The Israeli team behind SpaceIL announced Wednesday that it secured the first contract with Google's Lunar XPRIZE to send their own private rover to the moon. The team, which plans to land their rover on the moon by 2017, is one of the 15 participants in Google's "space race" before 2017 ends.

The Lunar XPRIZE, which has a $20 million prize, will be awarded to the first privately funded team to land a craft on the moon, explore 500 meters of lunar surface and transmit high-definition footage of the journey to Earth, according to CNET.

"We are proud to officially confirm receipt and verification of SpaceIL's launch contract, positioning them as the first and only Google Lunar XPRIZE team to demonstrate this important achievement, thus far," Bob Weiss, Vice Chairman and President of XPRIZE, said on the competition's website

SpaceIL's rover will be launched on a SpaceX Falcon 9 rocket, which is scheduled for the second half of 2016, according to Slashgear. If it is successful, the team will be the fourth mission to land in the moon after the U.S., the former Soviet Union, and China. It will also be a first for Israel, as well as for a privately funded group.

"This takes us one huge step closer to realise our vision of recreating an 'Apollo effect' in Israel: to inspire a new generation to pursue science, engineering, technology, and math(s)," Eran Privman, SpaceIL CEO told BBC News.

Other teams are now scrambling to launch their own missions. So far, the U.S. team, Moon Express, appears to be coming next with its plan to use a New Zealand rocket. No paperwork has been submitted yet so the XPRIZE Foundation is not able to confirm a launch contract, BBC New reported.