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.
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 superconnector, 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.
