An Inverter is a device that converts DC current output from solar modules, wind turbines, etc. into AC current, which is required for powering residential/commercial (electrical) devices. Google, along with IEEE, has recently announced The Little Box Challenge that requires you to design a smaller Inverter than what is currently available.
To be specific, they want you to design and build a KW-scale Inverter with the highest power density (50W per cubic inch). That means, the existing water cooler-sized Inverters need to be shrunk to the size of tablets! So, if you belong to a company or research institution that specializes in designing/building such complicated electrical power engineering components, you might want to participate in this contest.
Because, they are giving away one million dollars to the winner. And the winner can be from any country, across the world. Only, once your design is selected, you'll need to be able to build a working model and carry it to a testing facility in the United States. If your company/org. will support you with that, anyone can participate.
Google is looking to build such a small scale Inverter because they want it to run their data centers more efficiently, and perhaps use renewable energy also. But such an Inverter will have many applications in everyday life, especially in the field of renewable energy and electric mobility. So, what are you waiting for? Go ahead and participate if you can! Do remember: The last date for registering your team is September 30, 2014. There doesn't seem to be any entry costs.
Technical Details: The Little Box Challenge specifications & testing info (pdf document).
Website: The Little Box Challenge.