DOE to Provide $5.5M to Support Automotive X PRIZE

Nov 4 2009 | 6:33pm ET

The U.S. Department of Energy will provide $5.5 million in funding from the American Recovery and Investment Act to support the X PRIZE Foundation’s competition for energy-efficient vehicles.

The Automotive X PRIZE competition challenges teams design innovative, commercially-viable, high-efficiency vehicles to help reduce the United States’ dependence on oil and stem the effects of climate change.

The funding builds on a DOE/X PRIZE partnership that began in 2008. It will be used to provide technical assistance and expand national education and outreach efforts for the competition. The award also supports President Obama’s Strategy for American Innovation, which calls on federal agencies to increase their use of prizes as a tool for promoting technological advances.

The DOE will also provide technical expertise to ensure that each of the competition designs is reviewed correctly and consistently. Funding will also support expanded outreach and education efforts that will focus on promoting public awareness of the science and engineering behind energy-efficient vehicle designs.

The DOE’s Vehicle Technologies Program regularly works with academia, the private sector, and non-profit organizations, such as X PRIZE, as part of the department’s work to develop vehicle technologies and alternative fuels that can reduce greenhouse gas emissions, lessen our dependence on foreign oil, and help the U.S. transportation industry remain competitive in the years ahead.

The Automotive X Prize is a private, independent, technology-neutral competition developed by the X PRIZE Foundation, which creates and manages prizes that drive innovators to solve some of the greatest challenges facing the world.

In Depth

Q&A: Biotech Investing with Crossover Fund RA Capital

Sep 15 2015 | 5:40pm ET

Boston-based RA Capital Management is an intriguing mix of sophisticated life sciences...


Citadel Supports Manhattan Real Estate With Record Deal

Sep 16 2015 | 3:04pm ET

Never count hedge funds out of a big property deal. The Manhattan real estate market...

Guest Contributor

Hedge Fund Marketing To Independent RIA Firms

Sep 30 2015 | 1:56pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth Inc. explains...


Editor's Note

Upcoming Events