$3.8M Creates Green Tech Jobs
Embue, Inc., a Worcester-Based Smart Building Platform for Multifamily Apartment Building Portfolios, Uses Loan from MassDevelopment’s Emerging Technology Fund to Create New Full-Time Jobs
June 15, 2023
Matthew Mogavero, 857-248-0868
Maryellen Edwards, Embue
WORCESTER, Mass. – MassDevelopment has provided a $3.8 million loan from the Emerging Technology Fund to Embue, Inc. to help the company hire 38 new full-time employees in an effort to meet an expected growth in demand for its smart building platform designed for apartment building portfolios. Based in Worcester's WorcLab incubator and coworking space, Embue’s platform provides whole building intelligence, automation, and control for new or existing multifamily housing developments, improving energy efficiency and reducing carbon emissions by 25% or more, making the building more comfortable for residents, improving staff efficiency, and increasing bottom line results.
“The Healey-Driscoll Administration is building a clean energy and climate-tech corridor in Massachusetts that will advance our state’s ambitious climate goals and drive economic competitiveness, and the Emerging Technology Fund is an important financing tool to support this effort,” said Secretary of Economic Development Yvonne Hao, who serves as chair of MassDevelopment’s Board of Directors. “We are excited this MassDevelopment funding will help Embue grow by creating new green-tech jobs and supporting the expansion of the company’s operations in our state.”
“Embue’s innovative platform is a ‘two-for,’ improving building conditions for residents and saving money by enabling some of the state’s largest affordable, senior, and market-rate housing owners and operators to embrace clean energy and reduce reliance on fossil fuels,” said MassDevelopment President and CEO Dan Rivera. “Growing demand for this smart technology will create high-quality jobs in Massachusetts, and that’s why MassDevelopment is proud to help the company ramp up operations with loan financing from our Emerging Technology Fund.”
“MassDevelopment’s investment to Embue is an investment in the City of Worcester and its growing economic landscape,” said Worcester City Manager Eric D. Batista. “We appreciate MassDevelopment’s commitment to growing local businesses, which are the fabric of our community. This investment will allow Embue to substantially grow its workforce, furthering its commitment to Worcester and our growing economy.”
MassDevelopment’s ETF provides low-cost, long-term venture debt to early-stage, emerging technology companies. Since its creation in 2003, the ETF has helped cutting-edge companies grow and expand in the Commonwealth, creating jobs and strengthening the innovation economy. The ETF has closed 58 loans and guarantees totaling $96.9 million through December 31, 2022.
Embue’s smart building platform is installed in more than 70 buildings in the Northeast representing more than 6,000 apartment units. The company’s major Massachusetts-based clients include the WinnCompanies, The Schochet Companies, and 2Life Communities.
"Embue is proud to have the support of MassDevelopment as we continue to develop and sell our smart building platform for multifamily portfolios," said Embue President and CEO Robert Cooper. "We're looking forward to working closely with the MassDevelopment team as they continue to invest in programs and projects that increase quality housing and drive economic growth."
Embue is based out of WorcLab, a business incubator and coworking space at 44 Portland St. in Worcester, which MassDevelopment has previously supported through the Commonwealth’s Collaborative Workspace Program. In FY22, WorcLab was awarded a $27,566 grant to make general space improvements and buy new equipment. In FY21, the organization was awarded a $22,134 grant to fit out its prototyping lab with new equipment. In FY20, WorcLab was awarded a $25,000 grant to remove a wall in its existing space and furnish a floor with equipment and partitions. In FY17, WorcLab was awarded a $23,500 grant for general space upgrades such as cubicles, furnishings, and kitchen improvements.
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2022, MassDevelopment financed or managed 356 projects generating investment of more than $1.69 billion in the Massachusetts economy. These projects are estimated to create or support 11,080 jobs and build or preserve 1,778 housing units.