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Rentricity wins top award at 2012 Cleantech Open Global Forum

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The company won the “Best in Renewable Energy” Award at the forum held in San Jose, California on 8th and 9th November
Rentricity wins top award at 2012 Cleantech Open Global Forum

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. The aim of the event is to find, fund and foster entrepreneurs with big ideas that address today’s most urgent energy, environmental, and economic challenges. As well as winning the “Best in Renewable Energy” award, Rentricity was also selected as runner-up for the event’s Grand Prize.

Rentricity generates electricity from untapped pressure in drinking water pipes and supplies smart, renewable energy hydrokinetic applications for drinking water, industrial water systems, and wastewater systems. The company was the first New York-based startup to advance to the Cleantech Open Global Forum, after having won the Northeast Regional Finals.

“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 and 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.”

Over the past seven years, the Cleantech Open has awarded over $5 million in cash and services. During that time, the event’s 581 alumni companies have raised more than $660 million in external funding.

Further information:

Cleantech Open

Rentricity

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