SAN FRANCISCO, May 3, 2021 /PRNewswire/ — Cleantech.org announced today that applications are open for the GS Beyond Energy Innovation Challenge. Hosted and provided by GS Beyond and GS Futures, the Silicon Valley-based innovation and investment arms of the South Korean headquartered global energy, power, construction, and retail conglomerate GS Group. The pitch competition winner will win a cash award of $100,000 with no strings, deliverables, or equity dilution. The top three startups will also be considered for pilot projects with GS Group.
Finalists will be selected from a pool of 21 semi-finalists, five of which will be invited to participate in the virtual pitch event scheduled for July 21. The top three semi-finalists will receive special consideration for a pilot project with GS Group.
“Open innovation is challenging in general and hard across the Pacific Ocean,” said Sungene Ryang, host and Executive Director of GS Beyond. “The cash prize is free from any conditions, and this is by design. We want companies to feel free to build their companies as they see fit and trust them to use the funds to their advantage. While I don’t have a hand in picking the winner, I’m certainly eager to learn who it is and how they could fit into the GS ecosystem.”
The challenge is now accepting applications via GSBeyondEnergy.com to energy sector startups in the US with a minimum viable product (MVP) or working prototypes in the earliest seed funding stage to those in later stages with customers. The competition is looking for companies in the following categories: Digitization of Energy, eMobility in Cities, and New Fuels. The judging panel for the event covers the spectrum of the energy transition ecosystem, from venture capitalists and corporate venture arms, to international energy providers.
“In the 15 years since we founded Cleantech.org, and built it up to 40,000 online members, we have striven to connect startups with the best venture capitalists in the industry,” said Neal Dikeman, Chairman of Cleantech.org and a partner at one of the prize sponsors, Energy Transition Ventures. “We are excited to present the GS Beyond Energy Innovation Challenge and continue connecting great companies with influential investors. When you flatten the commercialization cycle in energy and put engineers and executives from passionate fast-moving startups and multinational energy companies in the same room, world-changing things tend to happen.”
The challenge is supported by some of the top incubators and accelerators in the cleantech sector. Incubation Partners for the Cleantech.org GS Beyond Energy Innovation Challenge include Austin Technology Incubator at the University of Texas and Greentown Labs, the largest climatetech startup incubator in North America which is headquartered in Boston and recently launched its second location in Houston—anchoring the city’s new innovation district. Accelerator Partners include Elemental Excelerator, a global non profit climate technology startup accelerator, and Third Derivative, a vertically-integrated, global climate tech acceleration program founded by RMI and New Energy Nexus.
“In order to combat the climate crisis we need to rapidly scale climatetech solutions across the greatest GHG emitting sectors and accelerate the energy transition. We’re proud to see the GS Beyond Energy Challenge focusing on these areas,” said Dr. Emily Reichert, CEO of Greentown Labs. “We’re thrilled to support the program as an Incubation Partner and can’t wait to meet and support the entrepreneurs who participate!”
About GS Beyond
GS Beyond is the open innovation arm of GS Group, focused on identifying and fostering innovation across various industries: energy and power, retail and commerce, and engineering and construction. Based in Silicon Valley, GS Beyond builds partnerships with companies developing cutting-edge technology and innovative ideas to change the world in positive, sustainable ways. For more information, visit gsbeyond.com.
About GS Futures
GS Futures is the US corporate venture arm of GS Group, focused on investing and collaborating with World-changing teams and innovations tackling Climate Change, Energy Transition and the Future of Commerce. By marrying the existing capabilities of GS with innovations spurring from the Venture ecosystem, GS Futures seek to collaboratively disrupt for a more positive future. For more information, visit gsfutures.vc.
CleanTech.org is the leading portal for energy & environmental technology commercialization. Their mandate is to be the access point for the growing number of individuals and companies involved in the sector. They seek to allow these participants to develop networks and access information and resources to facilitate the commercialization of clean technologies through an interactive experience. For more information, visit www.cleantech.org.
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