CAMBRIDGE, Mass. – FloDesign Wind Turbine Corp. of Wilbraham, Mass. was the first-place winner on May 12 at the MIT Enterprise Forum Ignite Clean Energy (ICE) business presentation competition, an annual contest at the Massachusetts Institute of Technology.
The next day, FloDesign also was named the winner of MIT’s Clean Energy Entrepreneurship Prize (CEEP) Competition, a contest co-sponsored by the U.S. Department of Energy and NSTAR, a gas and electric utility serving central and eastern Massachusetts.
“The MIT Clean Energy Entrepreneurship Competition was instrumental in bringing our team together to help further this technology,” said Matthew Commons, chief financial officer of the startup company. “It provided us with the networking, guidance and exposure to venture capitalists necessary to help commercialize this new design.”
FloDesign took home $200,000 from the CEEP, in which it was one of 94 initial applicants. (READ MORE) “We’ll put the cash award to good use in bringing what we believe is an exciting design to the marketplace,” Commons said.
For its first-place finish in ICE 2008, FloDesign won a cash prize, three months of public relations services from Bell Pottinger USA, legal services by Mintz Levin and a choice of one year of office space from Cummings Properties or incubator space at the University of Massachusetts-Dartmouth Applied Technology and Manufacturing Center.
The ICE winners were determined from the largest applicant pool in competition history, MIT said. Teams were narrowed to 30 semifinalists then reduced to 10 finalists. The teams spent three months working with mentors to improve the content and delivery of their presentations that were presented to the judging committee at the finals event and an audience of more than 250 attendees, including many potential investors, academic leaders, and representatives from government offices. The presentations represented the essence of each team’s business plan and are useful tools for fundraising, networking, and other critical business functions.
FloDesign’s patented FloDesign FD700 shrouded turbine is designed to outperform existing turbines by a factor of three or more in a much wider range of wind resources. The teams’ experience applying “mixer-ejector” technology to such projects as the Stealth bomber, Gulfstream II and Comanche helicopter enables migration of mature aerospace methods to wind turbine applications.
FloDesign will design, manufacture, and sell the FD700 to wind farm developers, industrial operators and utilities. The company hopes to have a demonstration unit up and running within 18 months, possibly with Massachusetts.
“I am thrilled with the judges’ decisions in this year’s competition,” said Clark Waterfall, chairman of this year’s ICE competition. “All of the finalists had exciting, viable business concepts representing a broad spectrum of technologies and services, so they had very difficult decisions to make. They truly embody the mission of the Ignite Clean Energy business presentation competition to foster the growth of the clean energy industry in New England. I look forward to seeing each of the teams grow into successful clean energy businesses.”
The second-place team, Ethanol Boosting Systems LLC of Cambridge, Mass., received a cash prize, legal services from Foley Hoag, and one year of office space from Cummings Properties.
The third-place team, Sequesco of Liverpool, N.Y., received a cash prize and one year of office space from Cummings Properties. Pyrolitix Biofuels as a student team, also received a $6,000 scholarship for up to three team members for the Advanced Invention 2 Venture.
Husk Power System, as the student team, received a $6,000 scholarship for up to three team members for the Advanced Invention 2 Venture to be held by the NCIIA Aug. 1 to 4.
The ICE business presentation competition, sponsored by the MIT Enterprise Forum Energy Special Interest Group, is a seven-month training and competition launched in 2004 to stimulate the 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 $200,000 in cash and services. Lead sponsor for the 2008 ICE competition is the Mass. Technology Collaborative.
The CEEP contest was new this year. The rigorous five-month competition consisted of several phases and culminated in business plan submittals and presentations before expert panels. “I expect that the competition will be even more competitive next year,” said contest chairman and founder Bill Aulet.
“It is my hope that the end of this competition will mark a new beginning in the development of clean energy solutions for our customers,” Tom May, chairman, president and CEO of NSTAR, said at the awards ceremony last week. “The powerful synergy of innovation and entrepreneurship will be a key driver in our common need to overcome energy-related challenges that threaten the environment and economic competitiveness.”
For more information about Ignite Clean Energy (ICE) 2008, visit www.IgniteCleanEnergy.com.
The Massachusetts Institute of Technology Clean Energy Entrepreneurship Prize (CEEP) competition is sponsored by NSTAR (NYSE: NST), an electric and natural gas utility serving eastern and central Massachusetts (www.nstar.com); and the U.S. Department of Energy . Additional information is available at www.mitceep.com.
