[en] In our context, Power Beaming refers to the extraction of useable electrical power from a directed electromagnetic beam. In order to promote interest in this technology, the Spaceward Foundation proposed and is managing a technology prize challenge based on a Space Elevator design scenario. The challenge has a prize purse of $2M, provided by NASA's Centennial Challenges office. This paper covers the considerations that went into the design of the challenge, a brief chronology of past results, and plans for the future