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June 22, 2009

Faegre & Benson Leading Clean Tech Industry Push in Colorado

Faegre & Benson LLP stands out as the first law firm to support and sponsor the Rocky Mountain Clean Tech Open (RMCTO), the nation's leading clean-tech business competition. The event's inaugural year in the Rocky Mountain region is gaining widespread support and recognition—with the participation of competitors from Colorado, Wyoming, New Mexico, Utah and Montana.

Today, Colorado Governor Bill Ritter issued a "Governor's Challenge" to the other Rocky Mountain states to support entrepreneurs in the Clean Tech Open. The Clean Tech Open is a partner in Gov. Ritter's strategy to establish Colorado as a national and international leader in the New Energy Economy.

Attorneys from Faegre & Benson—the lead gold sponsor and leading legal sponsor of the Clean Tech Open—were on hand to help launch the competition.

"The Clean Tech Open program has produced astonishing, very positive results in California, accelerating the development of more than 200 new companies focused on improving quality of life and conserving natural resources," said Rex O'Neal, a partner in the firm's Colorado offices who is active in the clean technology sector. "It says a lot that the Rocky Mountain region is the first expansion territory for this program. We expect that the program will supercharge the development of clean tech companies in Colorado and throughout the region."

Up to 48 business teams from start-up companies may nominate their clean technology business ideas to compete for more than $1 million in prize money. Approximately twelve teams will be vetted to become finalists, where they will receive business plan guidance and then pitch their plan to a judging panel. First-, second- and third-prize winners will be announced in October.

Faegre & Benson is a leading provider of legal services to emerging companies—including companies in the clean tech sector. We advise clients through all phases of the business life cycle—from idea harvesting, intellectual property management, and venture capital financing, through regulatory and compliance issues to project development, project finance, sale or public offering.

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