Elon Musk Offering $100M To Find Carbon Capture Technology

Elon Musk offering $100M to find Carbon capture technology

by Amelia Scott — 3 years ago in Business Ideas 2 min. read

Elon Musk said Thursday via a tweet that he will donate $100 million toward a prize for the best carbon capture technology.

Musk, who recently surpassed Amazon’s Jeff Bezos to become the world’s richest person, didn’t provide any more details except to add in an accompanying tweet the “details will come next week.”

The wide definition of carbon capture and storage is as its name suggests. Waste carbon dioxide generated at a refinery or mill is captured in the source and subsequently stored in a goal to eliminate the possible damaging byproduct from the surroundings and mitigate climate change.

It is not a new pursuit and many businesses have arisen over the previous two years with varying ways of attaining the exact same end goal.
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The large upfront cost to carbon capture and storage or sequestration (CCS) was a main barrier for its technology. But, there are businesses which have found guarantee in carbon capture and use — a cousin to CCS where the accumulated emissions are subsequently converted into other more valuable applications.

For example, LanzaTech has developed technologies which catches waste gas emissions and uses bacteria to turn it in usable ethanol gas. A bioreactor is utilized to convert into fluids recorded and compacted waste emissions by a steel mill or mill or some other emissions-producing enterprises.

The core technologies of LanzaTech is a bacteria that enjoys to consume these filthy gas flows. Since the bacteria eats the emissions it basically ferments them and emits ethanol. The ethanol can then be turned into different products. LanzaTech is turning off companies which specialize in another item.

The business has produced a spin-off named LanzaJet and can be working on additional potential items like converting ethanol into ethylene, which can be used to make polyethylene for bottles and PEP for fibers used to make clothing.
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Other examples include Climeworks and Carbon Engineering.

Climeworks, a Swiss startup, specializes in direct air catch. Immediate air catch uses filters to catch carbon dioxide in the atmosphere. The emissions can then either sold or stored for different applications, such as fertilizer or to add bubbles located in soda-type beverages.

Carbon Engineering is a Canadian firm that removes carbon dioxide in the air and procedures it to be used in enhanced oil recovery or to make new synthetic fuels.

Amelia Scott

Amelia is a content manager of The Next Tech. She also includes the characteristics of her log in a fun way so readers will know what to expect from her work.

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