Energy Ventures, an independent venture capital firm funding high-growth upstream oil and gas technology companies, presented its inaugural Energy Ventures Award at the 2010 Rice University Business Plan Competition to OsComp Systems for showcasing the competition’s most promising energy business plan. The plan outlines steps for commercializing a gas compressor that was originally developed in conjunction with the Massachusetts Institute of Technology. The product, WellSpar, reduces initial and ongoing operating costs for natural gas producers through an efficient and cost-effective compressor package solution.

“Energy Ventures’ mission is to discover and bring to market technologies that will help the energy industry find more resources and produce them more effectively and efficiently,” said Jim Sledzik, partner and president of Energy Ventures’ Houston office. “OsComp’s technology and business plan are exactly in line with those goals and we are honored to play a role in advancing this innovative energy business concept.”

When compared with currently used reciprocating compressors, OsComp’s WellSpar delivers 20 percent greater efficiency at a cost at least 30 percent lower than compressors with comparable capacity. The technology has potential for future application in CNG-refueling, pipeline stations, offshore platforms and compressed air energy storage. OsComp has completed its initial prototype and proof of concept and expects to be conducting field trials by the third quarter of 2011.

The OsComp business plan was submitted by Shantanu Agarwal, who will complete his MBA at Harvard Business School this year; and Pedro Santos and Emmanuel Magani who will complete their MBAs at MIT this year and next, respectively. Together, they hold more than 20 years of experience and expertise in compression and hydrocarbon exploration, production and processing. OsComp was selected for the award after receiving the highest number of votes in the energy and clean technology division of the competition.

Rice University bills its annual business plan event as the premier intercollegiate business plan competition in the world. This year, forty-two teams from top MBA programs around the world were selected from more than 400 applications to compete in an environment that simulates the process of entrepreneurs soliciting start-up funds from early-stage investors and venture capital firms. More than 250 judges, themselves successful entrepreneurs, business leaders and investors, evaluated the competitors based on their likelihood to invest in the company. The annual competition is hosted by the Rice Alliance for Technology and Entrepreneurship and Jesse H. Jones Graduate School of Business at Rice University.