ConocoPhillips, Penn State Launch 2010 ConocoPhillips Energy Prize
HOUSTON and UNIVERSITY PARK, Pa., March 17, 2010 --- ConocoPhillips [NYSE: COP] and Penn State University today launched the 2010 ConocoPhillips Energy Prize, a competition that recognizes original and actionable solutions that can help improve the way the United States develops and uses energy.
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.
The ConocoPhillips Energy Prize will accept entries through May 21 and is open to all U.S. residents who are at least 18 years of age at the time of entry. Entrants must submit a comprehensive proposal via the Internet at www.conocophillips.com/energyprize or by mail.
Up to five finalists will be selected by a qualified panel of expert judges to present their submissions in October. Submissions will be judged on the basis of creativity, scalability, commercial viability and sustainability.
"Securing the nation's energy future will require innovative ideas that maximize existing resources, create sustainable and diverse energy supplies, and significantly reduce greenhouse gas emissions," said Stephen R. Brand, ConocoPhillips Senior Vice President, Technology. "For the last two years the ConocoPhillips Energy Prize has recognized a number of talented individuals and teams, and this year the award will again recognize some of the nation's brightest minds as they work to address the country's challenging energy issues."
ConocoPhillips and Penn State awarded the 2009 ConocoPhillips Energy Prize to Scott Anderson and team for their innovation, the ECO-AugerTM, a hydrokinetic machine that converts moving water from river and ocean currents to renewable electric energy. Its hydraulic storage pressure compensation system guarantees constant energy output regardless of tidal current strength.
For more information and the official rules of the 2010 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 30,000 employees, $153 billion of assets, and $149 billion of revenues as of December 31, 2009. 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.