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July 11, 2008

DOT Proposes Contest to 'Green' the Jet Fuel Industry

As the aviation industry faces escalating fuel costs and growing pressure to curb emission levels. On Thursday, the U.S. Department of Transportation said that it will finance a new competition designed to spur innovation in renewable fuels and technologies for the aviation industry. The DOT is giving the X Prize Foundation $500,000 seed money for the prize and the payout may reach as much as $10 million dollars when all is said and done.

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