Three Canadian companies each win $1 million prize for their carbon removal technology

VANCOUVER — Three Canadian companies with carbon capture technologies have each won $1 million from entrepreneur Elon Musk’s foundation.

VANCOUVER — Three Canadian companies with carbon capture technologies have each won $1 million from entrepreneur Elon Musk’s foundation.

The University of British Columbia says in a press release that its spin-off company Carbin Minerals received a so-called XPrize for technology that removes carbon dioxide from the atmosphere.

Carbin Minerals co-founder Bethany Ladd said she has developed research to accelerate the regular process of greenhouse gas absorption by rocks from thousands of years to weeks or even days.

The university says another spin-off company called Takachar, which won the student version of the XPrize last year, will receive an additional $1 million this year for its plans to convert agricultural and forestry waste into fuel or fertilizer.

Planetary, a Dartmouth, Nova Scotia-based company, says it will use its prize money to develop its atmospheric carbon removal and storage technology, which also creates renewable fuel and reverses some of the damage. already caused to ocean ecosystems.

The XPrize was awarded to 15 companies from multiple countries on Earth Day in an annual competition aimed at accelerating breakthroughs in removing carbon from the atmosphere.

This report from The Canadian Press was first published on April 22, 2022.

The Canadian Press