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$100 million prize for a positive influence on our globe

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Is there anything we can do regarding escalating fuel costs? Yes! At least the X Prize Foundation is up to some serious job with respect to discovering clean alternatives to fossil fuels. They have come in the limelight recently for their decision to offer a whopping amount of $100 million. For what? Well, it is developing the Energy & Environment Prize Suite to catalyze a new era of clean, renewable, cost-effective energy with minimal impact on climate and the environment. So this effort will result in a suite of prizes with a combined value of about $100 million. Each prize will seek dramatic, short-term breakthroughs in a critical area. In a bid to combat the rising cost of oil, this pronouncement is a fresh jolt to the search for a replacement for fossil fuels in transportation and electricity. It is believed that 8% of all U.S. venture capital, about $2.2 billion, was spilled on clean technology investment last year alone.

The project will start with a nine-month process to select the best prize targets. The first two prizes have been determined: (1) The Automotive X PRIZE, which seeks to inspire ultra-efficient passenger vehicles; and (2) The Biofuels X PRIZE, which seeks to engender next-generation, decentralized, sustainable liquid transportation fuels. Additional prize targets will be chosen as part of the Energy X PRIZE Suite from areas such as carbon capture, solar, water, sustainable housing and other categories of interest. X Prize CEO Peter Diamandis feels that innovation is not happening fast enough, is not necessarily concentrated in the right areas, and is excluding the needs of the developing world. So I guess offering that much amount from the kitty might render us with a world where energy is no longer a source of conflict and pollution!

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