
Entrepreneurs are busy demonstrating ultra efficient and clean car technologies for real-world performance. Last week, I had the pleasure of observing part of the Knockout Stage of Progressive Automotive X-Prize at the Michigan International Speedway. Teams are competing for part of a $10 million dollar award for the best performing and most marketable vehicle that travels the equivalent of at least 100 miles per gallon. The competition is demonstrating that we have the know-how and technology today to dramatically cut our oil consumption.
The $10M prize is pennies compared to some investments by large automakers but it is a great motivator for the small outfits of X-Prize innovators. Tight competition timelines are pushing advanced technology development and shortening feedback cycles. Lots of trial and error means that evaluation of technology options is done in parallel instead of in series. The innovators are also exploring a variety of technologies including advanced materials, ultra-efficient combustion engines, electric and hybrid power trains and new vehicle configurations.

As part of comprehensive climate and energy legislation, we need national requirements for cutting our oil dependence, with clear targets for 2020, 2030 and future years. The requirements create the ‘prize’ for entrepreneurs and innovators that rise to meet the challenge. Instead of continuing the risky hunt for more oil deep off our shores, we can tap American ingenuity to cut our oil dependence and keep our environment clean for future generations.