The Lunar X-Prizes support Nasa's efforts to reduce the costs of space exploration |
The prize will go to the builders of the first robot to send back video as it travels over 500 metres of the Moon's surface.
The Google-sponsored Lunar X-Prize will be fought over by 29 teams from 17 different countries.
Organisers believe that the competition - first announced in 2007 - could have a winner by 2015.
"The official private race to the Moon is on," said Peter Diamandis, chief executive of the X-Prize Foundation.
The teams come from a wildly divergent background, ranging from non-profit consortia and university groups to well-funded businesses.
Robotic explorers Several of the teams have already bought rides on spacecraft to transport their robots.
Astrobotic Technology, a spin off-off from Carnegie Mellon University has signed a deal with SpaceX - the private space company set up by PayPal founder Elon Musk - to use its Falcon 9 rocket.
Meanwhile, government-backed space agencies are also planning to send craft to the Moon.
Spacecraft from a joint Russian and Indian team and a separate one from China are pencilled to set off for the Moon in 2013.
But the X-Prize's backers think the future of space exploration will be driven by privately-funded groups.
"The most successful and revolutionary discoveries often come from small, entrepreneurial teams," said Tiffany Montague, of Google Space Initiatives.
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