cleantechPRwire™
NSTAR Sponsors MIT Clean Energy Competition
$200,000 top prize to launch clean energy innovation and entrepreneurship
BOSTON--(BUSINESS WIRE)--NSTAR and the United States Department of Energy are teaming up once again with the Massachusetts Institute of Technology to sponsor the MIT Clean Energy Prize – a national student competition to accelerate the pace of clean energy entrepreneurship. This prestigious competition provides much-needed capital resources and support to help the next generation of entrepreneurs commercialize clean energy solutions in Massachusetts and throughout the world. Clean energy technologies are those that diversify energy supplies, advance energy efficiency or reduce environmental impacts from energy production, transportation and consumption.
“Finding clean energy solutions that have wide-spread applications is one of the most pressing challenges of our time,” said NSTAR Chairman, President, and CEO Tom May. “We are pleased to sponsor this unique competition which recognizes innovation from the next generation of entrepreneurs, benefits the environment, and ultimately helps all of our customers.”
The grand prize winner, to be announced in May, will be awarded a cash prize of $200,000 funded by NSTAR and the US DOE to jumpstart a business venture on an emerging clean energy innovation with significant market potential. Participating university teams from across the country undergo rigorous coaching and mentoring by a broad spectrum of business and technology leaders. The finalists then develop detailed business plans and present them before a panel of distinguished judges including clean energy experts and venture capitalists.
“MIT is committed to accelerating the development of breakthroughs in clean energy,” said Bill Aulet, Chairman of the MIT Clean Energy Prize. “The sponsorship of the Clean Energy Prize by NSTAR and US DOE is a big boost to the competition. They and other sponsors also offer world-class mentoring, investor exposure and industry networking – all vital to young entrepreneurs.”
This year’s competition will also include several smaller cash prizes in each of five clean energy categories including: biomass, renewable energy sources, energy efficiency, clean hydrocarbons and transportation. Previous winners are already making great strides in bringing clean energy solutions to the marketplace. FloDesign Wind Turbine Corp, last year’s grand prize winner, has developed a breakthrough wind turbine design that outperforms existing turbines by a factor of between two and three. Covalent Solar – another top winner – is developing photovoltaic solar panels that are more efficient and affordable than current systems.
“We expect both of those winning breakthroughs will play an important role in the region’s efforts to provide clean, reliable and economic energy options to consumers,” Tom May added. “Just as important, the competition will foster alliances that will provide new renewable and alternative energy options and maintain the Commonwealth’s position as a center for clean energy technology and innovation.”
The 2009 MIT Clean Energy Prize is affiliated with MIT’s $100K Entrepreneurship Competition – the most well known student business plan competition in the U.S. that has facilitated the birth of over 85 companies and created over 2,500 jobs. Additional information regarding the MIT Clean Energy Prize and the full competition is available at www.MITCEP.org. Updates on the progress of teams participating in the competition will be available on the website and reported in the MIT Clean Energy Prize newsletter over the coming months.
NSTAR is the largest Massachusetts-based, investor-owned electric and gas utility. The company transmits and delivers electricity and natural gas to 1.4 million customers in Eastern and Central Massachusetts, including more than one million electric customers in 81 communities and 300,000 gas customers in 51 communities. For more information, visit www.nstar.com.