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Twenty Semifinalists Advance to Next Round of MIT Clean Energy Entrepreneurship Prize Competition

Posted on: Wednesday, 19 March 2008, 12:00 CDT

Twenty teams will compete in the next round of the MIT Clean Energy Entrepreneurship Prize competition -- for a chance to win a grand-prize of $200,000 for the best clean energy innovation.

The nationwide competition is sponsored by the Massachusetts Institute of Technology, NSTAR Electric & Gas, and the United States Department of Energy to accelerate the commercialization of clean energy products and technologies. The teams were selected from a field of 94 entrants by a panel of entrepreneurs, investors and venture capitalists.

"Solutions are needed to reduce fossil fuel dependence, lower greenhouse gas emissions and meet escalating energy demand," said Joe Nolan, NSTAR's Senior Vice President of Customer & Corporate Relations. "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 clean energy solutions being developed by the semifinalist teams would transform the way energy is produced, delivered and used and include among others:

a solar photovoltaic technology that is 25% cheaper than current systems;

a new car design that will be the "first ever" 100 mpg vehicle without significantly compromising performance

technology that will cut water desalination energy consumption by 75%

a process that converts biomass to "green gasoline"

a framing lumber substitute that will permanently reduce home energy usage by 20%

"Making the semifinal round of the MIT Clean Energy Entrepreneurship Prize competition is a significant accomplishment," said Bill Aulet, Chairman of the MIT Clean Energy Entrepreneurship Competition. "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. But it's also an amazing learning opportunity."

The semifinalists must now get down to business and craft the business plans that are the basis for the next round of the competition. Each team will have the benefit of rigorous mentoring and coaching from renowned legal and entrepreneurial experts. Five finalists will be chosen in early May. The grand-prize winner will be selected by a prestigious panel of judges and announced at an MIT awards ceremony on May 13.

Additional information regarding the MIT Clean Energy Entrepreneurship Prize and the full competition is available at www.mitceep.com.

Source: Business Wire

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