HOUSTON & UNIVERSITY PARK, Pa.--(BUSINESS WIRE)--For the fourth year in a row, ConocoPhillips [NYSE: COP] and Penn State University kick off the ConocoPhillips Energy Prize. Their goal is to see who can develop the most original and actionable solutions that can help improve the way the United States develops and uses energy.
“This competition challenges students and entrepreneurs to push the boundaries of innovation, and we are excited to see the avalanche of submissions igniting the nation’s need for clean energy solutions”
The competition, which began in 2008, awards up to $300,000 and recognizes innovative ideas and solutions in three areas: developing new energy sources, improving energy efficiency, and combating climate change. Registration for the 2011 ConocoPhillips Energy Prize is open through May 2, 2011. All U.S. residents who are at least 18 years of age at the time of entry are encouraged to participate in this competition. Entrants must submit a comprehensive proposal via the Internet at www.conocophillips.com/energyprize or by mail.
A panel of qualified judges reviews all submissions. In October, up to five finalists will be selected to present their submissions for the coveted national grand prize. Submissions will be judged based on creativity, scalability, commercial viability and sustainability.
“This competition challenges students and entrepreneurs to push the boundaries of innovation, and we are excited to see the avalanche of submissions igniting the nation’s need for clean energy solutions,” said Merl R. Lindstrom, ConocoPhillips Senior Vice President, Technology. “For the past three years, the ConocoPhillips Energy Prize has recognized a number of talented individuals and teams. This year the award will again recognize some of the nation’s brightest minds as they work to address our country’s challenging energy issues, with the ultimate goal of helping develop these great ideas into solutions.”
ConocoPhillips and Penn State awarded the 2010 ConocoPhillips Energy Prize to Matthew Orosz and team STG for their solar generator that can produce electricity and hot water for remote, off the grid health clinics and schools. The team’s key innovation is the replacement of the steam turbine plant with a specially designed organic rankine cycle generator that uses a low temperature fluid to generate electricity and waste heat to provide hot water.
For more information and the official rules of the 2011 ConocoPhillips Energy Prize, please visit www.conocophillips.com/energyprize.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,700 employees, $156 billion of assets, and $189 billion of revenues as of December 31, 2010. For more information, go to www.conocophillips.com.
About the Penn State EMS Energy Institute
The EMS (Earth and Mineral Sciences) Energy Institute at Penn State is a leading research and development organization focused on clean energy technologies that will assist the nation in meeting its growing demands. As part of the Penn State Institutes of Energy and the Environment, the EMS Energy Institute's efforts comprise a wide range of research initiatives such as carbon materials, clean fuels and catalysis, petroleum and natural gas, stationary power systems, sustainable energy and transportation systems, hydrogen and fuel cells, CO2 capture and sequestration, and expanding the use of our limited indigenous resources. For more information, go to www.energy.psu.edu.