Money aside, however, one thing Musk has a particular knack for is generating attention. (It's also possible that the "towards a prize" language in the tweet means Musk will be one of several people or organizations contributing to a larger purse.) Carbon Engineering, for instance, has previously said just one full-scale direct-air capture plant could cost between $300 and $500 million. But it's a tiny fraction of his wealth and will also only go so far. Startups and scaleups are at the forefront of carbon capture innovation, but how can they scale We spoke to six startup finalists from the New Energy Challenge a competition for European startups developing solutions for the energy transition jointly organised by Rockstart, Shell, Unknown Group and YESDelft that say they can. And the CarbonX prize has offered $20 million to companies developing ways to incorporate carbon dioxide into products, in an effort to create bigger markets and greater value for the gas.Īnother $100 million could certainly help whatever venture, or ventures, clinch Musk's prize. It took Carbon Engineering, a Canadian company founded in 2009, six years to begin capturing CO 2 from the atmosphere and two more to begin producing synthetic fuel from the CO 2. She said up to 7 billion of the 15-billion fund will be set aside for contracts for difference, some of which are. Direct-air capture startups such as Climeworks, Carbon Engineering and Global Thermostat have all raised at least tens of millions of dollars of investment. New Canada Mortgage Charter among housing measures in fall economic statement. A year ago, Microsoft announced plans to create a $1 billion fund for "carbon reduction, capture, and removal technologies," as it looks to cancel out its entire historic emissions. Musk is far from the first to offer up funds to the field, either as an award or as a direct investment.
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