Virginia-based company bags $ 5 Million Automotive X Prize.

As a result of encouragement of developing high efficient cars, Automotive X competition was held.

Virginia-based company has developed a ultralight, gas-powered car . It was made of lightweight materials with good Aerodynamically design to reduce the opposing force from the wind and its very low production cost.

The contest was held to develop highly efficient, production-ready vehicles.

Lynchburg, Va.-based Edison2 won $5 million for its "Very Light Car No. 98."

The car can get 102 miles per gallon. It seats four and is built on a steel frame of mostly aluminum parts.

Edison2 founder Oliver Kuttner says some of the prize money will go into development of the next generation light car.

All of the winners are now eligible for a U.S. Department of Energy program that will help ready the vehicles for introduction to the U.S. market.

- AP inputs

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