CALGARY, Alberta, Jan. 22 -- The University of Calgary issued the following news release:
Would-be energy sector entrepreneurs and emerging energy tech companies competed for a grand prize worth $25,000 at the inaugural Energy New Venture Competition on January 21. Finalists had 10 minutes to make their case, Dragons' Den-style, to a panel of judges consisting of investors from Bluerock Ventures, Schlumberger Technology Corp, Fronterra Ventures, Collins Barrow and Altira Group.
Created by the Hunter Centre for Entrepreneurship and Innovation at the University of Calgary's Haskayne School of Business and Innovate Calgary, and supported by Cenovus, the competition was designed as a platform to help advance emerging energy technology companies and concepts to the next level.
"We wanted to create an opportunity to help drive Calgary forward as a leader in energy technology and development, giving emerging companies a major hand-up with their ventures," said Kim Neutens, director of the Hunter Centre for Entrepreneurship and Innovation. "We provided finalists with mentorship from experts in entrepreneurship, innovation, company creation and investment development leading up to the competition as well as the opportunity to pitch for cash prizes and network with potential investors."
FREDsense Technologies secured the top prize, taking home $15,000 in cash, $10,000 of in-kind services and the opportunity to pitch at the PROPEL Energy Tech Forum to more than 100 investors. The company edged-out competition with their Field-Ready Electrochemical Detector (FRED), a novel electrochemical biosensor allowing for on-site, rapid detection and quantification of toxins in the tailing ponds. Started by a team of University of Calgary students and alumni, FREDsense Technologies hopes their biosensor solutions will be used in water quality monitoring across the oil and gas sector.
"Winning this competition really starts to make things real in the whole process of the start-up. We can start reaching our goals for the year, and that is huge," explains David Lloyd, cofounder, FREDSense. "We'll be using the money to help develop a prototype, establish connections to take the product forward and file for a full patent."
Placing second in the competition and pocketing $12,500 in prizes was Luxmux, a company that has developed a technology that enables real-time and accurate steam-quality measurements for in-situ thermal heavy oil productions. ENVrecon took third place and $5,000 in prizes with its software application that automates the process of collecting data for environmental reports, reducing the processing time from a five- to 10-day process to one that takes only five- to 10-seconds.
The Energy New Venture Competition is a pre-event to the PROPEL Energy Tech Forum, a new two-day energy technology-focused investment conference that will bring together a delegation of 200 stakeholders and investors within the energy tech industry on January 22 and 23, 2014.
About the University of Calgary
The University of Calgary is a leading Canadian university located in the nation's most enterprising city. The university has a clear strategic direction to become one of Canada's top five research universities by 2016, where research and innovative teaching go hand in hand, and where we fully engage the communities we both serve and lead. This strategy is called Eyes High, inspired by the university's Gaelic motto, which translates as 'I will lift up my eyes.'
About the Haskayne School of Business
The Haskayne School of Business was founded at the University of Calgary in 1967, and was named in honour of Richard F. Haskayne, OC, AOE, FCA, in 2002. The business school has approximately 3300 full- and part-time students enrolled in bachelor's, master's, doctorate, and executive education programs, and stays connected with its more than 21,000 alumni in 80 countries worldwide.
The vision of the Haskayne School of Business is to be an internationally recognized centre of excellence for business education, research, and community outreach, with a special emphasis on the distinct elements that define Calgary and Alberta: energy, entrepreneurship, and ethical leadership.
For more information, visit ucalgary.ca. Stay up to date with University of Calgary news headlines on Twitter @UCalgary and in our media centre at ucalgary.ca/news/media.
Issued in partnership with: Innovate Calgary
About Innovate Calgary
Innovate Calgary is a full service organization offering technology transfer and business incubator services to researchers, entrepreneurs and businesses within the advanced technology sector. We support commercialization by providing a variety of services and programs including: business and technical advice, workshops, screening of technologies for commercial potential, access to sector resources, licensing and intellectual property strategy, company creation/incubation programs and tenancy and business resources and facilities for technology companies.
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