IIT Roorkee Alumnus-Led Startup Mati Carbon Wins $50 Mn XPRIZE
In a groundbreaking achievement, IIT Roorkee alumnus Shantanu Agarwal-led startup Mati Carbon has won the coveted $50 million grand prize in the XPRIZE Carbon Removal competition. This prestigious award recognizes innovative solutions that can effectively remove carbon dioxide from the atmosphere and reverse climate change. Mati Carbon’s winning solution, an enhanced rock weathering model, not only captures carbon dioxide but also boosts crop yields for farmers, making it a game-changer for sustainable agriculture.
Mati Carbon’s innovative approach involves spreading crushed basalt on farmers’ fields, which accelerates a natural weathering process. This process absorbs carbon dioxide from the atmosphere, reducing the amount of greenhouse gases and mitigating climate change. The startup’s technology has the potential to scale up and make a significant impact on global carbon emissions.
The XPRIZE Carbon Removal competition, launched in 2020, aimed to encourage innovators to develop and deploy solutions that can remove carbon dioxide from the atmosphere at a scale and cost-effective manner. The competition attracted entries from around the world, and after a rigorous evaluation process, Mati Carbon emerged as the winner.
Shantanu Agarwal, the founder of Mati Carbon, is an IIT Roorkee alumnus with a background in chemical engineering. He has been working on developing the enhanced rock weathering model since 2013, when he was pursuing his Ph.D. at IIT Roorkee. Agarwal’s vision is to create a sustainable and scalable solution that can benefit farmers and the environment.
“We’re thrilled to be recognized by the XPRIZE for our innovative approach to carbon removal,” said Agarwal in a statement. “Our technology has the potential to not only reduce carbon emissions but also improve crop yields and livelihoods of farmers. We’re committed to scaling up our solution and making a meaningful impact on the world’s climate challenges.”
Mati Carbon is currently working with farmers in India, Tanzania, and Zambia to deploy its technology. The startup has partnered with local organizations and governments to implement its solution, ensuring that it benefits small-scale farmers and rural communities.
The XPRIZE Carbon Removal competition was judged by a panel of experts, including entrepreneur and business magnate Elon Musk. Musk, who is also the CEO of SpaceX and Tesla, has been a vocal advocate for climate change mitigation and has invested in several startups working on sustainable energy solutions.
“Mati Carbon’s solution has the potential to make a significant impact on global carbon emissions,” said Musk. “I’m impressed by the team’s innovative approach and their commitment to deploying their technology at scale. I’m excited to see the impact they will make in the years to come.”
The $50 million prize money from the XPRIZE Carbon Removal competition will be used by Mati Carbon to scale up its operations, expand its reach, and further develop its technology. The startup plans to use the funding to establish new partnerships with governments, organizations, and farmers, and to expand its operations to more countries.
Mati Carbon’s win is a testament to the innovative spirit of Indian startups and the importance of investing in research and development. The startup’s success also highlights the potential for India to play a leading role in the global fight against climate change.
As the world continues to grapple with the challenges of climate change, innovations like Mati Carbon’s enhanced rock weathering model offer hope for a sustainable future. With its scalable and cost-effective solution, Mati Carbon is poised to make a significant impact on global carbon emissions and help mitigate the effects of climate change.
