Rich Mays News: 2006
May 12, 2006
Eric Krathwohl Leads Rich May Sponsorship of MIT’s Ignite Clean Energy Competition.
Rich May was a silver sponsor for the 2006 Ignite Clean Energy Business Presentation Competition in which the winner Stellaris Corporation, a start-up company that focuses on the development and commercialization of innovative renewable energy and energy conservation technologies, was awarded $125,000 in prizes and services. As a sponsor, Rich May will contribute $7,500 of the total prize in legal services. In addition, Rich May Managing Director and head of its Energy Practice Group, Eric Krathwohl, served on the Steering Committee and aided in the organization of this event.
The Ignite Clean Energy Competition is hosted by the MIT Enterprise Forum, Energy Special Interest Group and is designed to help new businesses gain recognition, help entrepreneurs develop superior business plan presentation skills and encourage networking among the young companies, investors and industry leaders. Over 40 companies participated. Stellaris’s news release on its wonderful achievement is below.
Stellaris Wins $125,000 Ignite Clean Energy Competition
Cambridge, MA—May 11, 2006—Stellaris Corporation convinced a panel of industry leaders and venture capitalist judges that their business can make clean energy competitive with conventional energy to win the Finals of the 2006 Ignite Clean Energy Business Presentation Competition.
Started in 2005 by the Energy Special Interest Group (ESIG) of the MIT Enterprise Forum of Cambridge, the Ignite Clean Energy Competition provides training, mentoring, coaching, $125,000 in prizes and services to clean-energy entrepreneurs, with one overarching goal – to build a thriving clean-energy industry in Massachusetts.
Stellaris expects to build a vibrant company in Lowell, MA, capturing its share of the growing $11 billion in annual worldwide solar energy panel sales. Stellaris COO and co-founder Lee Johnson presented the team’s plan to the judges and an overflow audience of nearly 400 at the MIT Stata Center. Stellaris solves the high cost of solar energy systems by decreasing the solar module cost by 40% while increasing the efficiency of its energy-generation by more than 20%. The Stellaris module captures and concentrates both direct and diffuse light via a translucent panel that can be used not only in conventional solar modules, but also inwindows, patio tiles, and skylights, combining architectural appeal with energy production.
For its efforts, the Stellaris team, which in addition to Johnson includes Jim Paull, President and co-founder, and Tom Ward, VP Marketing & Sales, won $15,000 cash, plus $25,000 in office/incubator space, and $7,500 in legal services. The award was presented by Warren Leon, Director of the Massachusetts Technology Center’s Renewable Energy Trust, Platinum Sponsor of the Competition.
“Winning this competition will greatly increase our visibility with potential investors on both coasts, and for this we are grateful,” said Jim Paull. “It is rewarding when a team of industry experts from energy technology companies, venture capital firms, and academic technology experts confirm that you are on the right track.”
About Stellaris Corporation
Stellaris Corporation brings to market innovative, unconventional technologies that make renewable energy affordable. Their concentrating photovoltaic glazing (CPG) technology uses passive optics to concentrate light, reducing the amount of photovoltaic material required and greatly reducing the cost of photovoltaic modules and building-integrated systems. This CPG technology drastically reduces the cost of solar modules and Stellaris seeks to become a leading company in the movement to supply the 21st century with clean, efficient, and cost-effective energy worldwide through developing and commercializing innovative, renewable energy and energy conservation technologies.
www.stellaris-corp.com
About the MIT Enterprise Forum of Cambridge
The MIT Enterprise Forum of Cambridge is a volunteer, non-profit organization based at MIT whose mission is to promote and strengthen the process of starting and growing innovative and technology-oriented companies by providing services and programs that educate, inform, and support the entrepreneurial community.
http://www.mitforumcambridge.org/
About Rich May and Its Clean/Renewable Energy Practice
Entrepreneurs are acting to meet the challenges of dwindling supplies, increasing demand for and increasing prices of traditional fuels by inventing and commercializing new Clean/Renewable energy technologies and developing existing renewable electric generating sources. State and Federal governments have established numerous incentives (grants and tax breaks) for such activity.
For almost 70 years, Rich May has been a leader in advising utilities, energy generators and electric and gas distribution companies and all manner of regulated industries in all aspects of their business and operations. Drawing from this deep vein of experience, Rich May’s Clean/Renewable Energy Group is actively advising a new generation of clean and renewable energy developers including, among others, developers of solar and wind generating facilities and technology, energy conservation efforts and technologies.
In addition to Rich May’s decades long, deep involvement in all aspects of the energy business, Rich May brings considerable expertise in representing entrepreneurs and venture backed entities in a wide range of intellectual property protection and technology financing and commercialization efforts.
Rich May’s diverse practice embraces the organization and operation of business ventures, venture capital, private placements, hedge funds, public offerings, technology licensing, mergers and acquisitions, contracts, joint ventures, internet and e-commerce law, energy, intellectual property, litigation and dispute resolution, employee relations telecommunications, public utilities, wealth planning and real estate. Rich May provides superior legal and strategic counsel through its extraordinary commitment to clients’ success, outstanding professional competence and straightforward ability to communicate. Rich May embraces an entrepreneurial spirit and maintains a mission execution culture that distinguishes Rich May from other law firms.
Rich May combines the stability and experience of one of Boston’s oldest preeminent law firms with the innovative spirit and energy of a venture catalyst intensely focused on serving high-tech entrepreneurs, emerging companies and investors in New England and throughout the United States.
For more information, visit www.richmaylaw.com.
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