|By PR.com Newswire||
|November 27, 2012 06:00 AM EST||
New York, NY, November 27, 2012 --(PR.com)-- Rentricity Inc., a renewable energy company that generates electricity from untapped pressure in drinking water pipes, was selected as "Best in Renewable Energy" at the 2012 Cleantech Open Global Forum, held in San Jose, California on November 8th and 9th. Additionally, it was selected as Runner-Up for the event’s Grand Prize.
Rentricity earns the distinction of being the first New York-based startup to advance to the Cleantech Open Global Forum, after having won the Northeast Regional Finals. Now, it has become the first NY-based startup to win "Best in Renewable Energy," and place second for the Grand Prize. “This award recognizes Rentricity’s development in several areas, including its intellectual property portfolio, strategic partnerships, and new project financing capabilities," said Frank Zammataro, Rentricity Founder & CEO. "Furthermore, it validates in-pipe hydro as a renewable energy category on par with wind and solar, distinguishes Rentricity as the premier in-pipe hydro technology company, and endorses the company’s business model as an attractive, promising investment to the investment community.”
Indeed, this well-deserved award marks the culmination of an auspicious year for the Company. During 2012, Rentricity earned its highest revenue growth ever, in part through the installation of projects with American Water and California Water Services Group. The company also strengthened its intellectual property portfolio through the filing of three new patent applications related to its core business. Additionally, 2012 marked the beginning of an exclusive relationship with Xylem Inc., formerly ITT Corp., to support the development of its new product line, the Sustainable Energy and Monitoring Systems (SEMS). Finally, due to Rentricity’s exceptional in-pipe hydro project economics, it has recently secured agreements with multiple project financiers, ensuring the development of systems that would have previously stalled due to municipal budget issues. These developments were instrumental in helping Rentricity generate the momentum necessary to win at the Cleantech Open.
The Cleantech Open is the premier startup competition for renewable energy companies. Of the 380 total applicants for the competition, Rentricity was the second-highest rated company in the entire competition. “Twenty-twelve was a landmark year for Cleantech Open Northeast, with our largest and most geographically diverse group of applicants and finalists, an incredibly talented group of mentors, and our most rigorous accelerator programming to date,” said Alexandra Adler, Northeast Regional Director of the Cleantech Open. “Rentricity's win at the Global Forum demonstrates the great business ideas coming out of our region and the strength of the Northeast cleantech community supporting these entrepreneurs.”
About Rentricity Inc.
Rentricity Inc. is the nation’s leader in producing smart, renewable energy hydrokinetic applications for drinking water, industrial water systems, and wastewater systems. The company is headquartered in New York City, supported in part by the New York City Accelerator for a Clean & Renewable Economy (NYC ACRE). (www.rentricity.com)
About The Cleantech Open
The Cleantech Open is the world’s largest cleantech accelerator and is dedicated to providing entrepreneurs and technologists the resources needed to launch a successful cleantech company. Our mission is to find, fund and foster entrepreneurs with big ideas that address today’s most urgent energy, environmental, and economic challenges. A 501(c)(3) not-for-profit organization, the Cleantech Open provides the infrastructure, expertise and strategic relationships that turn clever ideas into successful global cleantech companies. Over the past seven years, the Cleantech Open has awarded over $5 million in cash and services. During that time, our 581 alumni companies have raised more than $660 million in external funding. Fueled by a network of more than 2,000 volunteers, the Cleantech Open unites the public and private sectors in a shared vision for making America’s cleantech sector a thriving economic engine. For more information, visit www.cleantechopen.com, www.northeast.cleantechopen.com or follow us on Twitter and Facebook.
Click here to read the full story: Rentricity Wins "Best in Renewable Energy" at 2012 Cleantech Open Global Forum
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