Funding: This ten-year strategy underscores the critical
importance of annual operating support through the state budget process for
MassCEC, which is instrumental in fostering the climatetech industry and
training a clean energy workforce. Operating funds will enable MassCEC to
deploy stable programming and initiatives to reach areas that capital programs
and tax incentives aren’t able to reach. This includes workforce development
initiatives, internships, strategic partnerships, and operations.
"Massachusetts
is a hub of innovation and a leader in the fight against climate change, and
companies like Boston Metal are a significant part of our strategy to make
Massachusetts the national leader in climatetech,” said Economic Development
Secretary Yvonne Hao. “Our ten-year, $1 billion climatetech initiative aims
to create the conditions that will allow cutting edge firms to drive future
progress in this crucial sector for decades to come.”
For more information about the Mass Leads Act, visit the Economic
Development Bill website.
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