Energy prize up for grabs

ConocoPhillips and Penn State University have jointly launched the ConocoPhillips Energy Prize, a new awards program that recognizes innovative ideas and original, actionable solutions that can help improve the way the United States develops and uses energy.
 
In 2008, the program will award up to $300,000 in cash prizes and focus on generating original concepts and resolutions that help in three areas:

• Developing new energy sources, including new ways to develop alternative energy.
• Improving energy efficiency, such as new methods to significantly reduce the amount of energy consumed in the United States.
• Combating climate change, including solutions that reduce greenhouse gas emissions.
  

Entries will be accepted through May 30.  A qualified panel of energy and environmental experts will review the entries and select up to five finalists. Concepts will be judged on the basis of creativity, scalability, commercial viability, and sustainability, according to the company. 
 
Finalists will be announced in August and will initially receive $25,000 to help further develop their concepts.  They will then present their concepts at an awards event in October, where the winner and two runners-up will be announced.  

The winner will receive an additional $100,000, the first runner-up will receive another $50,000 and the second runner-up will receive another $25,000.

For the official rules, visit www.conocophillips.com/energyprize.