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Verde AgriTech Advances to Phase 2 of Musk-Backed $100M XPRIZE Carbon Removal Challenge

Verde AgriTech Advances to Phase 2 of Musk-Backed $100M XPRIZE Carbon Removal Challenge. AgriTech; AgTech; Agriculture
Key Takeaways
  1. Verde AgriTech has successfully advanced to Phase 2 of the XPRIZE Carbon Removal Challenge.
  2. The challenge aims to find innovative solutions for carbon dioxide extraction and sequestration.
  3. Verde’s proposal focuses on Enhanced Rock Weathering (ERW) for carbon capture.
  4. The company has developed partnerships with British universities and has proven carbon capture capabilities.
  5. Verde has the potential to sequester up to 0.40 gigatons of CO2, putting it in a unique position for scalability.

Verde AgriTech Ltd has announced its advancement to Phase 2 of the XPRIZE “$100M Carbon Removal” Challenge. The challenge, backed by Elon Musk and the Musk Foundation, seeks innovative solutions for extracting and sequestering carbon dioxide from the atmosphere to combat climate change.

Verde’s Innovative Approach

Verde’s proposal involves one of the world’s largest carbon capture projects through Enhanced Rock Weathering (ERW). This natural weathering process involves carbon dioxide sequestration from the atmosphere by crushing and spreading reactive rock material on land. The company has developed partnerships with British universities, including an independent study led by Prof. David Manning, PhD, at Newcastle University, which confirmed the carbon capture capabilities of Verde’s products—K Forte® and Super Greensand®.

Scalability and Impact

Verde has a unique position in terms of scalability, with measured and indicated mineral resources of 1.47 billion tonnes and an inferred mineral resource of 1.85 billion tonnes. This puts the company in a position to sequester up to 0.40 gigatons of CO2. Cristiano Veloso, Verde’s Founder and CEO, stated that the company has the potential to capture up to 0.36 million tonnes of CO2 annually, emphasizing the transformative potential of their technology.

About XPRIZE Carbon Removal Challenge

The XPRIZE Carbon Removal Challenge aims to inspire and help scale efficient solutions to combat climate change and restore Earth’s carbon cycle. The International Panel on Climate Change (IPCC) estimates the need for approximately 10 gigatonnes of net CO2 removal per year by 2050 to keep global temperature rise under 1.5 or 2C.

Photo by Sveta Fedarava on Unsplash 

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