The details behind Elon Musk’s $100 million prize for the best carbon capture technology are coming into focus.
On Jan. 21 when the Tesla CEO tweeted he would be donating $100 million toward a prize for the best carbon capture technology, he piqued interest, but also left many questions unanswered.
On Monday, the nonprofit organization which is running the contest, the XPRIZE Foundation, started to fill in some of those blanks. The XPRIZE has been running innovation prizes since 1994 in the areas of space, oceans, learning, health, energy, environment, transportation, safety and robotics.
The innovation prize will be awarded for the best technology created for removing carbon dioxide directly from the atmosphere or oceans and store that carbon in a safe, cost-effective way.
It will run for four years, launching on April 22, 2021 (Earth Day) and run through Earth Day 2025, XPRIZE says. Musk provided the $100 million prize purse.