🏆 Four companies win $100 million for their carbon capture

• Mati Carbon receives the main prize of 50 million dollars in the XPRIZE Carbon Removal competition for their method of removing carbon dioxide from the atmosphere.
• The company uses crushed basalt on agricultural land to accelerate a natural weathering process that permanently binds carbon dioxide, while improving soil quality for small-scale farmers.
• The competition, which ran for four years, attracted over 1,300 teams from 88 countries and has catalyzed the development of a new carbon removal market worth 3.9 billion dollars.

World's largest incentive competition announces winners

XPRIZE has now announced the winners of its 100 million dollar competition for carbon dioxide removal. The four-year competition challenged teams from around the world to develop solutions to remove carbon dioxide from the atmosphere and oceans in a scalable, sustainable, and durable manner.

Mati Carbon took home the main prize of 50 million dollars for their solution based on enhanced rock weathering. The company demonstrated a method where finely crushed basalt is spread over agricultural land in India to accelerate a natural weathering process that permanently removes atmospheric carbon dioxide.

The net effect of the process provides significant benefits for small-scale farmers - groups that are among the least responsible for climate change but simultaneously most vulnerable to its effects. Mati Carbon's method improves soil health, reduces the need for agricultural inputs, and increases income for farmers at no cost to them.

Enhanced rock weathering explained

Rock weathering is a natural process where rocks and minerals break down and react with carbon dioxide in the presence of water to form bicarbonate ions. These ions are eventually washed into the oceans, resulting in long-term carbon storage.

When the crushed basalt dissolves, cations such as calcium and magnesium are released into the groundwater. The addition of cations to the groundwater results in a series of chemical reactions involving carbonic acid. Through this process, carbon dioxide gas in the soil is converted to dissolved bicarbonate.

The bicarbonate then percolates into streams and rivers, and is later delivered to the oceans. Once bicarbonate is transported to deep aquifers or deposited in the ocean, it stably stores carbon for more than 10,000 years.

Multiple technologies were rewarded

Three other teams were also awarded significant prizes for their solutions:

NetZero, a French biochar company operating in Brazil, received 15 million dollars as the first runner-up for their circular model that uses tropical crop residues and returns the biochar to local farmers.

Vaulted Deep, an American waste management company, received 8 million dollars as the second runner-up for permanently storing otherwise unusable organic waste deep underground.

UNDO Carbon, working with enhanced rock weathering in Scotland and Canada, received 5 million dollars as the third runner-up for accelerating the natural process of rock weathering.

In addition, two XFACTOR prizes of 1 million dollars each were awarded to Planetary and Project Hajar.

The competition has accelerated development

Launched in 2021, XPRIZE Carbon Removal has catalyzed the development of a new generation of carbon dioxide removal solutions that laid the groundwork for an emerging market worth 3.9 billion dollars for high-quality carbon credits.

Over 1,300 teams from more than 88 countries developed new methods for carbon dioxide removal across four different pathways - air, rocks, ocean, and land. Half of these teams were formed specifically to participate in the competition.

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