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

Hedge Fund Selection: Sussex Partners’ Patrick Ghali Bullish On The Best Of The Best

Oct 2 2014 | 5:56am ET

Ten years ago, Patrick Ghali and Robin Nydes co-founded Sussex Partners with the...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.