MassChallenge on Thursday released its list of 128 startups accepted into its 2016 accelerator class, and one Maine company made the cut.
Surge Hydro out of Belfast was selected from more than 1,700 applications to participate in the Boston-based accelerator program. It was the most competitive MassChallenge cohort to date, according to a news release.
Nicholas Cabral and David Markley, a pair of Maine Maritime Academy graduates, founded Surge Hydro to find a way to better utilize the energy-generation potential of the country’s hydroelectric dams. Cabral is currently CEO of Goose River Hydro Inc., a small hydroelectric company located primarily in Belfast.
Here’s Surge Hydro’s marketing blurb as provided by MassChallenge: “80,000 dams in America don’t produce electricity. The potential waiting to be tapped is enough to power 4.8 million homes. It’s time to tap.”
Surge Hydro is among a group of cleantech and energy-related companies that make up 7% of the total MassChallenge 2016 cohort.
As part of MassChallenge, Cabral and Markley will have access to high-profile mentors and a vast network of entrepreneurs and investors. They will also have free access to a co-working space and R&D lab in Boston. The best part? They don’t need to give up any equity — a rarity among startup accelerators these days.
Cabral and Markley will also have a chance to win a share of $1.5 million in zero-equity awards at the culminating MassChallenge showcase event in November.
I’ve reached out to Cabral and Markley for comment and will update the story when I hear back.