This is how you move innovation along offer tons of cash. And it looks like they’ve ensured that the winner will be something better than a tin can with wheels.

The X Prize Foundation, best known for its competitions promoting space flights, is offering $10 million to the teams that can produce the most production-ready vehicles that get 100 miles per gallon or more.
[…]
More than 60 teams from nine countries have signed up for the competition so far, including California electric carmakers Aptera Motors and Tesla Motors, German diesel carmaker Loremo and a team from Cornell University.
Teams will be able to sign up through mid-2008, when applicants will be narrowed to those who can prove they would build production-ready, consumer-friendly cars.
[…]
Those that qualify will race their vehicles in cross-country races in 2009 and 2010 that will combine speed, distance, urban driving and overall performance.
The purse will be split between two categories: mainstream and alternative cars. Mainstream cars must carry four or more passengers and have climate control, an audio system and 10 cubic feet of cargo space.
They also must have four or more wheels, hit 60 miles per hour in less than 12 seconds and have a minimum top speed of 100 miles per hour and a range of 200 miles.

You know, they’ve thought of everything here. They could actually have a marketable car here when they’re done. I for one could use a car that gets 100 mpg but I don’t want to pay a lot for it. If some of the research cost were offset by the prize money, maybe the cost wouldn’t be prohibitive.