Plans for a moon prize of $30 million finalised on Mann
International space teams have gathered on the Isle of Man to discuss one of the world's most lucrative competitions.
The Lunar X PRIZE, worth $30 million (£18.9m) will be awarded to the first company to land a robot on the moon.
The prize aims to open the space industry up to the private sector.
Tim Craine from the department of economic development said: "The Isle of Man was chosen to host the summit in recognition of our pro-space policy."
Mr Craine said that four of the top-ten satellite companies in the world were based on the island and that was why it had been chosen for the summit.
The $30 million prize will go to the first privately-financed team to place a robot on the surface of the moon.
The machine will then have to rove for 24 hours, travelling more that 500 metres, before sending back a data package including high-definition images.
President of the X PRIZE Foundation Robert Weiss said: "With this competition we hope to lower the cost of space exploration, which in the hands of government is usually quite expensive.
"More importantly though we are interested in re-kindling the youth's passion for space, science, technology and engineering."
The deadline for entries competition is 2012 and 22 different space teams from around the world are expected to compete.