Odyssey Moon, with its headquarters in Athol Street, Douglas, became the first team to complete registration for the $30 million Google Lunar X Prize in San Jose, California, yesterday evening GMT.

The X Prize Foundation and Google Inc announced the $30 million prize in September, with the money going to the first private companies to land a privately funded robotic rover on the moon that is capable of exploring the surface and sending new knowledge back to earth.

Odyssey Moon board chairman Dr Rhamin Khadem said: 'I have been involved in multi-national start ups, but I must say this one has to be the most exciting. Going to the moon is not easy, and it wouldn't be possible without the many talented people who share our dream and conviction to open up the moon in a responsible way that makes business sense today and delivers a better future tomorrow.'

He said the group's technical and financial plans are well progressed, but by no means complete. Odyssey is still open to collaboration with others able to contribute to the quest for the Google Lunar X Prize and the pursuit of the firm's long-term business plan to develop a viable commercial lunar enterprise.

That business plan aims to develop a series of moon missions. The first of these will involve a unique, small, robotic lander designed to deliver scientific, exploration and commercial payloads to the surface of the moon.

Odyssey Moon is a private commercial lunar enterprise with offices in Toronto, London and Washington DC, but it is headquartered in the Isle of Man.

Existing regulation and licensing relating to activities in outer space were given as one of the main reasons for basing the company in the Island. The Isle of Man's reputation as home to active subsidiaries of the world's leading space and satellite communications companies was also cited.

Government director of space commerce Tim Craine said: 'The decision to launch this bid for the Google Lunar X Prize from the Isle of Man is a further indication of the Island's growing profile within the space industry.'

Odyssey involves partners from many nations including MDA of Canada, the world's largest space interest group The Planetary Society and private Canadian technology company Optech Incorporated.

Founder and chief executive Dr Bob Richards said: 'For Odyssey Moon, the announcement of the Google Lunar X Prize was the right thing at the right time to inspire us to unveil our company,' he said. 'It pushed our button to advance our plans and enter the race.'

But he said the competition is just the beginning.

'We are in this for the long haul. It is our intention to seed and lead a new market for private commercial lunar enterprise. It is our goal to lower the price of lunar access by an order of magnitude and in doing so help catalyse a 'moonrush' for the energy and resources that await us on earth's eighth continent.'

A fuller report will be published in the Business News supplement in Monday's Isle of Man Examiner.