If you have a good idea for building an extremely fuel-efficient vehicle, the X Prize Foundation (Playa Vista, CA) wants to hear from you. The goal of the Progressive Automotive X Prize is to inspire a new generation of production-capable vehicles that can exceed the equivalent of 100 miles per gallon. Teams that successfully compete in a series of stage races held in different parts of the United States will be eligible to share in a $10 million award.

More than 120 teams from around the world have already signed up for the competition, which plans to hold its first race in New York City this September. The winners will be announced some time next year.

Most of the teams are universities, start-ups and individual consortiums, representing a wide variety of green technologies. The organizers are also urging major automakers to participate in a demonstration division even though they will not be eligible to receive any prize money.

The X Prize competition will place a major emphasis on affordability, safety and the environment. “It is about developing real, production-capable cars that consumers want to buy, not science projects or concept cars,” says Peter Diamandis, president and CEO of the X Prize Foundation. “This progress is needed because today’s oil consumption is unsustainable and because automotive emissions significantly contribute to global warming and climate change.”

The competition was inspired by the Orteig Prize, which was created in 1919. It offered $25,000 to the first person who could fly non-stop across the Atlantic Ocean. An obscure airmail pilot named Charles Lindbergh claimed the prize after his historic New York to Paris flight in 1927.