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IIM incubated Smartgrid startup from India short-listed for global entrepreneurship competition

According to reports, Ecolibrium Energy, an Ahmedabad-based smart grid start-up, has been short-listed as one among the top three in the Global Entrepreneurship Competition (GEC) in Barcelona, Spain.

Ecolibrium Energy has been incubated at the Centre of Incubation, Innovation, and Entrepreneurship (CIIE), at IIM-Ahmedabad. It works with power distribution companies and large industrial customers in India, according to a press release issued here on Friday.

The company implemented the first smart grid pilot in the country in 2010, in participation with the Gujarat Government and Torrent Power Ltd. It is part of the Indian smart grid forum, led by Mr Sam Pitroda, helping to design the smart grid framework for India.

Ecolibrium was also supported by the Union Ministry of New and Renewable Energy (MNRE). Besides working with power distribution companies, it has around 50 large industrial customers in India, and aims to solve some power sector problems using low cost and customised solutions for India and the developing world.

The competition, organized annually by a team of global investors and academics from the University of California at Berkeley, USA, in partnership with the municipal council of Barcelona city, was a part of the global business summit, BizBarcelona 2012.

The competition involved 16 companies from around the globe, pre-selected by the nomination committee, with only one short-listed from each country. The finalists included companies from Brazil, Singapore, Mexico, Japan, UK, South Africa, US, and 9 European countries including Spain, Germany and Portugal. The companies worked in diverse sectors including healthcare, mobile technologies, Energy, and IT products.

Ecolibrium Energy was selected by the Department of Science and Technology. The 37 members of the jury included investors, VC firms, entrepreneurs and corporate executives.

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