Zayed Prize hopefuls say winning would transform their futures

With US$1.5 million at stake, winning the Zayed Future Energy Prize could be a game-changer for the four finalists in the award’s small and medium enterprise category.

Poor farmers in India have been given solar lights by Selco, which installs and services solar photovoltaic and solar-thermal systems in impoverished communities and is in the running for a Zayed FutuShow more

ABU DHABI // For the competitors in the small and medium enterprise category of the Zayed Future Energy Prize, winning the US$1.5 million (Dh5.5 million) would be a game-changing moment for their companies.

The annual award recognises individuals, institutions, schools and companies who are innovating in the field of renewable energy and sustainability.

This year, two of the small and medium enterprise (SME) finalists are from India – Abellon CleanEnergy, a bio energy company, and Selco, which installs and services solar photovoltaic and solar thermal systems in impoverished households.

Harish Hande, the founder of Selco, said winning would help finance their ambitious growth plans. The company aims to have a presence in more than 15 Indian states in the next five years, where its products would benefit more than five million people.

“Over the last 20 years, Selco has proved the point that decentralised renewable energy services can be provided to the poor in a socially, environmentally and financially sustainable manner,” Mr Hande said. “We would now like to push the boundary further.”

The money would also provide much needed capital for the company to take risks and innovate, he said.

Based in Gujarat, Abellon CleanEnergy produces pellets made from agricultural and sawmill residues, which can be burnt as fuel, providing a clean energy source for commercial or residential settings.

Aditya Handa, the company’s founder, said the prize would help Abellon fund research and development.

“We have also identified a road map of 30 different countries, where we’re looking at establishing markets through initiating product trials and demonstrations,” he said. “We are planning to deploy a part of the funding towards this expansion as well.”

The remaining two companies were both unsuccessful finalists in last year’s prize.

“Being a finalist last year, we had the most amazing experience during the Sustainability Week – a lot of contacts, inspiration, imagination,” said Maarten Michielssens, the founder and chief executive of a Belgian company EcoNation.

Its main innovation is the LightCatcher, a device that uses sensors and mirrors to catch daylight and deliver it inside a building, thus reducing the need for electric lighting.

“We normally do not reapply for prizes or awards,” he said. “However, exceptional circumstances require exceptional decisions, and one thing is sure – the prize, the week, the surroundings are truly exceptional.”

Should it win, the company will spend about half the prize money on three research projects in collaboration with Belgium’s Ghent University to improve its technology.

“We are presently developing the LightCatcher of the Future prototype to optimise energy efficiency by using liquid crystals and nanotechnology to eradicate any moving parts or mirrors,” Mr Michielssens said.

“This prototype could potentially allow for the replacement of traditional, passive skylights at the same or a lower cost, with a cradle-to-cradle approach and a carbon footprint that is up to seven times lower.”

If he wins, Mr Michielssens said he would share a third of the prize money with the other finalists to create an international network of clean technology SMEs.

“Such an association could collaborate, share experiences, raise awareness and make a difference – so that the ideas and experiences of the prize live beyond the day of the award ceremony for all of us,” he said.

The other finalist is San Francisco’s Clean Power Finance, which creates software for companies retailing solar products and enables capital providers to connect with solar industry professionals.

“Should we win the prize, we would like to use the fund to expand our presence in new markets and develop new products that benefit the entire industry,” said Nat Kreamer, the company’s chief executive.

“For instance, we built a free, public database of residential solar-permitting requirements around the US to help solar installers save time and money by avoiding bureaucratic red tape and confusion,” he said.

“There are other projects we are working on that will help reduce the cost of residential solar so more people can afford clean, renewable energy.”

Now it its sixth year, there is a total prize pot of US$4 million (Dh14.7 million) across all categories. The winners will be announced during the World Future Energy Summit conference in Abu Dhabi on January 20.