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.

For the original news article, click here .


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