NSTAR a sponsor of $200K MIT clean-energy contest

BOSTON – Twenty teams are vieing for a grand prize of $200,000 in the nationwide Massachusetts Institute of Technology Clean Energy Entrepreneurship Prize (CEEP) Competition, sponsored by MIT, natural gas and electric utility NSTAR and the U.S. Department of Energy.

“Solutions are needed to reduce fossil fuel dependence, lower greenhouse gas emissions and meet escalating energy demand,” Joe Nolan, NSTAR’s senior vice president of customer and corporate relations, said of the clean-energy business-plan contest. “In these times of rapid technological change and global competition, we need to accelerate the pace of entrepreneurship to bring new innovation to the marketplace.”

The 20 semifinalists, announced last Wednesday, were selected from a field of 94 contestants by a panel of entrepreneurs, investors and venture capitalists.

The contenders are: Covalent Solar, commercializing a breakthrough photovoltaic technology; Hundred, whose patented powertrain is designed to support the first 100 mile per gallon production car; NanoPur, for a carbon nanotube membrane designed to provide lower-cost desalinization; Orbital Drilling, serving the geothermal heat-pump market; Smart Cities, which plans to launch an electric-scooter network to complement public transit in urban areas; Husk Power Systems, which aims to provide electricity to millions of rural Indians in a financially and environmentally sustainable manner; Pyrolitix Biofuels, whose new technology provides a cheaper method of converting cellulosic biomass to “green gasoline”; The Green Cooling Group (no information made public); Volt Vault, which proposes a new method for storing electricity in a redox-flow battery; Catalyzed Combustion Technologies, a developer of a plasma-pulsed system to improve diesel engine fuel efficiency while reducing emissions; Energy Hub (no information made public); Ethanol Boosting Systems, which uses direct injection and turbocharging technologies to boost the power of gasoline engines; FloDesign Wind Turbine Corp., whose new shrouded turbine triples previous efficiency ratings; InnoSepra Carbon Capture Team, for a novel technology to reduce greenhouse gas emissions; NHThree Team, for developing technologies for manufacturing green anhydrous ammonia for fertilizer and emissions-reduction uses; Promethean Power Systems, targeting farming regions of the developing world; Sequesco, developing a technology to combine carbon fixation with biofuel production, improving energy efficiency while reducing emissions; Solaflect Energy for a ready-to-commercialize platform for cost-effective solar energy; SolidJoint, whose Thermastud replacement for framing lumber can boost home heating and cooling efficiency by as much as 20 percent; and SweetWater Ethanol, for a method of concentrating cellulosic biomass to lower biomass transport and ethanol production costs.

“Making the semifinal round of the MIT Clean Energy Entrepreneurship Prize competition is a significant accomplishment,” said Bill Aulet, the contest chairman.

“We’re looking forward to seeing how these talented entrepreneurial teams translate their clean energy ideas into innovative businesses.

“There’s a lot of hard work yet to come as the semifinal teams develop their business plans,” he added. “But it’s also an amazing learning opportunity.” Each team will have the benefit of rigorous mentoring and coaching from renowned legal and entrepreneurial experts.

The finalists will be announced May 8, according to the contest Web site, and the prize winners will be announced May 13, in an awards ceremony at MIT.

The Massachusetts Institute of Technology Clean Energy Entrepreneurship Prize (CEEP) Competition is sponsored by MIT, natural gas and electric utility NSTAR and the U.S. Department of Energy. Additional information – including contest organizers, judges, mentors and contestants – is available at www.mitceep.com.

NSTAR (NYSE: NST), based in Boston, is an investor-owned natural gas and electric utility serving 1.4 million customers in New Bedford, Dartmouth, Fairhaven and other portions of eastern and central Massachusetts. Additional information is available at www.nstar.com.