Verde AgriTech enters Phase 2 of the Elon Musk-funded XPRIZE “$100M Carbon Removal” Challenge. This $100M competition is the largest incentive prize in history. XPRIZE Carbon Removal is aimed at tackling the biggest threat facing humanity—fighting climate change and rebalancing Earth’s carbon cycle.
Verde AgriTech announced in a press release that it has successfully advanced to Phase 2 of the largest incentive prize in history, XPRIZE “$100M Carbon Removal” Challenge. The competition, funded by Elon Musk and the Musk Foundation, aims to find innovative solutions to extract and capture carbon dioxide (CO2) from the atmosphere, combat climate change, and restore balance to the Earth’s carbon cycle.
The global competition invited innovators and teams from around the world to create a solution that could extract CO2 directly from the atmosphere or oceans and store it forever without affecting the environment. CO2 is one of the gases that creates the greenhouse effect, second only to water vapor. This is the main gas whose concentration in the atmosphere is influenced by humans, as proven by isotope analysis. Rising levels of CO2 in the atmosphere are leading our planet towards critical and unpredictable climate change, so this problem must be solved as soon as possible.
Verde has delivered an ambitious proposal to develop one of the world’s largest carbon capture projects through Enhanced Rock Weathering (“ERW”)—a natural weathering process that involves the sequestration of CO2 from the atmosphere by crushing and spreading reactive rock material on land. The company has established partnerships with British universities, leaders in Soil Science, which have proven Verde’s K Forte® and Super Greensand® (“Products”) have the potential to capture CO2 from the atmosphere through ERW.
The competition attracted worldwide attention. A variety of companies competed for the opportunity to showcase their carbon removal solutions, but only the best were selected. Verde is very proud to advance to Phase 2.
“We are thrilled to be recognized by XPRIZE for our pioneering efforts in carbon removal. It is not just a recognition of our diligent efforts, but also emphasizes the transformative potential of our technology to create a profoundly positive effect on our planet. We have an established annual production capacity of 3.00 million tonnes, and with this, Verde has the potential to capture up to 0.36 million tonnes of CO2 annually. We are confident that Verde is an outstanding candidate within the XPRIZE Carbon Removal Challenge, not only to our innovative solution, but for the potential of massive scalability,” stated Cristiano Veloso, Verde’s Founder and CEO.