SOURCE: X PRIZE Foundation

X PRIZE Foundation

October 10, 2011 08:33 ET

Media Alert: X PRIZE Foundation to Announce Winners of $1.4 Million Wendy Schmidt Oil Cleanup X CHALLENGE

Competition Results Mark Major Breakthrough in Oil Spill Cleanup Technology

PLAYA VISTA, CA and NEW YORK, NY--(Marketwire - Oct 10, 2011) -

WHAT:
Tomorrow, Tuesday Oct. 11, the X PRIZE Foundation, the leading nonprofit organization solving the world's Grand Challenges by creating and managing large-scale, global incentivized competitions, will announce the winners of the Wendy Schmidt Oil Cleanup X CHALLENGE at an Awards Ceremony in New York City.

Launched in July 2010, in the wake of the Deepwater Horizon oil spill in the Gulf of Mexico, the Wendy Schmidt Oil Cleanup X CHALLENGE was designed to inspire entrepreneurs, engineers, and scientists worldwide to develop innovative, rapidly deployable, and highly efficient methods of capturing crude oil from the ocean surface. From more than 350 pre-registered teams, the final 10 teams tested their technologies this past summer to demonstrate their ability to recover oil on the sea-water surface quickly and efficiently.

Tomorrow's Awards Ceremony will celebrate the accomplishments of all 10 final teams from the competition and award the winning teams the prize purse totaling $1.4 million. Following the event, Wendy Schmidt and executives from the X PRIZE Foundation and Shell will be available for media interviews, as well as representatives from all 10 competing teams.

If you are unable to attend the Awards Ceremony tomorrow, you can access the results at www.iprizecleanoceans.org after 12:30 p.m. ET.

WHO:
Peter Diamandis
, Chairman and CEO, X PRIZE Foundation

Wendy Schmidt, Title Sponsor and President, Schmidt Family Foundation

David Lawrence, Executive Vice President, Exploration and Commercial, Shell Upstream Americas

Representatives from all 10 competing teams

WHEN:
Tuesday, Oct. 11, 2011 from 10:00 a.m. - 1 p.m.
ET
*Winners announced between 10:00 - 11:30 a.m. ET
*Lunch reception following the announcement of the winners

WHERE:
Apella, Event Space at Alexandria Center
, 450 East 29th Street, 2nd Floor, New York, NY 10016