Now in its sixth year, the award – which runs with the APC (Advanced Propulsion Centre), and is sponsored by GKN and supported by The Times – recognises UK-developed concepts and technologies that are set to transform the automotive industry.
Last year's winner was Torotrak Group's Flybrid KERS (kinetic energy recovery system), designed to transfer energy from braking back to the driveline.
That system is smaller, lighter and cheaper than a conventional battery electric hybrid alternative.
Winners from previous years include Gordon Murray Design, Jaguar Land Rover, Optare and Ford.
"One of the drivers behind the current success of the UK automotive industry is a strong pipeline of innovation," states Mike Hawes, SMMT chief executive.
"In light of the UK automotive industry's recent successes, we expect to see some exceptional entries this year," he adds.
"The UK has committed a minimum of £1 billion to develop and produce low-carbon technology over the next decade, building on our existing capability as a 'propulsion nation'," comments APC chief executive Tony Pixton.
"Through our partnership with the SMMT Automotive Award for Innovation we will use our combined resources to provide a global shop window for entrants," he adds.
Deadlyne for entries is midnight, 28 August 2015. Entry is free and open to any manufacturer, supplier or developer, whether as an individual, team, department, or a submission on behalf of an organisation.
The winner will be announced at the SMMT Annual Dinner on 24 November 2015, in front of more than 1,000 leading industry figures.
Entry criteria and entry forms can be found at the Award website: www.smmt.co.uk/aai.