$200,000 in Cash, Products, and Services Divided Among the Winners of the Competition
Boston, MA - (May 2, 2007) - The judging committee for the Ignite Clean Energy (ICE) Competition announced today that RSI Silicon of Westborough, M.A. was selected as the winner of the Ignite Clean Energy Business Presentation Competition which was held yesterday at the Hyatt Regency Boston. The first place team won $25,000 cash, three months worth of public relations services from Bell Pottinger USA, $15,000 in legal services provided by Mintz Levin and a choice of one year of office space from Cummings Properties valued at $25,000 or incubator space at the UMass Dartmouth Applied Technology and Manufacturing Center ($15,000).
RSI Silicon has developed a unique technology to address the critical worldwide shortage of silicon, which affects more than 90% of solar cells made today. While prices of silicon skyrocket and supply from standard sources diminishes, RSI Silicon can offer solar-grade silicon much faster and cheaper to keep up with the rapidly growing demand for solar cells. By utilizing this new process, the team expects to compete with large silicon manufacturers and revolutionize the way the material is produced. The team will use the funding to build a pilot line and R&D facility, followed by a large silicon plant to produce up to 15,000 tons per year of Si.
The winners were determined from a pool of 61 teams that were narrowed down to 30 semifinalists and then further reduced to 10 finalists. The teams have spent three months working with mentors to improve the content and delivery of their investor presentations that were presented to the judging committee at the finals event as well as to an audience of more than 300 attendees including many potential investors, intellectual property and corporate attorneys, academic leaders, and representatives from government offices and multinational corporations. These presentations, which represent the essence of each team's business plan, are a useful tool for fund-raising, networking, and other critical business functions.
The two second place teams, Fox 2 Technologies of Hampton, N.H. and Bagazo of Cambridge, each received $7,500 cash, $7,500 in legal services from Foley Hoag, and one year of office space provided by Cummings Properties valued at $17,500. Bagazo, as the student team, also received a $6,000 scholarship for up to three team members for the Advanced Invention 2 Venture to be held by the NCIIA August 1-4.
The two third place teams, GreenRay of Lincoln and C3Bio Energy of Cambridge, each received $5,000 cash and one year of office space from Cummings Properties ($10,000). C3Bio Energy, as a student team, also received a $6,000 scholarship for up to three team members for the Advanced Invention 2 Venture to be held by the NCIIA August 1-4. Other competition sponsors include Corning Incorporated, the Massachusetts Technology Transfer Center and the Massachusetts Technology Collaborative.
"I am thrilled with the judges' decisions in this year's competition" said Dr. Linda Plano, Competition Chair. "All of the finalists had exciting, potentially viable business concepts representing a broad spectrum of technologies and services, so they had very difficult decisions to make. All of this year's winners took full advantage of the mentoring, coaching and networking opportunities we provided and the results were clear in their final presentations. They truly embody the mission of the Ignite Clean Energy Competition to foster the growth of the clean energy industry in New England. I look forward to seeing each of them grow into successful, growing clean energy businesses."
For more information on the winners, go to www.ignitecleanenergy.com.
About Ignite Clean Energy
Sponsored by the MIT Enterprise Forum Energy Special Interest Group, the Ignite Clean Energy (ICE) Competition began in 2004 to stimulate the growing clean energy industry in New England. It provides start-up clean energy companies and entrepreneurs with the opportunities and resources to develop business skills, network with industry professionals and the chance to attract potential investors. The winners will be awarded a total of $250,000 in cash and services.
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