Principle Named in 2014 Global Cleantech 100

Principle Power, Inc. was named in the 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 generation of clean, renewable energy, from the vast offshore wind resources close to population centres, 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.”

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 short list 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.