The Industrial Energy Storage Systems Prize is a $4.8 million challenge sponsored by the U.S. Department of Energy (DOE) Industrial Efficiency and Decarbonization Office (IEDO). The prize seeks cost-effective energy storage concepts for industrial facilities that enhance energy efficiency and industrial decarbonization and are applicable across industrial sectors. The competition is open to individuals, private entities (for-profits and nonprofits), non-federal government entities such as states, counties, tribes, and municipalities, and academic institutions. The prize supports the acceleration of market adoption for cost-effective thermal energy storage technologies that can be charged by thermal or electrical sources, and provide heating, cooling, and/or power to industrial facilities. The competition is structured in three phases: Design, Advance, and Validate, with specific requirements and cash awards for winners in each phase.