ConocoPhillips Energy Prize Rewards Climate Change Solutions

Oil giant ConocoPhillips and Pennsylvania State University this week launched the ConocoPhillips Energy Prize, an awards program that rewards new ideas and "original, actionable solutions" that can help improve the way the United States develops and uses energy. The program will award up to $1.5 million over five years.

In its inaugural year, the program will award up to $300,000 in cash prizes and focus on generating innovative ideas and solutions that help in three areas:

To enter, each individual entrant or team must submit a comprehensive proposal for a technology, process or method that identifies a new alternative or renewable energy source or a new way to develop such an energy source; determines a way to use any type of energy source more efficiently; and/or combats climate change by reducing greenhouse gas emissions.

"Providing adequate, reliable and diverse supplies of energy; significantly improving energy efficiency; and taking action on climate change are challenges that will require innovative technology, resource commitments and responsible stewardship by energy producers and consumers alike," said Jim Mulva, chairman and chief executive of ConocoPhillips.

"With help from Penn State and its award-winning Energy Institute, the ConocoPhillips Energy Prize is one way to generate excitement and interest in fostering new energy ideas and solutions that will ultimately benefit society," Mulva said.

Low level sulfur analyzers at the Penn State EMS Energy Institute (Photo courtesy Penn State)

"Our focus is on developing clean, reliable and affordable energy, and through the ConocoPhillips Energy Prize, we can help spur technology research and development in this area of focus," said Dr. William Easterling, dean of Penn State's College of Earth and Mineral Sciences, which houses the Earth and Mineral Sciences Energy Institute.

This research and development organization is focused on clean energy technologies. It works with carbon materials, clean fuels and catalysis, petroleum and natural gas, stationary power systems, sustainable energy and transportation systems, hydrogen and fuel cells, as well as carbon dioxide capture and sequestration.

ConocoPhillips says it partnered with Penn State's EMS Energy Institute "because of their expertise and commitment to developing clean, efficient energy technologies that will help our nation diversify its energy sources while continuing to meet our growing energy demand."

"We are pleased to work with ConocoPhillips on this endeavor, while encouraging the nation's brightest minds to turn their ideas into reality," said Dr. Easterling.

Official rules for the 2008 ConocoPhillips Energy Prize are available at: www.conocophillips.com/energyprize. Entries will be accepted through May 30, 2008.

A panel of energy and environmental judges selected by ConocoPhillips will choose up to five finalists to present their concepts during a two-day awards event in October in Houston. Concepts will be judged on the basis of creativity, scalability, commercial viability and sustainability.

The judges reserve the right to award fewer cash awards, or no cash awards, if in their sole and absolute discretion, the presented concepts are insufficiently qualified.

All submissions must be the original work of the entrant and may not have been previously published, released or distributed in any form, or won any award.

ConocoPhillips is an international energy company with interests around the world. Headquartered in Houston, the company had approximately 32,600 employees, $178 billion of assets, and $187 billion of revenues as of December 31, 2007.

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