08 Dec Virent Energy Systems named a technology pioneer by World Economic Forum
Madison, Wis. – Virent Energy Systems announced today that it has been named a Technology Pioneer 2009 by the World Economic Forum. The award recognizes the significant contribution of Virent Founder and CTO, Dr. Randy Cortright, to the innovation and success of the company. Virent was one of 34 companies from 15 countries honored and the only biofuels company recognized among 11 energy and environmentally focused enterprises.
The Technology Pioneers award honors companies for their accomplishments as innovators whose technologies will have a deep impact on business and society. The selection of these companies is the result of a vigorous selection process, for which the World Economic Forum received more than 320 applications from around the world that were evaluated by 44 global technology experts.
Criteria used in the selection process include true innovation, the potential for substantial long-term impact, the signs of a long-term market leader, well formulated plans for future development and growth, proven practical applications for the technology, and visionary leadership driving it towards its goals.
“We are deeply honored to receive this award which recognizes the potential of the BioForming technology to significantly lessen global use of fossil hydrocarbons,” said Dr. Randy Cortright, Virent founder and CTO. “Bringing our economic and sustainable hydrocarbon fuels to market quickly may speed the use of nonfood plant sugars as an energy source in place of petroleum.”
Virent’s novel BioForming technology converts abundant renewable biomass into the same range of hydrocarbon molecules now refined from petroleum to make gasoline, diesel, jet fuel, and chemicals. Virent’s fuels can be used in today’s petroleum infrastructure as stand-alone products, at high blends with petroleum fuels, or blended with ethanol.
Technology Pioneers 2009 are invited to participate in the World Economic Forum Annual Meeting 2009 in Davos-Klosters, Switzerland, from 28 January to 1 February, and in the Annual Meeting of the New Champions to be held in Dalian, People’s Republic of China, in September 2009, and are integrated into the Forum’s initiatives.
About Virent Energy Systems
Virent Energy Systems is commercializing an advanced biofuel technology to power today’s vehicles in place of fossil fuels. Virent’s patented BioForming® process delivers more net energy and offers a scalable, cost-competitive alternative to traditional biofuel production routes. Headquartered in Madison, WI, Virent has 75 employees in a state of the art catalytic biorefining development facility. Virent counts Cargill and Honda among its leading investors and collaborates with Royal Dutch Shell on the development of its biogasoline technology. The BioForming technology is based on the Aqueous Phase Reforming process.
About The Technology Pioneers Program
The Technology Pioneers program of the World Economic Forum was initiated 10 years ago to recognize companies at the forefront of technology and innovation. The program so far has identified around 400 companies that have contributed to the Forum’s mission of improving the state of the world. To be selected as a Technology Pioneer, a company must be involved in the development of life-changing technology innovation and have the potential for long-term impact on business and society. In addition, it must demonstrate visionary leadership and show all the signs of being a long-standing market leader – and its technology must be proven. The World Economic Forum is an independent international organization committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas.