Over 60 teams from nine countries have lined up to get a chance to win a $10 million prize to make a green supercar that out performs in fuel efficiency.
Team sign-ups range from California-based electric car start-up Telsa Motors to Cornell University in New York.
$10 million will be awarded to a non-concept car (a real car) that can used on the market. The goal is to create a commercially viable vehicle that can get at least 100 miles per gallon.
In late 2009, the participating teams will crisscross the US in a race to test the vehicles speed and distance. The race will also include testing the vehicle in traffic and terrain range and weather conditions to determine the winner.
Telsa, which is owned by PayPal creator Elon Musk, has already built an electric sports car that can travel 245 miles on a single charge and reach 60 miles per hour in 4 seconds. The Telsa Roadster is already sold-out at $98,000 a car and went into production in late March.
None of the major automakers have signed up to the X Prize competition, although many of them have electric or partly electric vehicles in development, such as Toyota Motor Corp and General Motors Corp.