Monday, 2 March 2015
Last updated 1 hour ago
Nov 13 2009 | 11:22am ET
Cambridge, Massachusetts-based IntAct Labs won first place in the fifth annual MIT Enterprise Forum’s Ignite Clean Energy Competition (ICE). The company won with a range of bio-energy technologies, including microbial fuel cells that make electricity from wastewater, sensors made of proteins, and photoactive proteins that could act as solar cells.
Entrants are judged on their business plans, and this year’s contest saw a broad range of proposals, ranging from off-grid power systems for developing countries to ocean power.
The awards were decided on Tuesday afternoon after student teams pitched their business plans to a panel of judges at the Massachusetts State House. Winners were eligible for cash and in-kind services, ranging from $12,500 to $50,000 in total, with a sizable portion coming in the form of legal advice.
New Jersey-based InnoSepra placed second with a technology it says reduces the cost of separating carbon dioxide from coal-fired power plants.
Third place went to EGG-Energy, which has a business mission of bringing affordable electricity to people in poor countries. It has developed a battery and electric light combination as an alternative to kerosene lighting.
Among the “people's choice” awards in the competition were Velkless, which is developing flywheels for energy storage, and HydroCoal, which is working on a coal gasification process to make a substitute for natural gas.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…