A three-member team of IIT students, called "Greenext Technology Solutions", has won the NYC Next Idea 2009-2010 inaugural global plan competition in New York, City Mayor Michael Bloomberg announced on Friday.
Judges from NYC's venture capital community awarded the team of Aashish Dattani, Vinayshankar Kulkarni and Sriram Kalyanaraman, of IIT-Chennai, USD 20,000 for devising a new system that allows utility companies and energy producers to store and distribute energy through remote sites across the five NYC boroughs safely and efficiently.
The winning product, XEstor, serves as a common interface to store energy from any source across New York City into large battery storage sites.
"Cities around the world hope to be a place of innovation where entrepreneurs want to go to launch businesses," he said.
"New York City doesn't have to hope. We are that place. Just look at the talented teams from the world's leading business and engineering schools that participated in our NYC Next Idea inaugural global business plan competition," Bloomberg added.
The IIT team would be offered free space within one of the City's new business incubators for two years.
"To continue to grow and innovate New York City must continue to attract the best and the brightest from around the globe," said Deputy Mayor Robert Lieber.