Verde AgriTech Advances Into Phase 2 Of $100M XPRIZE Carbon Removal Challenge

Verde AgriTech Advances Into Phase 2 Of $100M XPRIZE Carbon Removal Challenge - Carbon Herald

Verde AgriTech Ltd (TSX: “NPK”) is pleased to announce that it has successfully advanced to Phase 2 of the largest incentive prize in history, XPRIZE “$100M Carbon Removal” Challenge (the “Challenge”). This challenge seeks innovative solutions to extract and sequester carbon dioxide from the atmosphere, fighting climate change and rebalancing Earth’s carbon cycle.

Verde has delivered an ambitious proposal to develop one of the world’s largest carbon capture projects through Enhanced Rock Weathering (“ERW”) – a natural weathering process that involves the sequestration of carbon dioxide (“CO2”) from the atmosphere by crushing and spreading reactive rock material on land.

Verde has developed partnerships with British universities, leaders in Soil Science1, that have proven Verde’s K Forte® and Super Greensand® (“Products”) have the potential to capture CO2 from the atmosphere through ERW. As detailed by an independent study conducted at Newcastle University under the leadership of Prof. David Manning, PhD, a renowned soil scientist, the carbon dioxide capture properties of the Products are estimated at 120kg per tonne.

Relevant: Verde AgriTech To Sell Carbon Credits For Enhanced Rock Weathering

The Company has combined measured and indicated mineral resources of 1.47 billion tonnes at 9.28% K2O and an inferred mineral resource of 1.85 billion tonnes at 8.60% K2O, compliant with the Canadian National Instrument 43-101.2 Its total 3.32 billion tonnes of resources put Verde in a unique position of potential scalability to sequester up to 0.40 gigatons of CO2.

XPRIZE is known for its global competitions that drive radical breakthroughs for the benefit of humanity. Backed by Elon Musk and the Musk Foundation, XPRIZE launched the Challenge to inspire and help scale efficient solutions to combat climate change, restoring the Earth’s carbon cycle. The Challenge seeks innovative methods to capture carbon dioxide directly from the atmosphere or ocean and lock it away permanently in an environmentally benign way.

The competition has drawn attention from around the world, with numerous companies vying for the opportunity to showcase their carbon removal solutions. Verde’s selection to Phase 2 stands as a testament to its innovative approach, commitment to sustainability and potential to contribute meaningfully to a more sustainable future through its carbon capture technology.

“We are thrilled to be recognized by XPRIZE for our pioneering efforts in carbon removal. It is not just a recognition of our diligent efforts, but also emphasizes the transformative potential of our technology to create a profoundly positive effect on our planet. We have an established annual production capacity of 3.00 million tonnes, and with this, Verde has the potential to capture up to 0.36 million tonnes of CO2 annually. We are confident that Verde AgriTech is an outstanding candidate within the XPRIZE Carbon Removal Challenge, not only to our innovative solution, but for the potential of massive scalability”, stated Cristiano Veloso, Verde’s Founder and CEO.

Read more: Iberdrola Launches Nature-Based Carbon Credits Company

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