"A Peace Treaty with Nature" Prize Capital Chairman Lee Stein Keynotes BioMarine 2008 - Here's the prepared statement (PDF). Page 5 has a section that explains their prize and investment model. Here's an excerpt:
Renewable Energy Prize
Current renewable fuels technologies are criticized for being inefficient, costly, unsustainable and incompatible with existing vehicles and infrastructure. The Prize Capital Renewable Energy Prize will accelerate development of breakthrough technologies for sustainable, small-scale decentralized production systems for liquid transport fuel. Prize rules will produce a winning technology that is energy- and cost-efficient, sustainable and compatible with today’s infrastructure. Draft prize rules were developed with a panel of expert advisors representing the Natural Resources Defense Council, Shell International Gas, Environmental Entrepreneurs, Federation of American Scientists, Pacific Northwest National Laboratories and more.
Prize Capital will stimulate capital for emerging inventors and provide the investment funds for competitors. Prize Capital intends for the X PRIZE Foundation (XPF), the leading global mega-prize producer, to manage the prize competition. Prize Capital also seeks to develop advanced market commitments with international agencies and governments.