Seattle, WA (USA), October 6, 2014 – Principle Power, Inc. (Principle Power), is pleased to announce it was named in the prestigious 2014 Global Cleantech 100, produced by Cleantech Group, whose mission is to connect corporates to sustainable innovation through the i3 market intelligence platform, expert consulting services, and global events.
The Global Cleantech 100 represents the most innovative and promising ideas in cleantech. Featuring companies that are best positioned to solve tomorrow’s clean technology challenges, Global Cleantech 100 is a comprehensive list of private companies with the highest potential to make the most significant market impact.
This list is collated by combining proprietary Cleantech Group research data, with weighted qualitative judgments of hundreds of nominations, and specific inputs from a global 84-person Expert Panel. To qualify for the list, companies must be independent, for-profit, cleantech companies that are not listed on any major stock exchange.
“It is a distinct honor for Principle Power to be named as one of the top 100 Global Cleantech companies,” said Alla Weinstein, President & CEO of Principle Power. “Our patented and proven floating support structure for offshore wind turbines, the WindFloat, represents a paradigm shift in the offshore wind market and enables the installation of offshore wind farms in water depths previously inaccessible due to technology limitations. In the process, we are eliminating costly infrastructure needs and reducing environmental impacts. All of this leads towards the generation of clean, renewable energy, from the vast offshore wind resources close to population centers, while achieving price parity with market targets. We have already installed our full-scale WindFloat prototype device in Portugal. The system has been operational since Q4 2011 and we are looking to complete the commercialization process through the installation of a multi-unit offshore array of systems in our primary markets over the next 3 to 4 years. In the process, we are opening new markets and contributing to the future of offshore wind.”
“The Global Cleantech 100 represents the most inspiring array of entrepreneurs across the cleantech space that are at the forefront of innovation,” said Sheeraz Haji, Cleantech Group’s CEO. “It is a true honor to gather with the global cleantech community every year to recognize and celebrate the achievements of each of the top 100 companies as they continue to solve tomorrow’s energy and resource challenges and redefine sustainable innovation.”
This year, a record number of nominations were received: 5,995 distinct companies from 60 countries. These companies were weighted and scored to create a shortlist of 327 companies. Short-listed nominees were reviewed by Cleantech Group’s Expert Panel, resulting in a finalized list of 100 companies from 17 countries.
The 84-member expert panel was drawn equally from leading financial investors and representatives of multi-national corporations and industrials active in technology and innovation scouting across Asia, Europe, and North America. The composition of the expert panel broadly represents the global cleantech community, from pioneers and leaders to veterans and new entrants. The diversity of panelists results in a list of companies that command an expansive base of respect and support from many important players within the global cleantech innovation ecosystem.
“The Global Cleantech 100 each year provides us with invaluable insight into which companies key market players think are most likely to have a significant impact in the next 5-10 years,” said Richard Youngman, Cleantech Group’s Managing Director, Europe & Asia and creator of the program. “How the composition of the Global Cleantech 100 list changes over time is revealing of key megatrends and hot sub-sectors – and helps us all get a view on the future.”
About Principle Power
Principle Power is a US technology developer based in Seattle, WA, focused on the offshore wind energy market. Principle Power's enabling product, a patented floating wind turbine support structure called the WindFloat, permits the siting of offshore wind turbines in water depths greater than 40m, thus exploiting the world's highest capacity wind resources. Offshore wind installations in these water depths have not been feasible, to date, due to economic and technological limitations. A 2MW prototype of the WindFloat is currently operating offshore of Portugal and is the first offshore wind turbine to be installed without the use of heavy lift equipment.
About Cleantech Group
Cleantech Group was founded in 2002. Cleantech Group’s mission is to accelerate sustainable innovation. Core to this mission is i3, an online platform that connects corporates with innovation, at scale, by allowing them to find, vet, and connect with start-ups—efficiently building an innovation pipeline. In conjunction with i3, we offer premium Advisory Services for corporates in need of expertise designing and executing strategies for sustainable innovation and managing the pipeline created in i3. The i3 platform comes to life at our global Events, which convene corporates and start-ups, along with other players shaping the future of sustainable innovation.
Cleantech Group is headquartered in San Francisco and has offices in London and New York.