PARIS, April 15 /PRNewswire-FirstCall/ -- Owens Corning
(NYSE: OC), a leading global producer of glass fiber reinforcements
for composite systems and residential and commercial building
materials, yesterday launched a global competition to find new
applications for composite materials. Announced at the JEC
Composites Show in Paris, the
Composite App Challenge is focused on drawing entrants in four
categories to help resolve some of society's pressing issues:
- Infrastructure Durability: Long-lasting infrastructure
is critical to clean drinking water and preventing bridges, streets
and buildings from crumbling and having to be replaced. Composites
are corrosion resistant and can help build and re-build a more
durable, more sustainable future and ensure a positive quality of
life.
- Fuel Efficiency: Cars, trucks, trains, planes and ships
sip less fuel when they're lighter. Composites are able to help
reduce weight and improve energy efficiency.
- Renewable Energy: Large scale wind energy is not
practical without composite materials – and they are key to many
other emerging technologies such as wave energy and ocean thermal
systems.
- Protection from Harm: Around the world, soldiers' lives
are at risk. Composite materials provide a lightweight shield in
the line of fire – either for personal or vehicle protection.
Applications today have only just scratched the surface of what
these versatile materials can do to save lives.
"Since the commercialization of glass fibers more than 70 years
ago, Owens Corning has led the world in developing applications for
composite materials," said Ashish
Diwanji, vice president of innovation for the Owens Corning
Composite Solutions Business. "The world has never been more in
need of the corrosion-resistant, energy-efficient, protective
properties composites deliver. With this competition we are looking
for the next big application to help change the world in the way
only composites materials can, and help drive the growth of the
industry."
Key details of the challenge include:
- US$250,000 in awards – a
$200,000 commercial development award
for a composite application that can be introduced by the end of
2012, and a total of $50,000 for four
composite application ideas that effectively address marketplace
needs, appear to be technically feasible and have a perceived
market opportunity. One $20,000 award
is for anyone and three $10,000
awards are reserved for students.
- The competition will have three phases:
- Participants must submit their applications or ideas through
the competition Web site by July 15,
2010 (www.occompositeappchallenge.com).
- Up to 20 entrants will be selected and invited in early August
to provide additional information for a second round of review at
the end of November. Judges will be looking at the content of the
idea, the potential market opportunity, the time needed to
commercialize the application, the business case, technical
feasibility and the contestant's ability to commercialize the
application or solution.
- Eight finalists will then be selected and invited to present
their ideas. Final decisions will be made on the likelihood of
scalability and long-term success.
- Winners will be announced in February
2011, at the trade show hosted by the American Composites
Manufacturers Association (ACMA) in Ft.
Lauderdale, Fla. USA.
"As a company, we continually invest millions of dollars
globally in innovation to enhance existing products and develop new
technologies and solutions," added Diwanji. "This competition is
about joining forces with other great thinkers with great ideas,
and driving the speed at which composites is transforming the
future of the materials market even more quickly. We couldn't be
more excited to see where this competition can help take our
industry next."
About Owens Corning
Owens Corning is a leading global producer of glass fiber
reinforcements and engineered materials for composite systems and
residential and commercial building materials. A Fortune 500
company for 55 consecutive years, Owens Corning is committed to
driving sustainability through delivering solutions, transforming
markets and enhancing lives. Founded in 1938, Owens Corning had
sales of $4.8 billion in 2009 and
about 16,000 employees in 28 countries on five continents. OCV™
Reinforcements, OCV™ Technical Fabrics and OCV™ Non-Woven
Technologies are the three main business units that make up the
Owens Corning Composite Solutions Business. The business delivers a
broad range of reinforcement products that provide lightweight
alternatives to steel, wood and aluminum, thereby reducing weight
and improving energy efficiency. Additional information is
available at www.owenscorning.com.
SOURCE Owens Corning