Massachusetts utility NSTAR and the U.S. Department of Energy (DOE) are teaming up with the Massachusetts Institute of Technology (MIT) to sponsor the MIT Clean Energy Prize – a national student competition to accelerate the pace of clean energy entrepreneurship.
This competition provides 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.
‘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,’ says Tom May, chairman, president and CEO of NSTAR. ‘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 grand prize winner, to be announced in May, will be awarded a cash prize of $200,000 – funded by NSTAR and the DOE – to jump start a business venture on an emerging clean energy innovation with significant market potential. Participating university teams from across the country will undergo rigorous coaching and mentoring by a broad spectrum of business and technology leaders. The finalists will 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.
FloDesign Wind Turbine Corp., last year's grand prize winner, has developed a wind turbine design that outperforms existing turbines, according to the company.
SOURCE: NSTAR
