X Prize Offers $10 Million For A Car That Gets 100 Miles Per Gallon

New York, NY (AHN) - The X Prize Foundation, one of the leading promoters of space flight competitions, is giving away a $10 Million prize to anyone or any firm that can can produce the most production-ready vehicles capable of traveling at least 100 miles on just one gallon of gasoline.

During the New York International Auto Show, the foundation announced on Thursday that the Progressive Casualty Insurance Company will sponsor the multi-million purse.

Glenn Renwick, the insurance company's president and chief executive officer said, "Our future is directly linked to the future of the automobile. If we can provide a forum for some of the best engineers and scientists in the world to bring forward new ideas and give them this stage, I think that's tremendous... Maybe we all win."

So far, more than 60 teams from nine countries have signified interest to participate. The list includes California electric carmakers Aptera Motors and Tesla Motors, German diesel carmaker Loremo and a team from Cornell University.

The two main categories are mainstream and alternative cars. Mainstream cars must be equipped with four wheels and capable of carrying at least four passengers while alternative vehicles must have at least three wheels and room for two passengers.

Qualified teams will race their vehicles in cross-country races two years from now which will put into test their vehicles' combine speed, distance, urban driving and overall performance.

The X Prize organizers are still looking for additional sponsors to beef up the purse.