Joel Makower brings news of an interesting and innovative initiative (an III, if you will) from Google.org, the search company’s non-nonprofit philanthropy arm. They’re sending out an open call asking inventors and entrepreneurs to pitch them on products and services that would speed the commercialization of plug-in hybrids. There’s $10 million in investment capital waiting to be divided among the winners.

Says Google:

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We welcome and expect to receive submissions from a wide variety of companies — from cutting edge battery technologies to innovative service businesses – and from companies of all sizes. We also encourage participants from all over the world to submit proposals. This is a global challenge, and it will take all of us to solve it.

So if you’re out there and you’ve got something you think could help make plug-in hybrids a reality, put together a five-page proposal and get it to Google by Oct. 15.

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Good luck!