SEATTLE – 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 winning 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 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.”