Elemental Excelerator, a nonprofit investor focused on scaling climate solutions, announced this week it has been selected as the Hawaii and Pacific Island regional partner for the U.S. Department of Energy’s EnergyTech University Prize program.
EnergyTech UP aims to cultivate the next generation of energy innovators by offering $370,000 in cash prizes to student teams that can identify an innovative energy technology, assess its market potential and create a business plan. The regional winner will receive $3,000 and move on to the national competition.
As the regional partner, Elemental will inspire and facilitate submissions from within the region, according to a statement from the nonprofit.
“The enthusiasm around this nationwide contest underscores the opportunity and need to identify energy technologies that are poised to change the future climate landscape — especially here in the Pacific where we see the effects of climate change on our communities, from the high cost of energy to homes and businesses affected by rising sea level,” Elemental’s Director of External Affairs Tiffany Huynh said in the statement.
Winners will be chosen based on the strength of their business proposal.
"This competition really requires all parts of business," Elemental Excelerator Career Pathways Manager Antoinette West told Pacific Business News. "You're being judged on your business pitch and business plan, so you need someone with a head for finances and accounting, as well as someone who is business-minded and can think about what commercialization would look like and what scaling would look like. You need someone who has a head for technology and what this product or service actually means, and then also someone who understands the impact."
This is the first time Elemental Excelerator is participating, according to West. The 2022 competition welcomed more than 500 competing students from 113 schools nationwide.
"What's most exciting is being able to see young people excited about this sector," West said. "Something that's really important to me as a career pathways manager is highlighting and amplifying the spectrum of careers and opportunities that are available in the climate sector."
EnergyTech UP, in partnership with American-Made Challenges, is sponsored by the Office of Technology Transitions at the U.S. Department of Energy, as well as several other program offices.
The application deadline is Jan. 26, 2023 at 5:59 p.m. Hawaii time. For more information or to apply, visit the American-Made Challenges website.
