Google in partnership with IEEE has launched inverter design challenge, where the winner gets a huge US$1 million as prize. The competition is more about achieving high-efficiency and Small-size in inverter design.
The brief specifications of the challenge include: Inverter need to handle to 2KVA load with a power density of equal or greater than 50 Watts/Inch 3. The inverter should be able to work with the input DC 450 V and deliver output of AC 240 V @ 60 hertz. The DC to AC conversion efficiency should be higher than 95%. There are some more specifications, you can find all that at: https://www.littleboxchallenge.com/
The last day to register for the competition is 30 September 2014.
The hint given by the website littleboxchallenge.com is more on using compound semiconductor based power switching devices such as gallium nitride and silicon carbide. The website also lists wide-band-gap semiconductor suppliers such as Cree, EPC, GAN Sys, NXP, Rohm, Transphorm, and USCi.
Finally an interesting competition for power electronics designers!