The X Prize Foundation and Progressive Insurance have announced the company’s title sponsorship of the Progressive Insurance Automotive X Prize competition and its funding of the $10 million prize purse. The announcement was made at the New York International Auto Show, where four teams and their vehicles are participating.
The Progressive Automotive X Prize is an international competition designed to inspire a new generation of viable, super fuel-efficient vehicles. The independent and technology-neutral competition is open to teams from around the world that can design, build, and bring to market 100 MPGe (miles per gallon energy equivalent) vehicles that people want to buy, and that meet market needs for price, size, capability, safety, and performance.
To date, more than 60 teams from nine countries have signed up to compete for a share of the prize purse and global publicity. Applications will be accepted until mid 2008, when a thorough qualification process will assess safety, cost, features, and business plans to ensure that only production-capable, consumer-friendly cars compete. Teams that qualify will race their vehicles in 2009 and 2010 in rigorous cross-country stage races that combine speed, distance, urban driving, and overall performance. The winners will be the vehicles that exceed 100 MPGe, meet strict emissions standards, and finish in the fastest time. Host cities involved in the competition route are to be announced shortly.
“The Progressive Automotive X Prize is a call to action to promote and inspire innovation,” said Peter H. Diamandis, chairman and CEO of the X Prize Foundation. “The environmentally friendly cars created as a result of this competition will affect everyone who drives in ways we can’t even imagine today. Let the race begin!”
Noted Progressive’s CEO, Glenn Renwick, “We’ve been working hard to make a difference in car insurance for 70 years. Now we have a chance to make a difference by supporting the Progressive Automotive X Prize. This competition will result in more choices of more fuel-efficient vehicles for drivers and will be a catalyst for moving this technology forward, faster.”
X Prize Foundation
www.xprize.org