Thursday, September 1, 2011

World Economic Forum honors Joule, 1366 and Diagnostics for All

By Kyle Alspach, Boston Business Journal

Three Massachusetts companies have been chosen by the World Economic Forum as among the world’s most innovative young companies, according to a release from the Swiss organization.

Joule Unlimited Inc. of Cambridge, Lexington’s 1366 Technologies Inc. and Cambridge-based Diagnostics For All were chosen to be among the 25 winners of the Technology Pioneers 2012 award, the organization said in the release.

“These companies represent the latest generation of innovation and are poised to have a critical impact on how business and society work,” the World Economic Forum said in announcing the winners, which will be recognized during an event in China this month.

Joule Unlimited says its technology can create renewable diesel and ethanol at high levels of productivity for a competitive cost. The process uses a specially engineered photosynthetic bacteria, waste carbon dioxide, sunlight and water to produce the fuels. The firm, which is moving to Bedford in December, is planning to break ground on a demonstration fuel production plant in New Mexico this month.

1366 Technologies is developing a low-cost process for producing silicon solar wafers, the building block of solar panels. In June, the company received a $150 million loan guarantee from the U.S. Department of Energy for a large-scale commercial plant.

Diagnostics for All is a nonprofit that is working to develops low-cost, easy-to-use medical diagnostics that will primarily aid people in developing nations. In May, the organization reportedly won a $100,000 grant from the Bill & Melinda Gates Foundation.