X PRIZE Foundation Announces Wendy Schmidt Oil Cleanup X CHALLENGE

Friday, Jul 30, 2010

The X PRIZE Foundation (www.xprize.org), best known for launching the private spaceflight industry through the $10 million Ansari X PRIZE, and the ultra-fuel efficient vehicle market through the $10 million Progressive Insurance Automotive X PRIZE, today announced the launch of its sixth major incentive competition, the $1.4 Million Wendy Schmidt Oil Cleanup X CHALLENGE www.iprizecleanoceans.org.

“The devastating impact of the Deepwater Horizon Oil Spill will last for years and it is inevitable that future spills will occur – both from wells and from transport tankers”

At a press conference in Washington, D.C., the announcement was made by X PRIZE Chairman Peter H. Diamandis together with Wendy Schmidt, who personally funded the $1.4 million prize purse. Wendy Schmidt is president of The Schmidt Family Foundation, Founder of the Foundation’s 11^th Hour Project and Climate Central, as well as Co-founder, with her husband Eric, of the Schmidt Marine Science Research Institute. Other speakers included Philippe Cousteau, son of Jan and Philippe Cousteau Sr., and grandson of Captain Jacques-Yves Cousteau and co-founder and CEO of EarthEcho International; and Dr. Dave Gallo, Ph.D., Director of Special Projects at the Woods Hole Oceanographic Institute.

The goal of the Wendy Schmidt Oil Cleanup X CHALLENGE is to inspire entrepreneurs, engineers, and scientists worldwide to develop innovative, rapidly deployable, and highly efficient methods of capturing crude oil from the ocean surface. In making the announcement, the X PRIZE Foundation hopes to attract philanthropic and venture capital to support development of this important capability and provide a global platform where new technologies can be competed head-to-head, and the best approaches demonstrated, to prepare for future catastrophes.

“The devastating impact of the Deepwater Horizon Oil Spill will last for years and it is inevitable that future spills will occur – both from wells and from transport tankers,” stated Dr. Diamandis. “To be prepared to safeguard oceans and shores, the X PRIZE Foundation is announcing the Wendy Schmidt Oil Cleanup X CHALLENGE to find the most effective and environmentally safe solutions for capturing oil from all spills at the spill site, thus limiting their impacts and protecting our oceans, shores, marshes, and, importantly, the health and well-being of the people and wildlife which live and thrive in these communities.”

“With more than ten thousand ocean oil platforms across the globe, and millions of barrels of oil being transported every day by tankers, it’s not a question of ‘if’ there will be another oil spill, but ‘when,’” stated Wendy Schmidt. “We need to come up with better solutions to capture oil on the surface, to minimize the harm these spills are causing to marine life, coastal wetlands, and beaches, and to our livelihoods — a harm that can last for generations. This is why I am personally funding this X CHALLENGE: to inspire innovators around the world — and all those who want to help address what has happened in the Gulf — to focus on solutions to an ongoing, systemic problem.”

Source: Business Wire