National Press Release

Cahill brings a wealth of experience in the automotive and energy sectors to the multimillion dollar competition for super fuel efficient vehicles

PLAYA VISTA, Calif., June 1 /PRNewswire-USNewswire/ -- The Progressive Insurance Automotive X PRIZE, a multimillion dollar competition to inspire a new generation of viable, super fuel-efficient vehicles, today announced the hire of Eric Cahill as senior director. Cahill will report to Cristin Lindsay, vice president of Prize Operations.

In this role, Cahill will provide leadership and managerial direction to the Progressive Automotive X PRIZE team and will interface with X PRIZE sponsors, donors, partners, consultants, vendors, contractors and participants. He will be based at the X PRIZE Foundation headquarters in Playa Vista, Calif.

"Eric has dedicated his career to the commercialization of cleaner alternatives in the automotive and energy sectors," said Dr. Peter H. Diamandis, president and CEO of The X PRIZE Foundation. "His experience in project management in the cleantech and automotive industries adds immense value to this Prize and to those participating in the competition."

"The Progressive Insurance Automotive X PRIZE is a groundbreaking opportunity for designers and developers of all levels to compete on a neutral and equitable field," said Cahill. "I am thrilled to be able to work with talented teams across the nation and the world, from high school students to established car companies, creating clean, super-efficient vehicles that are ready to meet the demands of the market today."

Cahill, a U.S. Navy veteran and practiced project manager, spent the early portion of his career at Boeing's program management office and later at a Tier One automotive supplier where he led the team that developed the electric drive train technology for the forthcoming Fisker Karma luxury plug-in hybrid. Prior to joining The X PRIZE Foundation, Cahill served as COO and founding member of Internet start-up AboutTime.com and most recently as principal at Adaptiv Strategic Technology Advisors where he consulted on alternative energy, project management, and renewable technologies & policies.

ABOUT THE PROGRESSIVE INSURANCE AUTOMOTIVE X PRIZE

The goal of the Progressive Insurance Automotive X PRIZE is to inspire a new generation of viable, super fuel-efficient vehicles that offer more consumer choices. Ten million dollars in prizes will be awarded to the teams that win a stage competition for clean, production-capable vehicles that exceed 100 Miles per gallon or energy equivalent (MPGe). The Progressive Insurance Automotive X PRIZE will place a major focus on efficiency, safety, affordability, and the environment. It is about developing real, production-capable cars that consumers will want to buy, not science projects or concept cars. This progress is needed because today's oil consumption is unsustainable and because automotive emissions significantly contribute to global warming and climate change. For more information visit http://www.progressiveautoxprize.org/

ABOUT PROGRESSIVE:

Progressive, founded in 1937, is one of the country's largest auto insurance groups and a leading insurer of motorcycles, recreation vehicles, boats, and commercial vehicles. The Company offers competitive rates and innovative products and services that meet drivers' needs throughout their lifetimes as well as 24/7 online and in-person customer and claims service.

One of Progressive's Core Values is Excellence. To the Company's more than 26,000 people, it simply means seeking constant improvement. Over time, this has meant introducing revolutionary ideas that make car insurance easier to shop for, buy and use. It's this same innovative spirit that's behind the Company's sponsorship of the Progressive Automotive X PRIZE. The Progressive Automotive X PRIZE will inspire innovation that will produce more fuel efficient vehicle choices, helping to make a difference in people's lives.

Progressive's products and services are available locally through more than 30,000 independent insurance agencies in the U.S., online at http://www.progressive.com, and by phone at 1-800-PROGRESSIVE (1-800-776-4737).

ABOUT THE X PRIZE FOUNDATION

The X PRIZE Foundation is an educational nonprofit prize institute whose mission is to create radical breakthroughs for the benefit of humanity. In 2004, the Foundation captured the world's attention when the Burt Rutan-led team, backed by Microsoft co-founder Paul Allen, built and flew the world's first private spaceship to win the $10 million Ansari X PRIZE for suborbital spaceflight. The Foundation has since launched the $10 million Archon X PRIZE for Genomics, the $30 million Google Lunar X PRIZE and the $10 million Progressive Insurance Automotive X PRIZE. The Foundation, with the support of its partner, BT Global Services, is creating prizes in Space and Ocean Exploration, Life Sciences, Energy and Environment, Education and Global Development. The Foundation is widely recognized as a leader in fostering innovation through competition. For more information, please visit www.xprize.org.

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Eric Cahill

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SOURCE X PRIZE Foundation