EnterpriseWorks

Cache Energy, an EnterpriseWorks startup, has been awarded the Successful Energy Storage Innovations Prize from the Department of Energy (DOE). The Energy Storage Innovations Prize program is one of several DOE initiatives designed to recognize outstanding energy storage innovators from across the nation which can ensure U.S energy security and self-reliance. Cache Energy was chosen from among some of the best energy innovation projects in the nation to win this recognition and the $10,000 prize.  “The award gives us the highest possible recognition through the dept of energy recognizing the potential of our grid scale technology.” – Arpit Dwivedi, Cache CEO Their patented method of adding storage to existing electricity grids was the driving factor in their selection. Cache Energy is developing a heat battery that can store energy as heat indefinitely and release when needed, either as heat or electricity. This technology can store grid electricity cheaply on a large scale. It can also enable a transition to renewable energy by helping industries move away from fossil fuel and allowing wastewater treatment plants and landfills to store the energy of biogas released, which otherwise is primarily wasted. This innovative technology could have a monumental impact on the nation’s energy supply. In their 2023 Short-Term Energy Outlook, the U.S. Energy Information Administration (EIA) forecast that crude oil production in the United States will average 12.4 million barrels per day (b/d) in 2023 and 12.8 million b/d in 2024, surpassing the previous record of 12.3 million b/d set in 2019. With Cache Energy’s patented method of adding energy storage to existing electricity grids, they are paving the way for better use of renewable energy sources. Utilities across the country are taking note of the potential this technology has to reduce energy costs and increase energy efficiency. It could also prove to be a bridge to tougher energy standards in the near future. Cache Energy’s innovative technology is a win-win for both the utility industry and consumers. It may eventually revolutionize the way in which utilities store and deliver energy, and also reduce reliance on more expensive energy sources like gas and coal. They are also the only company from Illinois to win the award this year, and also are one of the youngest recipients of the award. Congratulations to Cache Energy on their outstanding award, and we are looking forward to seeing what the future may hold for their pioneering technology. 

EnterpriseWorks startup Natrion has been named a finalist in the LG Energy Solution Battery Challenge 2022 for its work in developing and scaling up solid state lithium metal battery technology.  Natrion, a clean energy technology startup, impressed the judging panel with its developments in solid state lithium metal battery technology, leading to it being selected as a finalist. Natrion is one of 11 finalists from around the world competing for the challenge.  “We’re deeply grateful and honored to advance and get recognition in this competition,” said Natrion co-founder and CEO Alex Kosyakov. “The opportunities that lie in potentially working together with an industry leader like LGES are boundless. This is something that can really accelerate Natrion’s path to commercialization.”  The Battery Challenge 2022, which is part of LG’s larger effort to develop next-generation energy storage solutions, aims to recognize pioneering technologies related to battery recycling, manufacturing, and energy storage.   Winners of the challenge will be eligible to receive up to $1 million in funding and research contracts. 

EnterpriseWorks and Research Park awarded prizes valued at $30,000 to 10 teams who competed in the 2023 Cozad New Venture Challenge. CNVC kicked off in early February with over 100 competing teams representing 11 colleges. The teams attended 4 workshops on customer discovery, value proposition, financials, and presentation skills, besides optional skills development workshops. Nearly 90 startup teams made it to the Demo Showcase that took place on April 13 at the Illinois Conference Center at Research Park. Congrats to Zite AI, whose office is on the second floor of EnterpriseWorks, for capturing fourth place and winning a $5,000 investment. Zite AI makes small business owners’ dreams come true by helping them select the perfect location to open their business, increasing their revenues, and reducing the risk of failure. The team members represent Grainger College of Engineering (Industrial & Enterprise Systems Engineering). Get Started! Prize: Winners: The Get Started! Prize offers up to $5,000 per team to leverage professional consultants and experts to assist with company legal formation, branding, business strategy, and getting your team launched as a company. Services will be provided by Entrepreneurs-in-Residences on an hourly basis or approved regional professional firms. ClimeCast Enviro ReSeed Solutions Sakura MedTech Zite AI All finalists received Affiliate Membership at EnterpriseWorks. This includes use of co-working space, access to conference rooms, common areas, support services, and entrepreneur assistance. Enviro Sakura MedTech Zite AI Beacon Hatch Integrated Dynamics Top Tier CNVC is a campus-wide program that provides mentoring to teams through the phases of venture creation, and resources in idea validation, pitching skills, and customer development. The teams pitched their startup ideas to about 105 past Cozad alumni, investors, mentors, faculty, sponsors, and partners of the University of Illinois entrepreneurship ecosystem who served as judges. Past participants of the program include EnterpriseWorks graduates Mesh++, Prenosis, Cast21, Psyonic and Serionix, in addition to EnterpriseWorks startups Natrion and DeepWalk.