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A new international award named for the first person to step foot on the moon will honor excellence in “space discovery” as established by the school known as “the cradle of astronauts.”

The “Neil Armstrong Space Prize” was announced by Purdue University on Sunday (July 20) — the 56th anniversary of the Apollo 11 moon landing — at an event held in Washington, D.C. The honor is intended to share the same clout as the Nobel Prize, but for advancements in space exploration.

“This prize carries Armstrong’s name and Purdue’s space legacy,” said Mung Chiang, president of Purdue University, in a statement released by the school. “We unveil the creation of a Nobel-level prize for space at a transformational time for the next giant leaps in space.”

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