Finalists Vie for $125k in Clean Energy Business Contest; April 27th MIT Event Is First to Focus Exclusively On Innovative Energy Solutions

Business Wire, April 18, 2005

CAMBRIDGE, Mass. -- On April 27th, entrepreneurs will compete at MIT in the final round of a business plan presentation contest designed to encourage innovative solutions and investment in the Massachusetts' clean energy industry. The competition, initiated by The MIT Enterprise Forum's Energy Group and sponsored by leading Massachusetts organizations and companies, is the first in Massachusetts to specifically target the emerging clean energy sector.

The final round of the contest will take place on April 27th at MIT's Stata Center and is open to the public. It will feature ten-minute presentations from eleven finalists, chosen from an initial group of nearly 40 companies. A panel of judges from the investment community will select winners, who will receive a total of $125,000 worth of prizes. First prize includes $15,000 in cash, a one-year membership in the UMass Lowell's Commercial Venture Development incubator, free office space, and expert mentoring to jumpstart the winning team's business.

The goal of the competition is to spur the economic development of a growing, viable clean energy business cluster in the Commonwealth. According to CleanEdge, Inc, an independent analyst firm, the market for renewable energy has expanded from $9.5 billion in 2002 to just over $16 billion in 2004. By 2014, it is expected to grow another six fold, to more than $100 billion.

Rob Pratt, Director of the Massachusetts Renewable Energy Trust, the platinum sponsor of the competition and the keynote speakers at the event, commented, "Massachusetts is a national leader in clean energy with its high-tech companies and world-class universities spurring innovation in this growing sector. This competition is helping to build significant momentum among entrepreneurs, investors and existing clean energy companies as we work toward a cleaner energy future for Massachusetts and the entire region."

The finalists, listed below, include both student teams and established entrepreneurs. They offer innovative solutions to meet the increasing demand for efficient, renewable, non-polluting energy.

--Advanced Conductors' nanoscale film technology enables gains in efficiency, lifetime, and cost of LEDs, photovoltaics, and electrochromics.

--Advanced Diamond Energy's diamond electricity generator technology more than doubles solar cell output by utilizing waste heat from traditional energy sources.

--CarboTran Technologies converts ethanol production plants' waste stream into recyclable heat, reducing an average plant's yearly energy cost by 70%.

--Catalyzed Combustion Associates' technology enables ethanol to be used in a diesel engine with the highest efficiency and lowest emission profiles ever observed.

--LiquidPiston's new internal combustion engine is projected to double fuel efficiency and reduce pollutant emissions by 70-90%, compared to conventional engines.

--Microbial Scale Solutions uses environmentally sensitive technology to overcome the pollution and energy problems of mineral scale formation in industrial water systems.

--NatEl's unique Linear HydroEngine technology enables cost-effective use of existing locks and dams to generate electricity on large-flow rivers, such as the Mississippi.

--Oceanwind Technology's innovative floating platform design will dramatically increase the number of cost-competitive, large-scale wind farm site candidates.

--PowerHouse Enterprises, a modular green builder/developer, combines high-quality construction with enhanced energy-efficiency to create stylish, architect-designed homes.

--Rentricity uses a system of smart devices to harness the surplus energy contained within municipal drinking water systems' pipes to create a new source of renewable energy.

--SuperCool's patented heat transfer method utilizes valuable cryogenic refrigeration energy, that is currently wasted at LNG distribution terminals, to cryogenically recycle scrap tires.

In addition to the first place award valued at $35,000, there will be four additional cash prizes: two $5,000 awards and two $2,500 awards. Also, Cummings Properties is offering six awards of one-year, rent-free office space: one valued at $25,000, plus five valued at $10,000 each.

The MIT event, which begins at 4:30 PM on April 27th, also features presentations from Rob Pratt, director of the Renewable Energy Trust, and Scott Rackey, CEO of CellTech Power. For more information and to register for the free event go to www.ignitecleanenergy.com or contact Ann Chaney at 617-253-8240.

The MIT Enterprise Forum of Cambridge, http://www.mitforumcambridge.org, is a volunteer, non-profit organization based at MIT whose mission is to promote and strengthen the process of starting and growing innovative and technology-oriented companies.

The Massachusetts Technology Collaborative www.mtpc.org, a Platinum sponsor, administers the Renewable Energy Trust, which was established to generate the maximum economic and environmental benefits over time to citizens of the Commonwealth.

Cummings Properties www.cummings.com, a Gold sponsor, is one of Boston's most prominent, full service commercial real estate development and property management organizations and has a strong tradition of supporting entrepreneurs.