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Today Google, Inc. (NASDAQ: GOOG) announced that it would be sponsoring one of the largest cash prize events yet, a $30 million purse for the Google Lunar X Prize. In order to win $20 million, a private company somewhere in the world will have to execute a successful robotic lunar mission within the next 5 years (the next government mission is planned for somewhere within the next 6-8 years), rove around a certain distance, and transmit video back to earth. The other $10 million is set aside for a second place company ($5 million) and other 'bonus' prizes ($5 million).

Calling this private effort to beat governments back to lunar space 'Moon 2.0' Google and the X Prize foundation challenge private companies to extend their footprint in space from the satellites that orbit the planet all the way to the moon.

When the Ansari X Prize for first private vehicle to make it to the edge of space debuted, many were skeptical of the ability of prizes like this to stimulate private business to challenge efforts that were typically large government efforts. A large number of contestants entered, but Burt Rutan, with the financial backing of Microsoft Corporation (NASDAQ: MSFT) billionaire Paul Allen, won the X Prize with SpaceShip One. Now Virgin Airlines is working with Rutan to commercialize trips to the edge of space, demonstrating the X Prize's viability.

In addition to the Google Lunar Prize, there is also the Bigelow Aerospace prize of $50 million for the first private company to send five people into orbit before 2010.

Google (GOOG) announces sponsorship of $30 million prize for private robotic lunar mission originally appeared on BloggingStocks on Thu, 13 Sep 2007 16:43:00 EST. Please see our terms for use of feeds.

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