DOE and Freedom Prize Foundation Launch Cooperative Efforts for Freedom Prizes
June 26, 2008
The U.S. Department of Energy (DOE) and the Freedom Prize Foundation today announced the initiation of cooperative efforts for future Freedom Prize competitions for over $4 million of prize money. The prize will encourage and recognize the development and deployment of processes and technologies that will improve America's national security, economic prosperity, and health by reducing the country's dependence on foreign oil.
"Our dependence on foreign oil is a serious problem that poses significant national security, environmental, and economic risks and only through American innovation and technological advancements will we solve this problem," DOE Assistant Secretary of Energy Efficiency and Renewable Energy Alexander Karsner said.
"We want to act as a catalyst to spur the private sector's ability to come up with innovative solutions, and this is just what the Freedom Prize will do—make significant and lasting changes to address our addiction to oil and confront the serious challenge of global climate change."
The Energy Policy Act of 2005 (EPAct 2005), signed into law by President Bush in August 2005, authorized DOE to work with the Freedom Prize Foundation on the establishment of Freedom Prizes. The legislation authorized the program of awarding prizes, to be known as Freedom Prizes, to encourage and recognize the development and deployment of processes and technologies that serve to reduce the dependence of the United States on imported oil. DOE has provided $5 million in funding for the effort as seed capital for the Freedom Prize Foundation, to include funds for prizes, future competitions, and foundation administration.