UK-based start-up Barocal, which specialises in energy storage and conversion, won the US$1 million top prize at this year’s TERA-Award, created by Hong Kong tycoon Peter Lee Ka-kit.
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Lee is on a mission to discover unicorns in green energy development and innovation through his platform, aiming to tackle one of the world’s most pressing challenges: climate change.
Now in its fourth year, the TERA-Award, established by Lee’s family office, Full Vision Capital, received a record 785 submissions.
In the previous three years, TERA-Award received around 1,000 applications in total, according to Alan Chan, executive chairman of the TERA-Award organising committee and managing partner of Full Vision.
“The reason we established this competition is that we’re looking for the next batch of unicorns who could be the super-connector, to connect people and solve the climate problem,” said Chan.
Lee, the co-chairman of Henderson Land Development, is the eldest son of the recently deceased Lee Shau-kee, the founder of the company. Full Vision Capital focuses on investing in smart energy solutions and innovative environmental technologies.