$10 Million for Progressive Automotive X Prize

Finally we can stop saying "multi-million dollar prize", and start talking about real money - $10 million! Progressive Insurance has stepped up as the Title Sponsor of the renamed "Progressive Automotive X Prize."

From Progressive Fact Sheet, here is a quote from Glenn Renwick, Progressive’s President and CEO:

“We’ve been working hard to make a difference in car insurance for 70 years. Now we have a chance to make a difference by supporting the Progressive Automotive X PRIZE. This will result in more choices of more fuel efficient vehicles for drivers and will be a catalyst for moving this technology forward faster.

This competition represents what we’re all about in name and spirit – new ideas, competition and always working to do better. Being a part of this gives us a chance to make a real difference.”

Yahoo has an AP article up already - the tidal wave of press has begun :-). Check out the new teams page - vastly improved, they now have pictures and a paragraph for each team.

More tomorrow as further details emerge - we are expecting some updates on the details of the staged race (e.g. criteria for cities who wish to apply), as well as possible clarification on some of the rules. And, many teams will be in attendance and may have announcements of their own!