Jun 09, 2015
Tags: Energy, Impact Investing,
Factor[e] and MIT Launch the Factor[e] Energy for Development Prize
The MIT Clean Energy Prize (CEP) is the largest student-oriented energy competition in the nation, granting several hundred thousand dollars to innovative student-led teams every year since 2008. This year, FACTOR[e] worked with the MIT CEP to create the first-of-its-kind FACTOR[e] Energy for Development Prize. This prize was designed to accelerate the development of solutions to some of the major issues surrounding energy access in emerging markets.
In addition to supplying the funds for the prize, FACTOR[e] participated as a member of the final judging committee. Several high quality proposals made it through to the final round of the competition. These competitors spanned a wide range of topics within energy, from efficient milk purification technology to hybrid retrofit kits for auto-rickshaws. In the end, our panel could only pick one winner based on the predetermined judging criteria. There was a unanimous vote to award Team Safire this year’s FACTOR[e] Energy for Development Prize. Safire has devised a technology and business model combination that allows for the production of a clean, sustainable, high quality cooking fuel from under-utilized agricultural residues in East Africa. We are excited to see what they accomplish in the future!
For more on the prize itself, please see the following resources:
MIT Clean Energy Prize
MIT Clean Energy Prize Awards $400,000 to Energy Efficiency, Renewable Ventures