MassDevelopment Drives Electric Vehicle Company Forward
indiGOtech Grows in Woburn Using Loan from MassDevelopment’s Emerging Technology Fund
February 18, 2026
Kiara Ford, 978-844-1380
kford@massdevelopment.com
WOBURN, Mass. – MassDevelopment has provided a $4 million loan from its Emerging Technology Fund to Indigo Technologies Inc. (indiGOtech), a Woburn-based commercial electric vehicle mobility company and the only EV manufacturer in Massachusetts. First launched in mobility labs at MIT, indiGOtech has created a new class of lightweight, affordable smart electric vehicles purpose-built for last-mile delivery and ride-hail services. IndiGOtech will use the loan proceeds to supplement working capital and hire an expected 35 employees over the next two years to support the company’s continued growth.
“MassDevelopment is proud to support indiGOtech with a loan from our Emerging Technology Fund as the company continues to grow and create jobs here in Massachusetts,” said MassDevelopment President and CEO Navjeet Bal. “We look forward to seeing how the company continues to advance its cutting-edge technology and bring improved comfort, safety, and cost to drivers and passengers across our state.”
MassDevelopment’s ETF provides medium-term venture debt to 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 63 loans and guarantees totaling $111,047,115.
“We are delighted to cement this deal with MassDev’s ETF fund as the first of many Massachusetts state and agency partnerships in our home state,” said Will Graylin, CEO of IndiGOtech. “indiGOtech, GO for short, is defining EV mobility with production of next-gen Smart EV and AV vehicles, Smart charging solutions, and Smart transport services for the commercial markets of RideShare and Last Mile Cargo Delivery.”
MassDevelopment, the state’s development finance agency and land bank, delivers financing solutions, real estate expertise, and other assistance to strengthen and grow the Massachusetts economy. We partner with businesses, nonprofits, developers, banks, and municipalities, providing resources to help create jobs, build housing, and foster vibrant communities across the state. During FY2025, MassDevelopment financed or managed 409 projects generating investment of more than $4.65 billion in the Massachusetts economy. These projects are estimated to create or support 25,246 jobs and build or preserve 2,867 housing units.