SOMERVILLE, Mass., Aug. 16, 2018 /PRNewswire/ -- Greentown Labs, the largest cleantech startup incubator in the United States, and Schneider Electric, a global leader in the digital transformation of energy management and automation in homes, buildings, data centers, infrastructure and industries, have selected the awardees for the first of its kind Greentown Labs Bold Ideas Challenge.
The Greentown Labs Bold Ideas Challenge is a 6-month accelerator program housed at Greentown Labs, in Somerville, MA, and focused on fast tracking entrepreneurs with the mentors, team members, business and technical resources they need to launch successful ventures with direct support from Schneider Electric.
The Bold Ideas Challenge received 155 applications throughout the recruitment process, representing 29 countries and a wide variety of products, technologies, and business models. Submissions were evaluated based on the potential impact of the solution's ability to increase efficiency, automation, and user experience while supporting society's rapid transition to a distributed, digitized, and decarbonized energy economy.
After a highly-competitive, multi-stage review process, the following companies were selected as awardees:
- Gridspan Energy (Boston, MA): is pioneering a novel approach to electricity transmission to advance clean energy access and security for island electricity markets.
- Singularity (Cambridge, MA): is building a distributed energy network that will transform the highly centralized power grid toward a distributed energy future.
- Sunforge LLC (Somerville, MA): is developing novel, high-efficiency off-grid solar charge controllers.
- Titan AES (Cambridge, MA): is developing and producing advanced battery management systems for lithium ion battery consumer electronics, automotive and storage markets.
All participants will receive the following awards:
- $25,000 in non-dilutive grant funding;
- Desk space at the Greentown Labs Global Center for Cleantech Innovation;
- Acceptance into Greentown Launch, a 6-month acceleration program for startups at Greentown Labs; and
- Exclusive access to the Greentown Labs and Schneider Electric networks.
Additionally, all awardees are eligible for partnership with and/or investment from Schneider Electric by the end of the program which will conclude in January 2019.
"Schneider Electric's Business Incubation Initiative is excited to work closely with the Greentown Labs Bold Ideas Challenge participants to accelerate their businesses and develop fruitful partnerships that advance our mutual innovation goals," said Heriberto Diarte, Head of External Innovation and Corporate Ventures, Schneider Electric.
"Greentown Labs is thrilled to welcome these innovative companies to the Greentown Labs Bold Ideas Challenge and we're eager to see all the progress they'll make during the 6-month program," said Greentown Labs CEO, Dr. Emily Reichert. "Based on our successful Greentown Launch track record, we're confident this program will result in great partnerships between Schneider Electric and the startups!"
The Bold Ideas Challenge will host a culminating event in early 2019 to celebrate the startups' successful completion of the program and announce any partnerships or investments made as a result of the program. The event will take place at Greentown Labs' Global Center for Cleantech Innovation, event date and registration page forthcoming; visit www.greentownlabs.com for more information.
About Greentown Labs
Greentown Labs is a community of bold, passionate entrepreneurs creating world-changing energy technologies that transform the way we live, work, and play. Located in Somerville, Mass., and founded in 2011, the Greentown Labs Global Center for Cleantech Innovation is the largest cleantech incubator in the United States, operating a 100,000 sq. ft. campus that empowers entrepreneurs to solve today's biggest energy and environmental problems. Its mission is to enable a vibrant community of startups to realize their visions by providing access to the resources, labs, and funding they need to thrive. For more information, please visit www.greentownlabs.com or find us on Twitter, Facebook, or LinkedIn.
About Schneider Electric
Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructure and Industries. With global presence in over 100 countries, Schneider Electric is the indisputable leader in Power Management – Medium Voltage, Low Voltage and Secure Power, and in Automation Systems. We provide integrated efficiency solutions, combining energy, automation and software. In our global Ecosystem, we collaborate with the largest Partner, Integrator and Developer Community on our Open Platform to deliver real-time control and operational efficiency. We believe that great people and partners make Schneider a great company and that our commitment to Innovation, Diversity and Sustainability ensures that Life Is On everywhere, for everyone and at every moment.
Greentown Labs Media Contact:
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SOURCE Greentown Labs