RME’s sponsored “WaveWater” team a winner in the MIT $100k Entrepreneurship Competition

Today it was announced that an RME-sponsored team of post-graduate and graduate students from MIT and Harvard won first prize in the Development track of the Executive Summary Contest portion of the 2009 MIT $100k Entrepreneurship Competition. RME co-founder Bill Staby said, "Besides winning $2,000 in prize money, we're really pleased because it indicates that others recognize the potential positive impact this enterprise can have on the global water crisis." The new business idea, initially named "WaveWater," is investigating the feasibility of using wave energy to manufacture fresh water using seawater reverse-osmosis (SWRO) desalination units. Initial target markets would be near-shore communities with severe water shortages and a near-by energetic wave resource. The next step for the WaveWater team is to enter its completed business plan in the Business Plan Contest portion of the Competition.