Carbfix with its partner Heirloom were among fifteen winning teams who received the $1 million XPRIZE Carbon Removal Milestone Award.
The award is presently considered to be the largest incentive prize in human history.
And it has been awarded to for their work in the field of direct-air-capture (DAC). Carbfix is an Icelandic electric carbon capture and removal company and US-based Heirloomaccelerates the natural process of carbon mineralization.
The Musk Foundation, a non-profit organization aspiring to make the impossible mission of stopping climate change possible, announced the 15 teams who will each receive $1 million to develop their carbon dioxide removal solutions.
The Musk Foundation and the XPRIZE competition have in total pledged a total prize of $100 million.
With the wrapping of the first round of the historic competition, the second phase will be awarding another $80 Million to three thoughtful winners in the year 2025.
Heirloom, San Francisco, CA, envisions to be a crucial tool in addressing the climate crisis and significantly reducing worldwide CO2 emissions.
Accelerating the natural process of carbon mineralization, the process involves allowing minerals to absorb CO2 from the ambient air in days rather than years.
Moreover, the company strived to provide the most cost-effective and scalable DAC solution in the world by combining the best of engineering and nature.
The world‘s first CO2 mineral storage operator, Carbfix is celebrating a decade since the first metric ton of CO2 was injected underground for mineralization.
The company has provided natural and permanent storage solutions for the captured carbon dioxide in the competition.
The Carbfix process involves injecting water-dissolved CO2 and turning it into stone underground in under two years through technology that imitates and accelerates the natural processes, providing a permanent and safe carbon storage solution.
Carbfix intends to grow its proven technology with the assistance and recognition garnered from the XPRIZE competition, as well as the partnerships it has formed in it.