Philips may yet land the L Prize for energy efficient lighting with the $10 million LED light bulb which they submitted at the EcoFocus event in New York. This new product coincides with contest mechanics wherein the idea is to come up with a 21st century replacement for the 60 Watt light bulb, with the goal of saving 34 Terawatt-hours of power nationwide per year.
Entries must deliver at least 900 Lumens output, with a consumption of less than 10 watts, and must have a lifespan of at least 25,000 hours. There are also rules about light quality and color temperature. The top prize is $10 million.