MEDIA RELEASE PR39160
Owens Corning, a World-Leading Glass Fiber Reinforcements Producer, Announces Global
Competition for Breakthrough Composite Applications
PARIS, Apr. 16 /PRNewswire-AsiaNet/ --
Composites App Challenge solicits ideas to tackle some of the
world's biggest issues in infrastructure, transportation and renewable energy
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
-- 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(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
SOURCE: Owens Corning
CONTACT: Media Relations,
Kerry Desberg of Owens Corning,
+1-419-248-5939
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