Next Energy News reports that the X PRIZE Foundation and Progressive jointly announced the company's Title Sponsorship of the Progressive Insurance Automotive X PRIZE competition and its funding of the $10 million prize purse. The prize is meant to inspire a new generation of super fuel-efficient vehicles—100 mpg, to be exact. At the New York International Auto Show, the report said that four teams and their vehicles joined representatives of the Progressive Automotive X PRIZE. New York City Mayor Michael Bloomberg was also on hand in support of the initiative.

"The Progressive Automotive X PRIZE is an excellent example of how the private sector can spur solutions to our most complex challenges," said Mayor Bloomberg. "Here in New York City, we are also stepping up to the plate on energy conservation, by transforming our taxi fleet into hybrids and cutting the City's energy use by 30% over the next ten years. It's all part of PlaNYC, our plan to create a greener, greater New York."

To date, more than 60 teams from nine countries have signed a Letter of Intent to compete for a share of the prize purse and global publicity, the report said. Will the winning design be powered by clean diesel? Electricity? Hydrogen? Solar power? There are so many variables, but this same contest worked out very well for the SpaceShipOne, so maybe we'll soon find out.