It’s a far cry from the $10 million dollar purses being offered in X-Prize competitions, but ConocoPhillips (NYSE:COP) has created its own award in conjunction with Penn State University to recognize new ideas that can improve the way the United States develops and uses energy.
The oil company, which claimed $178 billion in assets and $187 billion in revenues at the end of 2007, said it will award a whopping $300,000 for new ideas addressing alternative energy sources, energy efficiency and other ways to combat climate change.
"Providing adequate, reliable and diverse supplies of energy; significantly improving energy efficiency; and taking action on climate change are challenges that will require innovative technology, resource commitments and responsible stewardship by energy producers and consumers alike," said Jim Mulva, chairman and CEO of ConocoPhillips. "With help from Penn State and its award-winning Energy Institute, the ConocoPhillips Energy Prize is one way to generate excitement and interest in fostering new energy ideas and solutions that will ultimately benefit society."
Entries will be accepted through May 30, 2008. A qualified panel of energy and environmental judges will select up to five finalists to present their concepts during a two-day awards event in October. Concepts will be judged on the basis of creativity, scalability, commercial viability and sustainability.
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