A $200,000 grand prize will be awarded in May 2010 for the most innovative clean energy solution. The third annual Massachusetts Institute of Technology (MIT) Clean Energy Prize (MIT CEP) competition is open to all graduate and undergraduate students across the U.S.
Teams that make it into the semifinals will receive one-on-one mentoring from experienced industry leaders and entrepreneurs.
The 2008 Grand Prize Winner FloDesign Wind Turbine and 2009 Energy Efficiency and Infrastructure semifinalist FastCAP Systems recently were awarded more than $13 million by the Department of Energy's (DOE) Advanced Research Projects Agency-Energy.
The competition is organized into five tracks: energy efficiency and infrastructure; renewables; clean nonrenewables; transportation; and deployment. Competitors from previous years have developed products or technologies that promote, enhance or advance diversity of supply sources or transmission; promote efficiency in resource use; and those that lead to a reduction in greenhouse gas emissions.
Panels comprising venture capitalists, policy experts, CEOs and prominent academics will oversee the judging. According to the guidelines, all funds awarded must be used solely toward the launch of a new business, and the resulting company to grow out of the winning idea must be established in the U.S.
MIT CEP is organized and run by students enrolled in MIT's science and engineering schools, as well as those from the MIT Sloan School of Management. The $200,000 grand prize funding for the award is provided by NSTAR and the DOE.
The deadline for applications is Feb. 25, 2010. For more information and to submit an application, visit mitcep.org.
SOURCE: MIT Sloan School of Management