International Fuel signs on to sponsor X Prize Cup

stlouis.bizjournals.com: International Fuel Technology Inc. has signed a multiyear sponsorship agreement to be a of the X Prize Cup, the company and the X Prize Foundation announced Monday.

The X Prize Cup is the continuation of the $10 Million Ansari X Prize challenge.

The St. Louis-based X Prize Foundation, a nonprofit organization, received the financial backing of many St. Louisans, offered the $10 million X Prize to any competitor who, before Jan. 1, 2005, could fly a manned vehicle carrying three people (or a pilot and the equivalent weight of two passengers) to space and back twice within two weeks. SpaceShipOne, launched by the Mojave Aerospace Ventures Team, successfully completed the challenge Monday morning.

The foundation announced last week that it plans to hold a 10-day X Prize Cup event every year in Las Cruces, New Mexico, in which all X Prize teams could compete.

The foundation said the cup is designed to combine elements of Grand Prix Racing and the America’s Cup, where the public can attend and watch the space vehicles fly, talk to the astronauts and learn about new technologies.

Dr. Peter H. Diamandis, chairman and president of the X Prize Foundation, described IFT as a major sponsor of the cup. Financial terms were not disclosed.

International Fuel Technology Inc. (OTCBB: IFUE) is a St. Louis-based company that develops proprietary fuel blends and additives to improve the operating efficiency of gasoline and diesel engines.