MIT Enterprise Forum's Energy Group Announces Winners of Clean Energy Business Competition; Event Awards $137,500 in Prizes — Further Establishes Massachusetts' Position as a Leading Clean Energy Hub

Business Wire, May 4, 2005

CAMBRIDGE, Mass. -- The MIT Enterprise Forum of Cambridge's Energy Special Interest Group (Energy SIG) announced the winners of its first clean energy business presentation competition. The competition further accelerates Massachusetts' national prominence in the emerging clean energy industry sector.

The Energy SIG narrowed a field of 40 submissions from students and established entrepreneurs across Massachusetts to 11 finalists. The contestants outlined clean energy technologies and businesses that could rapidly scale into companies that would profoundly benefit the environment and the nation. During the final event, the 11 finalists presented their businesses to a panel of nationally renowned leaders in the energy industry, who selected the winners.

Microbial Scale Solutions, a developer of environmentally sensitive technology to overcome the pollution and energy problems of mineral scale formation in industrial water systems, took top honors in the contest, garnering an award valued at $35,000. "This award allows us to take cutting edge research from the laboratory into the commercial marketplace," said Thomas Perry, Scientific Founder of Microbial Scale Solutions. "As a result, the company will address a $2.9 billion problem by reducing energy consumption and pollution from fossil fuels, and environmental contamination from conventional water treatment strategies," Perry added.

The U.S. Environmental Protection Agency (EPA) estimates that if all 50 states implemented cost-effective clean energy-environment policies, the expected growth in demand for electricity could be cut in half by 2025, and more demand could be met through a cleaner energy supply. This would mean annual savings of more than 900 billion kilowatt-hours and $70 billion in energy costs by 2025, while preventing the need for more than 300 power plants and the greenhouse gas emissions equivalent to those from 80 million of today's vehicles.

Director of the Massachusetts Renewable Energy Trust Robert Pratt said, "This competition is igniting new ideas and passions that will one day help us change the energy paradigm away from dependence on polluting fossil fuels to a cleaner energy future that benefits our environment and our economy. The Massachusetts Renewable Energy Trust is proud to sponsor this unique competition to fan the flames of innovation that will spur tomorrow's breakthroughs in clean energy technologies."

"Our region has world-class universities, top-notch engineering talent, and the venture capital know-how to create the next energy boom - built on clean energy technologies," said Jim Walker, the Chair of the MIT Enterprise Forum of Cambridge's Energy SIG. "By helping entrepreneurs transform their ideas into viable, funded businesses, the Forum's volunteers are driven to make clean energy the next high growth industry in Massachusetts," Walker added.

"It has become particularly apparent that our nation is in great need of new technologies and infrastructure to help move clean energy initiatives forward. I am especially proud of our Energy SIG, the sponsors and our volunteers for their generosity to help accelerate Massachusetts' leadership position as a clean energy hub on the national stage," said Trish Fleming, Executive Director, MIT Enterprise Forum of Cambridge.

Members of the winning teams came from both academic institutions and the business sector. All presented innovative technologies to serve the demand for clean, renewable energy. The first prize winner, Microbial Scale Solutions, received $15,000 cash and $25,000 worth of incubator membership and office space from The University of Massachusetts, Lowell. Two $5,000 cash prizes were awarded to Advanced Conductors and Rentricity. Third-place winners LiquidPiston, SuperCool, and Advanced Diamond Energy received $2,500 cash prizes each.

Additionally, Advanced Conductors received one year of free rent (valued at $25,000) at one of many Cummings Properties' locations in Massachusetts. Six other Cummings Properties' awards of one-year, rent-free office space (valued at $10,000 each) went to Advanced Diamond Energy, CarboTran Technologies, LiquidPiston, NatEl, PowerHouse Enterprises and Rentricity

Involved Organizations:

The MIT Enterprise Forum of Cambridge, 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 event 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 event 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.

The University of Massachusetts Lowell Commercial Venture Development (CVD), www.uml.edu, a Gold event sponsor, invests in entrepreneurs who will build successful companies while tapping into the intellectual capital of UMass Lowell.