Pacific Northwest Cleantech Open Announces Three Finalists
Winners receive $50,000 in cash and services and earn spot in National Finals for up to $250,000 in cash and services
SEATTLE (October 30, 2009) – The Pacific Northwest Clean Tech Open (CTO), an innovation catalyst that helps great ideas become viable clean tech businesses, announced the three winners of the inaugural clean tech business plan competition: Green Lite Motors (100 MPG Commuter Vehicle), Hydrovolts (In-Stream Hydro Power), and LivinGreen Materials (Advanced Solar Technology). The wi nning teams each received $50,000 in cash and in-kind services and will now participate in the national competition for up to $250,000 in cash and services next month in San Francisco.
Washington State Governor Chris Gregoire headlined the event last night at Seattle’s ACT Theatre, where she also met with the semi-finalists to learn about their inventions. She recognized the important contributions of the CTO for its efforts in building a viable and sustainable clean tech sector to help the economy and environment of the region.
“In its first year the Clean Tech Open has become a critical driver for the type of technology innovation our state needs to create new green jobs and find clean energy solutions for our future,” said Governor Gregoire. “I commend the contestants and the Clean Tech Open community for their dedication to our state’s green economy and improving the way we produce and use energy.”
The three winning teams were chosen from a field of 10 semi-finalists, winnowed down from an initial group of 56. The 10 semi-finalists have benefited from a summer of focused, hands-on mentoring from local and national business leaders to hone their business plans. Judging of the competition was conducted by a group of leading venture capitalists, angel investors and business professionals with deep experience in helping companies turn ideas into viable businesses. Teams were judged not only on the scientific viability of their technology, but equally on the team’s ability to move from their idea from the lab to commercial success.
“There are two goals for Pacific Northwest Clean Tech Open,” said Byron McCann, co-chair of the Pacific Northwest CTO and Founder of Ascent Partners. “First, help find and fund the best and brightest clean tech ideas. Second, develop a vibrant and lasting clean tech ecosystem to foster job growth and innovation. We’ve made tremendous progress on those goals and we look forward to building on this great foundation for years to come.”
The winning teams and their technologies are:
· Green Lite Motors (Portland, OR)
- 100MPG Commute Vehicle
Commuters are stuck in traffic and burning up gas money. This breakthrough vehicle delivers the safety and comfort of a car PLUS: 100MPG efficiency, express lane privileges, 250 miles of freeway cruising, sporty driving, and easy downtown parking.
· Hydrovolts (Seattle, WA)
- Power from Water
Patent-pending hydrokinetic turbines to generate renewable energy from waterpower for agriculture, industry and global sustainable development. Turbines are easy to install, operate and maintain, need no dams or watercourse modification and have a capital return on investment in less than five years.
· LivinGreen Materials (Seattle, WA)
- Light-Capturing Photoelectrode
Developing a light-capturing photoelectrode, AggraLight, to sell to next-generation photovoltaic manufacturers to boost solar cell efficiency by over 50%, reduce the cost per Watt by 40%, and thus provide the most cost-effective, sustainable, and versatile solar technology.
The Pacific Northwest CTO began with 56 regional entries spanning clean tech sectors such as energy storage, small-scale solar, wind and hydro, transportation and renewable chemicals. Throughout the seven month competition more than 70 volunteer mentors and committee members have hosted business clinics; put on the Clean Tech Accelerator, an “entrepreneurial boot camp” and provided one-on-one coaching in a range of professional services including venture capital, business, law, marketing/public relations and sustainability.
The Clean Tech Awards Gala was made possible by the support of several sponsors, including: Boeing (presenting sponsor); Ascent Partners Group, Silicon Valley Bank, Van Ness Feldman (supporting sponsors); Avista, Puget Sound Energy (annual platinum sponsors); Deloitte and Wilson Sonsini Goodrich & Rosati (annual silver sponsors).
About the Clean Tech Open
Clean Tech Open is a catalyst for clean tech innovation. A non-profit organization founded in 2006, it provides today’s clean tech innovators with the tools, training and connections they need to become tomorrow's viable clean tech businesses. The core of CTO is an annual business competition, supported by expert volunteers and mentors, that provides entrepreneurs with the crucial business training, services and insights they need to go to market successfully. CTO has assisted over 100 companies raise more than $120 million in external funding, and has spurred the creation of hundreds of jobs in California. Fueled by a network of over 400 volunteers and sponsors, CTO unites the public and private sectors in a shared vision for making America's clean tech sector a thriving economic engine. Past alumni successes include Adura Technologies, Cool Earth Solar and GreenVolts. To learn more, visit: www.cleantechopen.com.