BOSTON--(BUSINESS WIRE)--Verdox, an electric carbon capture and removal company, today was announced as a winner of the $1M XPRIZE Carbon Removal Milestone award as part of the Verdox & Carbfix team. This XPRIZE Carbon Removal competition, funded by Elon Musk and the Musk Foundation, is the largest incentive prize in history and the XPRIZE Carbon Removal teams represent the largest collection of innovators working on carbon removal. Phase two of the competition will see an additional $80M distributed among three winners in 2025.
The $1M Milestone awards were presented to 15 winners out of 1,133 registrants and 287 qualifying teams, which successfully completed the demanding submission process. Winning solutions were required to demonstrate the ability to achieve net negative emissions, sequesters carbon dioxide durably over at least 100 years, and show a sustainable path to ultimately achieving gigatonne scale. The inbound proposals were screened and ranked by 70 expert reviewers for scientific validity, which resulted in a selection of the top 60 teams. A panel of judges then dove deep into operations plans, performance data, life cycle analysis and cost estimates to select the Milestone award winners.
“We are delighted to receive this competitive award together with our partners at Carbfix. We believe carbon removal will be essential to humanity’s sustainable development, but it will never be deployed at a significant scale if the required energy and cost cannot be reduced significantly. We launched Verdox two years ago on the promise of our novel electrochemical carbon capture system, which has been shown to reduce the energy penalty for capture by up to 70%. XPRIZE’s recognition of Verdox and Carbfix’s combined potential is yet another signal that the future of carbon removal will be electric,” said Verdox CEO Dr. Brian Baynes.
“We’re immensely honored to receive such a solid recognition in this prestigious and highly competitive global competition,” said Edda Sif Pind Aradóttir, CEO of Carbfix. “We’ve already been applying our method of underground CO2 mineralization for 10 years. Presently, we are aiming for significant upscaling of our tried and tested technology, an ambition which will be greatly supported by our XPRIZE success and our excellent partnerships in those projects.”
About Verdox
Verdox is making scalable, cost-effective carbon capture and removal a reality. Founded in late 2019 by Dr. Brian Baynes, Prof. T. Alan Hatton, and Dr. Sahag Voskian, the company is commercializing its electroswing adsorption (ESA) platform technology, originally developed at MIT, to remove carbon dioxide from industrial emissions and the air with 70% energy savings versus conventional approaches.
About Carbfix
Carbfix is the world ‘s first CO2 mineral storage operator, celebrating 10 years since first tonne of CO2 was injected for mineralization. The Carbfix process injects water-dissolved CO2 and turns it into stone underground in under two years through technology that imitates and accelerates natural processes, providing a permanent and safe carbon storage solution.
