Wendy Schmidt, the president of the Schmidt Family Foundation and wife of Google's billionaire CEO Eric Schmidt, announced her support for the Oil Cleanup X Challenge.

The challenge, administered by the X Prize foundation, is similar to other contests it has sponsored to develop spacecraft and build fuel-efficient vehicles, among other endeavors.

The lastest challenge begins Aug. 1 and will be open for one year. The prize "will be awarded to the team that demonstrates the ability to recover oil on the sea surface at the highest oil recovery rate and the highest recovery efficiency," according to the challenge

For more, check out this ABC News story.