OC Owens Corning Inc

PARIS, April 15, 2010 /PRNewswire/ -- 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 US$200,000 commercial development award for a 
       composite application that can be introduced by the end of 2012, and a 
       total of US$50,000 for four composite application ideas that 
       effectively address marketplace needs, appear to be technically 
       feasible and have a perceived market opportunity. One US$20,000 award 
       is for anyone and three US$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 
          (http://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 US$4.8 billion in 2009 and about 16,000 employees in 28 countries on five continents. OCV(TM) Reinforcements, OCV(TM) Technical Fabrics and OCV(TM) 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 http://www.owenscorning.com.