At National Press Club, Washington, DC, X PRIZE Foundation launched its $1.4 million oil spill clean-up competition called "Wendy Schmidt Oil Cleanup X Challenge" — funds have been put up by Wendy Schmidt, wife of Google CEO Eric Schmidt, and president of Schmidt Family Foundation. The Foundation, currently also has a $10 million challenge to develop a 100 mile per gallon car.
"First phase will take place between Aug'10–Apr'11, where teams from around the world can submit their proposals to a panel of judges, who'll choose 10 submissions, and teams will have to demonstrate their proofs of concept in a head to head competition at National Oil Spill Response Research and Renewable Energy Test Facility (OHSMETT) in New Jersey.
Prizes includes: $1 million Grand Purse, $300,000 second place, and $100,000 third place.
More Info: Oil Cleanup Challenge site