A race for U.S. $15-million-dollar (10-million-Euro) prize for harnessing the power of the oceans is on. The criteria for winning the marine renewable-energy innovation would provide a serious energy alternative to burning fossil fuels, contributing to global warming. Details of the Saltire Prize Challenge were announced Tuesday in Edinburgh by Scotland’s First Minister, Alex Salmond. According to the rules the award would be received by the team that ‘successfully demonstrates its feat in Scottish waters. It also states that this feat needs to be the best commercially viable wave or tidal technology capable of providing electricity to thousands of homes.’

If you thought that this was all, there’s more, ‘the winning team must supply this electricity using only the power of the sea for a continuous two-year period,’ state the rules. While this is clearly Scotland’s energy challenge to the world, it is also a challenge to the brightest and best minds worldwide to unleash their talents and push the frontiers of innovation in green marine energy, say officials. The prize has been named after the cross of St. Andrew on the Scottish national flag, and is inspired by other innovation competitions such as the U.S. $10-million-dollar Ansari X Prize.