2008-04-01 02:24:58 -
- ConocoPhillips Becky Johnson, 281-293-6743 (media) or Gary Russell, 212-207-1996 (investors) or Penn State Vicki Fong, 814-865-9481 (media) ConocoPhillips (NYSE:COP) and Penn State today announced they are launching the ConocoPhillips Energy Prize, an awards program that seeks to recognize new ideas and original, actionable solutions that can help improve the way the United States develops and uses energy.
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:
-- Developing new energy sources, including new ways to develop alternative energy.
-- Improving energy efficiency, such as new methods to significantly reduce the amount of energy consumed in the United States.
-- Combating climate change, including solutions that reduce 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 officer 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."
"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 EMS Energy Institute. "We are pleased to work with ConocoPhillips on this endeavor, while encouraging the nation's brightest minds to turn their ideas into reality."
Official rules for the 2008 ConocoPhillips Energy Prize are available at www.conocophillips.com/energyprize. Entries will be accepted through May 30, 2008. A qualified panel of energy and environmental judges will select up to five finalists to present their concepts during a two-day awards event in October. Concepts will be judged on the basis of creativity, scalability, commercial viability and sustainability.
About ConocoPhillips
ConocoPhillips is an international, integrated 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. 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. Information at www.energy.psu.edu.
ConocoPhillips, Penn State Partner on
Program That Will Award Up to $1.5 Million Over Five Years
