NEWS COMMENTARY

Elon Musk announces $100 million carbon capture technology contest; details to come next week

Published:
January 22, 2021
Coverage:
Owning the Energy Transition
Activities:
Investment
Very important

Yesterday, Elon Musk tweeted that he will donate $100 million to the developer of the "best carbon capture technology." While Musk is known for his Twitter antics, this one caught our eye for two reasons. First, $100 million for a single startup will be one of the largest rounds to date for a carbon capture startup. Carbon Engineering raised $68 million in 2019, and Climeworks raised $110 million in 2020; however, both were through a group of investors. Second, because of Musk's futurist philosphy, the "winning" startup will likely be developing direct air capture, leaving only a few potential candidates. We expect carbon capture to raise record funding in 2021, and this is unlikely to be the last major funding for the technology this year.

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