20 advance to semifinals of MIT energy competition

March 20, 2008

Twenty teams were named semifinalists in an MIT competition to commercialize advanced energy technologies. The grand prize: $200,000. They were chosen from a field of 94 by a panel of experts. The proposals include: solar energy systems 25 percent cheaper than current ones; design for a 100-miles-per-gallon car; gasoline from grasses, trees, and other plants; and framing lumber to reduce home energy use 20 percent. Finalists will be selected and the prize awarded in May. In addition to MIT and NStar, the Energy Department is also sponsoring the competition. (Robert Gavin)

Boston Scientific Corp.'s president and chief executive James Tobin received about $2 million in compensation in 2007, a year when the Natick company lost a third of its value amid slumps in two key medical device markets. His total last year was about one-tenth his nearly $23.1 million compensation in 2006, when he received about $15 million in restricted stock that could prove worthless unless the stock breaks out of a nearly four-year decline. Tobin was granted a 2007 salary of $959,805, up 4 percent from 2006, according to a regulatory filing. He also was awarded $710,867 in nonequity incentives, and $334,518 in other compensation, primarily $288,098 for use of corporate aircraft. (Bloomberg)

Verizon Wireless, the mobile phone company that's opening its network to more device makers, may start approving new gadgets for its airwaves as early as June. While some rivals limit network access to a handful of device makers, Verizon is allowing any company to sell phones that work on its network. Verizon, which met with electronics makers to lay out guidelines, said testing will start in mid-May. If the products work, they will be certified to sell by June. (Bloomberg)

Medtronic Inc. warned doctors that two implanted drug delivery devices can cause inflammation and paralysis, particularly if used with morphine. The Food and Drug Administration designated the warning as class 1, used only for products likely to cause injury or death, the company said. An FDA spokeswoman declined to comment. Medtronic said it advised doctors on Jan. 16 that its SynchroMed and IsoMed systems carried higher risks of inflammatory masses than previously reported. The side effect was reported in 0.5 percent of patients last year, compared with 0.1 percent in 2001. To date, there have been no reported deaths, Medtronic said. (Bloomberg)

JetBlue Airways Corp., which offers free in-flight e-mail and TV, will charge $10 to $20 more for certain seats with extra legroom in an effort to increase revenue. Six rows on the Airbus SAS A320 planes will have 38 inches of legroom, four more than on regular seats, the carrier said. The fee varies based on the length of the flight, and analysts said rival carriers may follow with similar fees. As many as 36 seats, or one-quarter of all spots on each of the A320 planes, will have more legroom, a JetBlue spokeswoman said. (Bloomberg)

Intel Corp. said sub-$300 laptops initially designed for poor children will soon be available to US and European consumers in a move that could further push down computer prices. PC makers in the United States and in Europe will sell a yet-to-be-unveiled, second-generation version of the Intel-designed Classmate PC for $250 to $350, said Lila Ibrahim, general manager of Intel's emerging market platform's group. Analysts said the launch will add momentum to the low-cost computing movement - and will likely mean this year's bargain basement laptops will have more power than in previous years. (Reuters)

Recognizing not all banking customers want a safe deposit box, Wells Fargo amp; Co. plans to sell online vaults as a secure and convenient alternative for storing vital records. When the vSafe service rolls out this summer, Wells Fargo believes it will be the first major US bank to offer an Internet alternative to the safe deposit boxes that have been an industry staple for decades. Because it can't store jewelry, cash, and other precious assets, Wells Fargo's online version isn't likely to replace the traditional safe deposit box. It's more likely to replace shoe boxes and home filing cabinets, said Jim Smith, who oversees the bank's Internet products. (AP)