Mati Carbon wins top prize in Musk-backed XPRIZE carbon removal competition

Mati Carbon uses enhanced rock weathering to win $50M carbon removal prize. (Photo: Mati Carbon)

The winner of the $100 million XPRIZE Carbon Removal competition has been announced. Houston-based startup Mati Carbon has taken the top prize with $50 million for its use of Enhanced Rock Weathering (ERW) technology. The solution not only delivers long-term carbon sequestration, but also improves soil health and crop yields for smallholder farmers.

Comprehensive carbon removal monitoring key to Mati Carbon’s win

The competition, funded by the Musk Foundation, tasked participants with three key objectives: demonstrate the ability to remove at least 1,000 tons of CO₂ per year, estimate the costs required to scale that solution to 1 million tons per year, and propose a viable pathway to eventually remove 1 billion tons.

Founded in 2022, Mati Carbon operates as a nonprofit and focuses on carbon removal through ERW. The process involves spreading crushed basalt rock across farmland, which accelerates natural chemical reactions that draw down atmospheric CO₂. Though headquartered in the U.S., the company has strong Indian roots and currently maintains operations in India as well as in Zambia and Tanzania.

XPRIZE noted that Mati Carbon excelled across multiple dimensions including monitoring and verification, sustainability metrics, cost efficiency, and scalability. One key differentiator was its proprietary software that tracks carbon removal on small farms. To date, the company has removed 20,000 tons of CO₂ and helped farmers generate an additional $1 million in income in 2023. That figure is expected to triple in 2024.

Mati Carbon spreads crushed basalt on farmland, triggering natural chemical reactions to accelerate atmospheric CO₂ removal. (Photo: Mati Carbon)

XPRIZE awards top honors in largest-ever climate innovation challenge

Mati Carbon’s CEO, Shantanu Agarwal, emphasized that the recognition goes beyond validating the company’s technology—it also highlights the potential to boost climate resilience and economic empowerment for 100 million smallholder farmers in developing countries.

Launched in 2021, the XPRIZE Carbon Removal competition attracted over 1,300 teams from 88 countries and spanned four years. The $100 million award is the largest single prize in XPRIZE history.

The remaining $50 million in prize money was awarded to several other standout teams, including France-based biochar company NetZero, U.S.-based biomass carbon removal firm Vaulted Deep, UK-based UNDO Carbon, Canadian ocean-based carbon removal company Planetary, and Project Hajar, a direct air capture initiative from the United Arab Emirates.

Source: Mati, XPRIZE, ESG NEWS, Bloomberg