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Three Canadian Companies Named Finalists in Musk-Funded XPRIZE Carbon Removal Competition

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Three Canadian cleantech startups are among the 20 finalists competing for up to $50 million in the XPRIZE Carbon Removal competition, a $100-million, four-year-long competition funded by the Musk Foundation. The competition aims to combat climate change by incentivizing innovators to create and demonstrate solutions for removing and sequestering carbon dioxide from the atmosphere or oceans.
 
The Canadian finalists, Skyrenu, Arca, and Planetary, have made it to the final stage of the competition and will now be challenged to remove 1,000 net tonnes of CO2 during the final year. The winner, to be announced in April 2025, will be selected based on their ability to successfully remove CO2, as well as the scalability and feasibility of their solution. This development follows the success of another Canadian cleantech startup, CarbonCure Technologies, which won the grand prize from the NRG COSIA Carbon XPRIZE in 2021.  The XPRIZE Carbon Removal competition, funded by the Musk Foundation, is a $100 million, four-year global initiative aimed at incentivizing innovators to create and demonstrate solutions for removing and sequestering carbon dioxide (CO2) directly from the atmosphere or oceans. With over 1,300 teams participating, the competition has generated a wealth of new ideas for carbon dioxide removal (CDR) across its four tracks: air, ocean, land, and rocks.
 
The 20 finalists, including three Canadian cleantech startups, will now compete in the final stage of the competition. The challenge is to remove 1,000 net tonnes of CO2 during the last year, and the winner will be announced in April 2025. The finalists will also be judged on their solutions' scalability and feasibility, with the potential to make a significant impact on combating climate change. The XPRIZE Carbon Removal competition follows the success of the NRG COSIA Carbon XPRIZE in 2021, which was won by Canadian cleantech startup CarbonCure Technologies.  As global warming continues to pose a critical threat, these innovative carbon removal solutions are becoming increasingly important in the fight against climate change. The XPRIZE Carbon Removal competition has entered its final stage, with 20 finalists vying for the $50 million grand prize. Over the next year, these contenders are tasked with removing 1,000 net tonnes of CO2 from the atmosphere or oceans, as they compete to win the title in April 2025. The evaluation of the finalists will also consider the scalability of their technologies, aiming for megaton-capture levels in the short term and gigaton-capture levels by 2050.
 
Canada has a strong presence in the competition, with three cleantech startups representing the nation from coast to coast. Arca, a Vancouver-based company, is participating in the "rocks" track and working to activate magnesium silicate in mine tailings to capture carbon from the air. By repurposing mining byproducts, Arca aims to contribute to the acceleration of carbon mineralization, a natural process that transforms carbon into rock. Arca's co-founder and head of science, Greg Dipple, emphasized the significance of this approach, stating that "99 percent of the Earth's carbon is stored in rocks." Following two decades of academic research and collaborations with numerous mining companies, Arca is now implementing their technology on-site to advance the mineralization process. As the world seeks innovative solutions to mitigate the impacts of climate change, the XPRIZE Carbon Removal competition provides a global platform for promising ideas to be developed, showcased, and potentially scaled for maximum impact.
 

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