Virent Named Semifinalist for Prestigious Innovation Award
Wednesday, October 2, 2013
Online Public Voting will be used to Determine Winners
(Madison, WI) – Virent has been selected as one of six semifinalists by the Washington, DC-based organization, Securing America’s Future Energy (SAFE) for their Emerging Innovations Award. The Emerging Innovation Award will recognize three leading companies whose technologies are driving fundamental improvements in energy security and that have the potential to reach the market within the next five years.
SAFE is a nonpartisan organization dedicated to reducing America’s dependence on oil by educating policymakers and advocating for comprehensive energy reform. The winner of the award will receive $125,000 in prize money, first runner-up will receive $35,000 and the second runner-up will receive $15,000. SAFE is sponsoring this award as part of their efforts to mark the 40th anniversary of the 1973 OPEC oil embargo.
The semi-finalists each presented their technologies to a panel of distinguished judges yesterday in Washington, DC. The judges’ marks and online public voting will determine the award winners. To vote, visit SAFE’s website at oilembargo40.org/#vote/ before voting ends on October 11th. The winners will be announced on October 16th at the OPEC Oil Embargo +40: A National Summit on Energy Security event in Washington, DC.
“We are honored to be one of the selected semifinalists for this prestigious award, and we would like to thank SAFE for their consideration and congratulate the other semifinalists,” stated Lee Edwards, Virent’s CEO. “This is further validation of the promise of our process and its potential to deliver large volumes of renewable, direct replacement fuels and chemicals. I encourage everyone to visit SAFE’s website and vote.”
Virent is replacing crude oil by creating the chemicals and fuels the world demands using a wide range of naturally-occurring, renewable resources. Its patented technology features catalytic chemistry to convert plant-based materials into a full range of products identical to those made from petroleum, including gasoline, diesel, jet fuel, and chemicals for plastics and fibers. The products are drop-in replacements that enable full utilization of existing logistics infrastructure without blending limitations. The development of Virent’s BioForming® technology platform is supported through strategic partners including Cargill, Coca-Cola, Honda and Shell, as well as 85 employees based in Madison, Wisconsin. The company has received several grants from the U.S. Departments of Commerce, Energy and Agriculture and has been recognized with many honors, including the World Economic Forum Technology Pioneer award and the EPA’s Presidential Green Chemistry Challenge Award. Please learn more at www.Virent.com.