Monday, November 2, 2009

DOE Gives X PRIZE Foundation $5.5M

Playa Vista-based X Prize Foundation, the nonprofit group looking to spur technology innovation through cash-based prizes, has scored $5.5M from the Department of Energy. According to the DOE, it is awarding $5.5M from the American Recovery and Reinvestment Act to the foundation, as part of the Automotive X PRIZE Competition. The competition--one of several being run by the X PRIZE Foundation--is looking to spur commercially viable, high efficiency, energy efficient vehicles. The Automotive X PRIZE competition currently has 43 teams competing for a $10M prize funded by Progessive Insurance. The DOE said the new funding will go towards technical assistance and to expand national education and outreach efforts for the competition.

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