XPRIZE Carbon Removal Awarded - Innovative Carbon Capture

The Power of Simplicity in Carbon Removal

Often, the most straightforward solutions prove to be the most effective. This principle is clearly demonstrated by the victor of the Xprize Carbon Removal competition, revealed on Wednesday. Mati Carbon secured the $50 million grand prize through its enhanced rock weathering initiative, a method designed to sequester carbon within soils for millennia.

Competition and Key Players

The prize was financially supported by the Musk Foundation. Following Mati Carbon, the leading contenders included NetZero, specializing in biochar production; Vaulted Deep, focused on waste biomass processing and burial; and Undo Carbon, another company utilizing enhanced rock weathering techniques. Mati Carbon also surpassed numerous finalists employing diverse technologies, ranging from direct air capture to ocean alkalinity enhancement.

“Being recognized among the leading innovators in carbon removal competing for this prestigious prize has been a true honor,” stated Shantanu Agarwal, founder and CEO of Mati Carbon, in an interview with TechCrunch.

How Enhanced Rock Weathering Works

Mati’s carbon-removal technology, enhanced rock weathering, is fundamentally uncomplicated. The company processes rocks that naturally transform carbon dioxide into stable minerals, maximizing their surface area to accelerate carbon absorption. Subsequently, this finely ground rock dust is distributed across agricultural lands, where it mineralizes carbon and simultaneously provides essential micronutrients to the soil.

While various rock types are suitable for enhanced rock weathering, Mati utilizes basalt, a volcanic rock readily available in numerous global regions. This material is often a byproduct of aggregate used in the construction industry.

Logistics and Cost Considerations

Efficient logistics are crucial for the successful implementation of enhanced rock weathering as a carbon removal strategy. Mati provides basalt to farmers at no cost. Funding is sourced through a combination of grants and sales of carbon-removal credits. The company anticipates generating approximately 5,000 to 6,000 metric tons of carbon-removal credits this year.

Agarwal projects that Mati aims to offer credits for under $100 per metric ton by the early 2030s. He further predicts a price reduction to $70 to $80 per metric ton in the long term. To ensure credit validation, the company collects eight samples from every three acres of farmland. With an expanding database and improved model accuracy, Mati expects to require fewer samples in the future.

Impact on Smallholder Farmers

Agarwal estimates that around 200 million smallholder farmers could benefit from the addition of basalt to their fields. These small farms, typically less than 24 acres in size, collectively support approximately 1 billion people.

“This encompasses roughly 800 million to 900 million acres of farmland,” he explained. “Deploying this approach for carbon removal could yield over a gigaton of removal annually, while simultaneously increasing the income of these farmers, many of whom live in poverty.”

Benefits to Soil and Crop Yields

Farmers generally experience a 25% increase in productivity on soils amended with basalt, and a 50% to 70% increase on degraded soils, according to Agarwal. The soil amendment also enhances water retention capabilities.

“This material can be the deciding factor between a successful harvest and complete crop failure. We observed this firsthand in Zambia this year, where farmers applying this amendment to half of their fields saw a thriving crop, while the untreated half succumbed to drought.”

Scaling Through Open Licensing

Recognizing the challenges of rapid expansion, Agarwal acknowledges that Mati may not be able to reach all potential farmers independently. Therefore, Mati plans to offer free licenses to its enterprise resource planning (EPR) platform to organizations, provided they commit to sharing at least 50% of any profits with the farmers they serve.

Global Expansion and Mission

In addition to its operations in Zambia, Mati is currently active in India and Tanzania. The company intends to add three more countries to its portfolio this year, with the ultimate goal of extending its reach throughout the Global South, a term referring to developing nations.

Like many climate tech startups, Mati is structured as a public benefit company. However, uniquely, the company is governed by the Swahili Initiative, a 501(c)(3) nonprofit organization.

“My objective is to establish a market-based mechanism and scale a nonprofit to a global level, ensuring that a significant portion of the value generated accrues to the farmers,” Agarwal concluded. “This Xprize will be instrumental in propelling us towards that goal.”