Arthur Kay, British founder of new green start up bio-bean, an environmentally sustainable venture has won the Postcode Lottery Green Challenge 2014.
Ellen MacArthur, who chaired the jury awarded Kay euro 500,000 ($680,000 USD) during the finals held in Amsterdam to accomplish his green business plan.
The bio-bean process included a patented technology that upcycle waste coffee grounds into advanced biofuel products like biodiesel and biomass pellets, used for powering buildings and transport systems.
The innovation was in response to the demand for a clean, cheap, local energy with responsible collection and disposal of waste included.
With this prize money, production can be expanded to other locations throughout UK as well as to international markets. The cash prize will be used to develop new technologies and products, acquiring a safe market placement, responded, Kay.
Bio-bean faced a tough competition with four other finalist startups such as Dutch startups Bluerise and One Nights Tent, Turbosail from France, and Fargreen from Vietnam.
Trang Tran of Fargreen was awarded with a euro 200,000 ($272,000 USD) runner-up prize for her works with rice farmers for using straws as a substrate to produce mushrooms. This process will prevent the release of GHG and helps farmers increase income by 50 percent.
Ellen MacArthur, British ex-solo sailor and founder of the Ellen MacArthur Foundation was impressed with the business plans that reaffirmed the business innovation as a major force for positive change.
Like never before, entrepreneurs have an incredible opportunity to shape up the future bright prospects as seen obviously in these startups, said, MacArthur.