Green Daily

X PRIZE is probably best known as the organization that offers multi-million dollars prizes to teams that can accomplish difficult tasks like designing a spacecraft or landing a robot on the moon. You know, the sort of challenges that will invariably cost more to accomplish than the amount of prize money you'll actually win.

Now X PRIZE has partnered with auto insurance company Progressive to put up a $10 million prize to the team that can create a vehicle that will gets 100 miles per gallon or more. CNN reports that more than 60 teams from 9 countries have already joined the competition.

Competitors will eventually have to build vehicles that will participate in races in 2009 and 2010 to see which cars perform the best. The goal is to create cars that can carry two or four passengers, hit speeds of 60 to 80 miles per hour, and burn as little fuel as possible.

[via Slashdot]