|[March 21, 2012]
NSTAR Sponsors Fifth Annual MIT Clean Energy Prize to Boost Innovation and Jobs
BOSTON --(Business Wire)--
For the fifth straight year, NSTAR and the U.S. Department of Energy are
co-sponsoring the MIT Clean Energy (News - Alert) Prize, a business plan competition
that helps launch clean energy companies. Open to university students,
the competition aims to promote commercially viable solutions to reduce
fossil fuel dependence, lower carbon emissions and spur economic growth.
"Transitioning to a cleaner energy future requires a steadfast
commitment to innovation," said Tom May, NSTAR Chairman, President and
CEO. "This competition has become nationally recognized for cultivating
entrepreneurship and producing tangible results. It is helping
Massachusetts become a hub of the new clean energy economy."
Now in its fifth year, the competition has helped launch dozens of new
companies that have raised almost $90 million in venture capial and
government funding to develop clean energy products, technologies and
This year, fifteen semifinalist teams from over a dozen universities
aspire to: improve solar, wind and wave energy technologies; maximize
energy efficiency in buildings and automobiles; and commercialize a new
method of carbon sequestration.
To sharpen entrepreneurial skills, the teams will receive mentoring from
leading clean energy experts and venture capitalists. They will then
compete before a prestigious panel of judges for the $200,000 grand
prize to be awarded by NSTAR and the U.S. Department of Energy on April
30th in Boston.
New this year, the winner of the MIT (News - Alert) Clean Energy Prize will compete
this summer in the U.S. Department of Energy's National Clean Energy
Business Plan Competition in Washington DC, part of a White House
campaign called Startup America to accelerate entrepreneurship.
The MIT Energy Prize competition 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 MIT
Entrepreneurship Center. For more information, please visit www.mitcep.org
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