by Mark Carter
Posted 5/7/2013 08:46 am
Updated 7 months ago
Picasolar, a University of Arkansas startup that created a way to make solar cells more efficient, won the MIT Clean Energy Prize business-plan contest and $250,000 Monday at the Massachusetts Institute of Technology in Cambridge, Mass.
Picasolar, fresh off its win at the 2013 Donald W. Reynolds Governor's Cup and appearances at the prestigious Rice University and VLIC competitions, defeated 55 of the nation's best sustainability startups to win the $150,000 top prize at MIT. In addition, the win earned the team a $100,000 prize from the U.S. Department of Energy.
Picasolar is a graduate-level business plan team from the UA's Walton Business College. Team members include Seth Shumate (the inventor of the technology), Trish Flanagan, Matthew Young and Michael Miller. Picasolar's technology fixes flaws in silicon solar cells, increasing efficiency and decreasing costs.
Next up for Picasolar is the Tri-State Governor's Cup in Las Vegas May 20-22 in Las Vegas. It will compete in a national Department of Energy competition in June.
Check out more on Picasolar's win in the INOV8 blog, courtesy of Innovate Arkansas.