The panel for the Wave Energy Prize presented on the logistics and purpose behind this 18-month public design-build-test competition sponsored by the U.S. DOE Water Power Technologies Office Marine and Hydrokinetic Program. The Prize included three phases and four technology gates that progressively evaluated each team's technology and culminated in a test at the Naval Surface Warfare Center's Maneuvering and Seakeeping (MASK) Basin. In scoring each team's technology against one another, the ACE metric was used. It stands for "Average Climate Capture Width per Characteristic Capital Expenditure". This metric is determined by dividing, in essence, the wave energy extraction efficiency of a WEC by its structural cost.