This was a competition to build a wirelessly-powered ribbon-climbing robot. The contest involves having the robot lift a large payload within a limited timeframe. The first competition in 2005 would have awarded US$50,000, US$20,000, and US$10,000 to the three best-performing teams, meeting the minimum benchmark of 1 m/s. However, no team met this standard, with only two teams climbing under beam power. This prize also increased to US$200,000 in 2006, but no team was able to accomplish the full set of requirements. See for more information on Power Beam Challenge as well as other challenges related to space elevator technologies.