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Business

Elon Musk sponsors $100 million XPrize for carbon removal

by Craig Bettenhausen
May 2, 2021 | A version of this story appeared in Volume 99, Issue 16
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Tech billionaire Elon Musk is sponsoring a $100 million XPrize competition for carbon removal technologies. Winners will have to demonstrate a solution that captures at least 1,000 metric tons (t) of CO2 per year from ambient air or ocean water and show how the technology can affordably scale to 1 million t per year. Each of up to 15 entrants will receive $1 million to develop their solution. The top team will get $50 million, and up to three runners-up will share $30 million. Another $5 million is set aside for student teams.

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