In a landmark moment for climate innovation, Houston-based startup Mati Carbon has won the $50 million grand prize in the XPRIZE Carbon Removal competition, the largest incentive award in climate tech history. The company’s enhanced rock weathering approach, deployed across smallholder farms in India, beat over 1,300 global teams by proving it could remove thousands of tonnes of CO₂ sustainably and at scale.
Launched in 2021 and backed by Elon Musk and the Musk Foundation, the four-year competition sought technologies capable of permanently removing CO₂ from the atmosphere or oceans—scaling to gigaton capacity by mid-century. Mati Carbon impressed judges with its method of spreading finely crushed basalt over farmland, a natural process that sequesters carbon while enriching soil and boosting crop yields. The solution has already removed 20,000 tonnes of CO₂ and generated over $1 million in additional income for farmers in 2023.
The company operates as a nonprofit, ensuring its focus remains on supporting regions with the highest climate vulnerability. “This is not just a validation of our approach—it’s a major catalyst for delivering climate resilience and economic empowerment to smallholder farmers,” said Shantanu Agarwal, Mati’s founder and CEO.
$50 Million More Awarded to Promising Carbon Removal Startups
Runner-up prizes totaling $50 million recognized standout innovations across four countries and multiple carbon removal pathways:
- NetZero (France/Brazil): $15M for biochar made from tropical crop residues, returned to farmland to boost yield and store carbon.
- Vaulted Deep (USA): $8M for storing organic waste deep underground using biomass carbon removal and storage (BiCRS).
- UNDO Carbon (UK/Canada): $5M for enhanced rock weathering in cool climates, improving soil health and sequestering carbon.
- Planetary (Canada) and Project Hajar (UAE): $1M each for ocean alkalinity enhancement and direct air capture with underground mineralization, respectively.
Additional funding included $5 million to student teams and $15 million in Milestone Awards during earlier phases of the competition.
Paving the Way for a $3.9B Carbon Market
XPRIZE Carbon Removal aimed to jumpstart a carbon removal industry that experts say is essential to meet global climate goals. Current carbon removal volumes remain low—just 320,000 tonnes delivered in 2024—while scientists estimate 10 billion tonnes must be removed annually by 2050 to avoid catastrophic warming.
The contest not only demonstrated that gigaton-scale removal is technically viable but helped lay the groundwork for a growing $3.9 billion market in high-quality, durable carbon credits. All 20 finalists met XPRIZE’s rigorous standards and showcased diverse technologies—from land and air to rock and ocean-based solutions—each with the potential to scale globally.
By awarding solutions that deliver both environmental and social benefits, XPRIZE has highlighted the vital role carbon removal will play in shaping a climate-resilient future.
