A startup that's friendly to both the environment and your wallet is two steps away from a $1 million prize.

Renewable-energy company Looop Inc., which says it can slash household electricity costs to a third of what customers pay now, advanced to the final rounds of Startup World Cup 2020 in Tokyo on Thursday.

Looop won the Tokyo preliminary round, allowing it to proceed to the semifinals, and perhaps the finals, which will be held in San Francisco in May. The winner gets a $1 million investment prize.