NSTAR Sponsors Sixth Annual MIT Clean Energy Prize
Competition has included over 400 teams; awarded more than $1.25 million in prizes
BOSTON--(BUSINESS WIRE)-- For the sixth straight year, NSTAR and the U.S. Department of Energy are co-sponsoring the MIT Clean Energy Prize, a university business-plan competition that has become a nationally recognized showcase of entrepreneurship.
Administered by MIT graduate students, the annual competition solicits business plans from teams aiming to develop clean energy solutions that diversify energy resources, increase energy efficiency and reduce environmental impacts from energy use.
"The development of economically competitive clean energy is a clear and present challenge locally, nationally and globally," said Tom May, President and CEO of Northeast Utilities, the parent company of NSTAR. "It's in the hands of the next generation of innovators and entrepreneurs to meet this challenge by turning laboratory ideas into transformational solutions."
So far, the MIT Clean Energy Prize has helped launch dozens of new companies that have raised more than $130 million in venture capital and government funding to bring innovative clean energy technologies and services to the marketplace. "The competition is an example of what happens when ideas and innovation are fused with entrepreneurs and determination," added May.
The competition's success is the result of world-class mentoring that has become its hallmark. Combined with exposure to investors and industry networking, the competition has attracted participation from more than 400 teams representing over 60 universities since its inception.
This year's 18 semifinalists aspire to: advance solar, wind and fuel cell technologies; maximize energy efficiency in homes and businesses; enhance recycling processes; improve the design of energy storage systems; and reduce emissions from conventional fuels.
These teams will compete before a prestigious panel of experts for over $300,000 in prizes to be awarded on May 6th in Boston.
MIT Clean Energy Prize. The MIT Energy Prize was founded by MIT, NSTAR and the U.S. Department of Energy in 2008 to catalyze a new generation of clean energy solutions through innovation and entrepreneurship. The competition, affiliated with MIT's $100K Entrepreneurship Competition, is run by MIT graduate students under the leadership of the Martin Trust Center for MIT Entrepreneurship. For more information, visit www.mitcep.org.
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