CHICAGO (Press Release – November 9, 2011) – The Clean Energy Trust today announced that several inaugural Clean Energy Challenge finalists have secured more than $9 million in venture funding, expanded operations and furthered the commercialization of new clean energy technology following their participation in the 2011 business competition.
The top prize winner, Clean Urban Energy (CUE), recently closed a $7 million A-round led by Battery Ventures, a Challenge judge. CUE has also hired 10 full-time employees since its win.
NextGen Solar, the second place winner, is currently completing development of its first functional prototype. The company also presented at the prestigious national Renewable Energy Laboratory Growth forum and was a semi-finalist at the Cleantech Open.
Other notable achievements include:
Thermal Conservation Technologies was among ten companies invited to present at CTSI Defense Energy Challenge. It hired Dr. Pratek Gupta as its first full-time employee, charged with completing the company’s prototype.
Intelligent Generation: Presented at the National Renewable Energy Laboratory Industry Growth forum and launched a two-phased pilot project with ComEd and PJM.
Power2Switch: Hired three full-time employees and launched a new website with energy consumption and analytics functionality.
Agentis: Has a live product with more than 78,000 users and is embarking on multiple pilot projects with large utilities.
Root3 Technologies: Is conducting a pilot project with the University of Chicago and negotiating an exclusive technology license with Stanford University.
Sun Phocus Technologies: Is now generating revenue, conducting two pilot projects, and has partnered with an Israeli manufacturer identified by the Clean Energy Trust.
“These results really speak to CET’s core mission, connecting research and development activities with critical venture capital funding and expertise that will accelerate development of clean energy technology businesses in the Midwest,” said Amy Francetic, CET executive director. “We are extremely pleased with these successes and will continue to provide meaningful assistance as they grow and develop.”
The 2012 Clean Energy Challenge competition is open to businesses and students from Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Missouri, Ohio and Wisconsin. Most applications will fall within five categories: renewable energy, low-carbon transportation, Smart Grid, energy efficiency and carbon abatement. Complete rules and criteria are available at http://www.cleanenergytrust.org/events/about-the-challenge/.
Applications are now being accepted online at http://cleanenergychallenge2012.istart.org. The application deadline is December 5, 2011.
About Clean Energy Trust:
The Clean Energy Trust was founded by prominent business and civic leaders to accelerate the pace of clean energy innovation in the Midwest. The Trust is supported by grants from the U.S. Department of Energy, the Illinois Department of Commerce and Economic Opportunity, the Joyce Foundation, the Chicago Community Trust, the Small Business Administration and donations from over 50 investors, corporations, universities and trade groups. For more information, visit www.cleanenergytrust.org