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closeWednesday, Jul. 01, 2009
2 Richland firms are semifinalists in clean-tech contest
By Pratik Joshi, Herald staff writer
Two Richland companies are among 12 semifinalists in an ongoing business competition sponsored by investors and entrepreneurs to promote clean technologies, under the guidance of a California-based nonprofit.
InnovaTek and NHThree will compete for three regional prizes of up to $50,000 in cash and in-kind services, and potentially for a similar national prize of up to $250,000.
InnovaTek is promoting its combined heat and power system that generates electricity using an integrated fuel cell system and recovers thermal energy to heat and cool a building.
NHThree, which was started in 2007 by Doug McKinley with two other partners, is perfecting a clean and cheaper method of making anhydrous ammonia, which is used mostly in fertilizers and to make other chemicals.
The Pacific Northwest region semifinalists represent several distinct clean-tech categories including energy storage, solar power, small-scale solar, wind and hydro, transportation and renewable chemicals, and include eight teams from Washington, three from Oregon and one from Idaho.
"We did pretty well," said Deanna Smith, the Tri-Cities' region liaison for the competition. Four local companies submitted plans for the competition, which attracted 56 entries.
Smith said having two local companies make it to semifinals shows the Tri-Cities is a hotbed of renewable, clean technologies with potential job opportunities.
Being a semifinalist validates that InnovaTek has a viable technology, said Patricia Irving, founder and CEO of the company. It also means InnovaTek will have an opportunity to further develop its business plan under expert guidance, she said.
The company has a five-year plan to commercialize its combined heat and power system that will be initially marketed to food-processing facilities, or other large users.
Local teams will travel in mid-July to San Jose, Calif., for a boot camp where national experts in venture capital, business, law, marketing and sustainability will help InnovaTek and NHThree tweak their business plans, said Smith, who's working to find sponsors to help defray travel costs.
w Pratik Joshi: 582-1541; pjoshi@tri cityherald.com; Business Beat blog at www.tricityherald.com
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