Progressive Insurance Automotive X PRIZE Announces First Round of Registered Teams in Competition to Develop 100 MPGe Vehicles
Los Angeles, Calif., November 19, 2008 —Today at the Los Angeles Auto Show, the Progressive Insurance Automotive X PRIZE announced that 22 contenders have been elevated to Registered Team status, in the multimillion dollar competition designed to inspire a new generation of viable, super fuel-efficient vehicles.
This first wave of Registered Teams, representing 10 states and five countries, are among the first to have submitted their registration applications, a crucial step towards ensuring that they are at the starting line when the cross country stage race competition kicks off next year. Additional entrants have until early 2009 to submit their applications.
The following 20 teams have been elevated to Registered Team status. An additional two teams have been accepted, but remain confidential.
Final confirmation of each team’s Registered Team status is pending their signature of a Master Team Agreement (MTA) upon its release later this year.
“We congratulate this first group of competitors on their continued commitment to developing more super fuel efficient car choices,” noted Julie Zona, Director of Team Development and Relations for the Progressive Automotive X PRIZE. “The technologies reflected in this first wave of Registered Teams are as diverse as the teams themselves, and we look forward to hearing more about their individual ideas in advance of the 2009-2010 stage race competition.”
A project of the X PRIZE Foundation, the independent and technology-neutral competition is open to teams from around the world who can design, build and bring to market 100 MPG or energy equivalent (MPGe) fuel economy vehicles that people want to buy. More than 100 additional teams have signed Letters of Intent to compete for their share of the $10 million prize purse, funded by Progressive, and are actively considering entry.
The competition is expected to travel through multiple cities in 2009 and 2010, building consumer demand for vehicles in the competition and demonstrating many practical, clean and affordable vehicle options. Cities involved in the competition route are expected to be announced in early 2009. Winners will be announced in 2010.
About the Progressive Automotive X PRIZE Competition
The goal of the Progressive Automotive X PRIZE, a project of the X PRIZE Foundation, is to inspire a new generation of viable, super fuel-efficient vehicles that offer more consumer choices. Ten million dollars in prizes will be awarded to the teams that win a stage race for clean, production-capable vehicles that exceed 100 MPGe.
The Progressive Automotive X PRIZE will place a major focus on affordability, safety, and the environment. It is about developing real, production-capable cars that consumers want to buy, not science projects or concept cars. This progress is needed because today’s oil consumption is unsustainable and because automotive emissions significantly contribute to global warming and climate change. For more information about the Progressive Automotive X PRIZE, please visit www.progressiveautoxprize.org or email progres[email protected].
Progressive, founded in 1937, is one of the country’s largest auto insurance groups and a leading insurer of motorcycles, recreation vehicles, boats, and commercial vehicles. The Company offers competitive rates and innovative products and services that meet drivers’ needs throughout their lifetimes as well as 24/7 online and in-person customer and claims service.
One of Progressive’s Core Values is Excellence. To the Company’s more than 27,000 people, it simply means seeking constant improvement. Over time, this has meant introducing revolutionary ideas that make car insurance easier to shop for, buy and use. It’s this same innovative spirit that’s behind the Company’s sponsorship of the Progressive Automotive X PRIZE. The Progressive Automotive X PRIZE will inspire innovation that will produce more fuel efficient vehicle choices, helping to make a difference in people’s lives.
Progressive’s products and services are available locally through more than 30,000 independent insurance agencies in the U.S., online at http://www.progressive.com and by phone at 1-800-PROGRESSIVE (1-800-776-4737).