This is an excerpt from EERE Network News, a weekly electronic newsletter.
Northwestern University Wins Clean Energy Business Plan Competition
The Energy Department announced on June 14 that NuMat Technologies from Northwestern University has won the first DOE National Clean Energy Business Plan Competition. The other finalists included teams from the University of Utah, University of Central Florida, Massachusetts Institute of Technology, Stanford University, and Columbia University. The competition aims to inspire university teams across the country and promote entrepreneurship in clean energy technologies that will boost American competitiveness, bringing cutting-edge clean energy solutions to the market and strengthening our economic prosperity.
NuMat Technologies presented a plan to commercialize a nanomaterial that stores gases at lower pressure, reducing infrastructure costs and increasing design flexibility. One potential application for this innovation is in designing tanks to store natural gas more efficiently in motor vehicles. NuMat Technologies won based on its commercialization idea, go-to market strategy, team plan, environmental benefits, and potential impact on America’s clean energy economy. As the winning team, Northwestern University was awarded $180,000, which includes seed money for their business plan and additional prizes from sponsors, including technical, design, and legal assistance.
Six teams were invited to present their business ideas to a group of judges from industry and academia after successfully winning at regional level competitions earlier this year. Each team created a business plan around a promising clean energy technology they identified from a university or national lab. The plans detailed how they could bring that technology to market, including financing, product design, scaling up production, and marketing. Funded through DOE’s Office of Energy Efficiency and Renewable Energy, the university-led competition supports the next generation of energy leaders, who will boost American competitiveness. See the DOE press release.