Clean Energy Challenge Receives More Than 70 Entries from Illinois Entrepreneurs

Inventors, scientists, professors, students and executives enter competition for $130,000 in cash and services

CHICAGO--(BUSINESS WIRE)--The Clean Energy Trust is evaluating more than 70 business plans submitted for the inaugural Clean Energy Challenge business competition. The Challenge, which will award $130,000 in prize money plus business support services, seeks the best clean energy business ideas in Illinois with the potential to bring new clean energy technology to the marketplace.

“This response shows the depth of talent working in Illinois and the number of great clean energy companies that are poised to emerge in the marketplace.”

The deadline for filing an application was midnight last night. Submissions for the $100,000 early-stage business prize, and the $30,000 concept-stage prize, encompassed numerous areas of clean energy technology, including energy management systems, wind and solar energy innovations, automotive technologies, battery advancements, biomass and clean energy financing.

”The volume of high-quality business plans exceeded our highest expectations,” said Amy Francetic, Clean Energy Trust executive director. “This response shows the depth of talent working in Illinois and the number of great clean energy companies that are poised to emerge in the marketplace.”

Challenge applicants come from across Illinois and work at every level of clean energy innovation. Start-up companies, university professors, students and independent entrepreneurs submitted plans they believe can become sustainable clean energy businesses.

An independent panel of evaluators will score the submissions and will provide a list of finalists to the Trust in early January. Finalists will present their plans to a judging panel of nationally renowned investors and business leaders in the clean energy sector March 3^rd at the Midwest Energy Forum in Chicago.

“The overwhelming response to this competition is confirmation of the extraordinarily high interest in Illinois as a hub for clean energy innovation,” said Michael Polsky, founding board member and CEO of Invenergy. “The Clean Energy Trust was created a few short months ago to accelerate development of clean energy businesses in Illinois and through this competition we’re already delivering on that promise.”

The U.S. Department of Energy provided the $100,000 prize for early companies. Additional financial support for the Challenge is provided by: Acciona, Arcelor Mittal, Invenergy, DLA Piper, Google, City of Chicago, Chicagoland Entrepreneurial Center, and the University of Chicago's Polsky Center for Entrepreneurship.

Sponsorship opportunities are still available. Contact the Clean Energy Trust at 847-899-2225 for details.

About the Clean Energy Trust

The Clean Energy Trust is an Illinois nonprofit corporation with a mission to further the growth of clean energy technologies and businesses in Illinois and the Midwest region. The founding board members are: Nicholas Pritzker, Tao Capital, former Hyatt Executive (Trust Co-Chair); Michael Polsky, Invenergy (Trust Co-Chair); Antonio Gracias, Valor Equity Partners (Treasurer); Paula Crown, Henry Crown & Company; Richard Sandor, Chicago Climate Exchange; Tim Schwertfeger, Former CEO Nuveen; and Keith Crandell, ARCH Ventures.

Its university partners include: Illinois Institute of Technology, Northwestern University, University of Chicago and University of Illinois at Chicago. The Trust is located at TechNexus, a Chicago incubator developed by the Illinois Technology Association (ITA).

Visit www.cleanenergytrust.org to learn more.