Clean Energy Prize looks to jumpstart more clean-tech start-ups

Applicants are being accepted for the 4th-annual Clean Energy Prize, a $100,000 business plan competition co-sponsored by DTE Energy and the University of Michigan. That grand prize can often mean the difference between a start up gaining traction or not going anywhere.

For instance, the first Clean Energy Prize winner, Algal Scientific, leveraged that six-figure prize into a platform to launch its wastewater treatment system that uses algae to remove nutrients from contaminated water, leaving the raw materials for biofuel production.

“That basically got us enough seed money to leverage more money through the Michigan Pre-Seed Capital Fund and the First Step Fund,” says Pauln Horst, CEO of Algal Scientific. “It was very important to us.”

The Plymouth-based start-up just finished a pilot project at a Ohio-based landfill and is on track to hit 12-15 employees within the next year. At that point, Algal Scientific could be considered for investment from DTE Energy’s venture capital arm, DTE Energy Ventures. The VC subsidiary focuses on investing in start ups that have some sort of clean-tech angle.

For information on the Clean Energy Prize, click here.

Source: Paul Horst, CEO of Algal Scientific
Writer: Jon Zemke

Read more about Metro Detroit’s growing entrepreneurial ecosystem at SEMichiganStartup.com.