Freedom Prize takes off

No, not Freedom Fries. It's the Freedom Prize.

Backed by the U.S. Department of Energy, the Freedom Prize Foundation is putting up more $4 million in awards for new renewable energy technologies.

Freedom Prizes of $500,000 to $1 million will be awarded for innovative deployment of existing technologies in five categories, including industry, military, schools, government and community.

The Freedom Prize was established by the Energy Policy Act of 2005 which authorized the DOE to support the foundation, but co-founder Josh Becker told the Cleantech Group it was a long road to get to this point.

"When we set up to do this, we were just two guys with an idea. We were buttonholing senators in the hallway, and people said 'you have no chance.' And now today it launched."

Becker formed the Freedom Prize with Jack Hidary, who serves as chairman of the foundation.

The foundation is aiming to reward and encourage efforts to reduce U.S. dependence on foreign oil.

"People are talking and talking about oil prices. This is money that's fully funded today. This is not just talk, it's now an actual program," said Becker.

Sitting on the advisory council for the Freedom Prize is Peter Diamandis, chairman and CEO of the X Prize Foundation, another group that's out to reward technological innovations, including cleantech innovations.

The X Prize group has an Automotive X Prize that's looking to award $10 million for production-capable vehicles that can exceed 100 miles per gallon equivalent.

For the Freedom Prize, the final guidelines and application are expected to be released in the fall, with disbursements scheduled to begin in 2009.

Candidates will be able to apply at www.freedomprize.org.