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.
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.
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.
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 web site and reported in the MIT Clean Energy Prize newsletter over the coming months.
