Steven Chu, Secretary of the Department of Energy, announced $2 million in available funding for the National University Clean Energy Business Challenge — a nationwide network of regional university-based clean energy business creation competitions. The intent of the initiative is to "inspire, mentor and train students from across the country to develop successful business plans to create a new generation of American clean energy companies." Participating teams of students will work with experienced mentors from the energy industry and startup community, along with university and national lab-based researchers, to develop the business plans. The winning teams from the regional competitions will compete for a National Grand Prize at a competition held in Washington, D.C., in early summer 2012.