Biodiesel innovators receive $20,000 for low-cost, high yield renewable
fuel
BENTONVILLE, Ark., April 21 /PRNewswire-FirstCall/ -- Students
representing the University of Michigan's Ross School of Business and the
School of Natural Resources and Environment won Wal-Mart Stores, Inc.'s
first Better Living Business Plan Challenge. Wal-Mart developed the
competition to provide business students from around the world an
opportunity to invent sustainable products or business solutions. On
Friday, April 18, student teams from eight colleges and universities
presented their business plans to a panel of executives from Wal-Mart and
other leading companies and non-governmental organizations.
"All of the students did a fantastic job developing their ideas and
presenting them to a distinguished panel of judges," said Kim
Saylors-Laster, vice president of energy for Wal-Mart. "The judges selected
the University of Michigan submission because it addresses the growing need
for renewable fuel sources and the social mission of economic development,
in a way that is both profitable and sustainable. We hope this concept and
the other great ideas presented will help build the businesses of tomorrow
while protecting our natural and energy resources."
The winning team, consisting of Jeff LeBrun, Tony Gross, Mike Hartley,
Amir Satvat and Ali Moazed were awarded $20,000 for developing a biodiesel
company that will produce a nonfood-based renewable fuel while supporting
sustainable development in Africa. The company, Mozergy, will develop and
propagate jatropha crops in Mozambique and other developing countries.
Jatropha is a sustainable, low-cost, high-yield plant that produces
oil-rich seeds. These seeds can be extracted and refined to produce
biodiesel. Because jatropha is not edible and can grow on marginal land, it
is not expected to impact food production.
"We're thrilled to seize the opportunity Wal-Mart has given us to
provide a low-cost renewable energy source, create jobs in a developing
country and be profitable," said Jeff LeBrun. "Mozergy is a way to make
globalization work for sustainability and expand the portfolio of energy
options at the same time. Ideally this product and others like it can drive
a transition toward low-carbon energy solutions that are both profitable
and beneficial."
After narrowing the finalists down to the University of Michigan and
Stanford University, Mozergy was selected the winner. The other innovative
ideas presented during the Better Living Business Plan Competition
included,
-- Arizona State University: Green Taxi Cab, a nationwide fleet of
owner-operated hybrid taxis with centralized dispatch services;
-- University of Arkansas: AMP+, an ultracapacitor that increases battery
life for cellular phones and other battery-powered devices;
-- Babson College: Generate Change, an automated change collection
business that generates funds for community organizations and projects;
-- Imperial College (London): My S*Mart, an online shopping site that
helps members learn the environmental features of products before
purchasing them;
-- Rensselaer Polytechnic Institute: geoFridge, which integrates
geothermal technology into commercial refrigeration systems;
-- Stanford University: Energy Empowered, a company that develops
sustainable products for consumers including Green Switch, a power
strip that saves standby power while providing feedback on the amount
of energy saved; and
-- Stillman College: Solar Systems' Inc., a solar installation for the
city of Knoxville, Tenn.
"It's been a surreal experience to start with an idea more than a year
and a half ago, take it to Mozambique and now build it into something with
great potential," LeBrun continued. "We will use our winnings to help fund
our return trip to Mozambique this summer to work with experts in jatropha
cultivation and local agriculture to improve yields and determine the best
crop varieties for our location."
The Mozergy team received support from the University of Michigan's Erb
Institute for Global Sustainable Enterprise, the Zell / Lurie Institute for
Entrepreneurial Studies, the Center for Sustainable Systems and the William
Davidson Institute.
About Wal-Mart Stores, Inc. (NYSE: WMT)
Wal-Mart Stores, Inc. operates Wal-Mart discount stores, Supercenters,
Neighborhood Markets and Sam's Club locations in the United States. The
Company operates in Argentina, Brazil, Canada, China, Costa Rica, El
Salvador, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico and
the United Kingdom. The Company's securities are listed on the New York
Stock Exchange under the symbol WMT. More information about Wal-Mart can be
found by visiting http://www.walmartstores.com. Online merchandise sales
are available at http://www.walmart.com and http://www.samsclub.com.
SOURCE Wal-Mart Stores, Inc.
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CONTACT:
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Stores, Inc.
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