We announced the opening of the registration period for the Progressive Insurance Automotive X PRIZE in August of this year. Since that time, we have added over 25 competitors to our roster of official Registered Teams, and have more waiting in the wings to be announced.
We closed the Letter of Intent (LOI) program with over 120 LOI Contenders participating. While many of these Contenders have been filling out their paperwork, our biggest surprise at the end of the year was that most of the applications were coming from teams that we had not heard of before. It’s been exciting to see a great number of new applicants come through, and we look forward to introducing them publicly.
We are pleased with the progress of the registration period, but also recognize the hardship that many of the current Registered Teams, Letter of Intent (LOI) Contenders, and other potential competitors face. This is why we decided to extend the registration period through February 28, 2009.
During the year and a half since the launch of our LOI program, we have watched and reacted as market forces impacted the competition and our competitors. U.S. fuel prices shot up to over $4 per gallon and are fell back down to their lowest in five years. At the same time, the world economy has taken a turn that has left some teams struggling to remain competitive.
As difficult as this period of uncertainty has been, we are continually inspired by both the teams and interested competitors who are dedicated to creating 100 MPGe vehicles. Knowing that there are teams who are already making tremendous fuel economy achievements is truly exciting.
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