XPrize, a nonprofit company that hosts and designs people competitions targeted at gaining humanity through invention, will manage the $100 million incentive from Elon Musk’s gigaton carbon elimination competition. Musk announced that he will be devoting 100M, which was financed by the Musk Foundation, as a decoration for the best carbon capture technology a month.
XPrize shared details about the 4-year global carbon elimination competition specializing in fighting climate change and rebalancing Earth’s C02 cycle. Elon Musk and the Musk Foundation’s donation is going to be distributed in many ways.
XPrize team will manage the $100M carbon catch prize https://t.co/fSw5IanL0r
— Elon Musk (@elonmusk) February 9, 2021
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First, $1 million will be awarded to 15 teams using the best CO2 elimination solutions. Teams and innovators from around the globe are encouraged to show their Carbon Removal solutions with a validated scale model to competition judges.
Teams may register to enter the competition and find out more about its guidelines about Earth Day, April 22 2021. The fundamental criteria for the competition are listed below.
A functioning carbon removal model that may be rigorously verified and effective at eliminating at least 1 ton each day.The team’s ability to present to the judges that their solution can efficiently scale to the gigaton level.The principal metric for this competition is totally considered cost per batch, inclusive of all of considerations are necessary for ecological advantage, permanence, any value-added products; andThe final standards is the length of time that the eliminated carbon will be locked up to get A minimum goal of 100 years will be desired.
Because of @elonmusk, Carbon Capture is having a second! But why is it so important? Allow Marcius Extavour, also one of the world's leading specialists on Carbon Capture, sum up everything you need to know. 
#carbontech #elon #elonmusk #techforgood #techtalk #technews pic.twitter.com/ZLjFaFO1L3
— XPRIZE (@xprize) January 22, 2021
Aside from the $1 million each of the 15 top teams will acquired, XPrize will even award a total of 25 student scholarships worth $200,000 to student clubs at the competition.
The remaining $100M donation will be redeemed prize money awarded to the winners of this competition, together with the very first place acquiring a grand prize of $50 million, the second area getting a price of $20 million, and the third place getting $10 million.
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