Ahmed (Magdy) Farouk (MS ’12) may be a recent graduate, but that hasn’t kept him from having big ideas about how to improve solar energy efficiency.
Just a few months ago, he was on stage at MIT’s Future Energy event, pitching his idea about new structures of organic solar cells that increase the light harvesting capabilities of these devices, as well as reduce their costs by eliminating many of their expensive components and making them more manufacturable.
Farouk’s plan involves using organic semiconductors that can be dissolved into a solvent and treated as ink. He then takes the ink and puts it in a printer to produce a drawing – on virtually any substrate – of a solar cell with all of its components. He said that by using this method with the new structure, solar energy could produce cheaper electricity than fossil fuels.
At the April 4 MIT event, Farouk introduced his proposal to a room full of investors, researchers, and other entrepreneurs. At Future Energy, about 100 start-ups focused on solving the world’s energy challenges present in front of an audience and a panel of four experts and investors. Only eight new projects, including Farouk’s, advanced to the finals, during which each team presented and took questions from a panel of judges.
Farouk decided to participate in Future Energy because of the collaborative platform the event provides. “For me, the real benefits were the exposure and the interaction with other entrepreneurs and experts in this community,” he explained. “It helped me understand more what investors are looking for, what their main concerns are, and how I can improve my business model.”
Farouk presented similar research during his master’s presentation at BU, but pitching the idea was different for Future Energy. The presentation needed to be more business-oriented rather than technically-detailed because investors were examining the economical viability of the idea.
“To be able to estimate the economical data requires a different kind of research that sometimes is even more demanding than the technical side,” Farouk stated.
Farouk said that in the past, the solar manufacturing industry has been volatile. Many solar companies failed because they raised more funds than they actually needed. Currently, many investors are hesitant to lend out funds.
Learning from his experience at the Future Energy event, Magdy is working on making his design technologically ready and creating a preliminary prototype. He believes he needs stronger proof to garner more investor interest, and he is eager to build upon his work based on what he learned during the competition.
– Chelsea Hermond (SMG ’15)