We are living in an age of innovation, an unprecedented era of technological progress and prosperity driven by energy. However, most of this energy comes from fossil fuels such as coal, oil and natural gas that account for a majority of global carbon dioxide (CO2) emissions. We know that CO2 emissions are a leading contributor to climate change, and the world will need a portfolio of solutions to address this Grand Challenge.
The $20M NRG COSIA Carbon XPRIZE will challenge the world to reimagine what we can do with CO2 emissions by incentivizing and accelerating the development of technologies that convert CO2 into valuable products. These technologies have the potential to transform how the world approaches CO2 mitigation, and reduce the cost of managing CO2.
The competition will have two tracks – one focused on testing technologies at a coal power plant and one focused on testing technologies at a natural gas power plant. Each track will operate as a separate competition on the same timeline.
Teams will compete in three rounds for a total prize purse of $20 million:
- Round 1: Teams will choose a track and submit technical and business information about their technology, process, potential products, and how they plan to achieve the technical requirements and goals of the competition. Teams will be assessed and ranked based on these submissions. In each track, up to 15 teams will move onto Round 2.
- Round 2: Teams will demonstrate technologies in a controlled environment (such as a laboratory), using a simulated power plant flue gas stream. Teams must meet minimum requirements and will be scored on how much CO2 they convert and the net value of their products. In each track, up to 5 teams will move onto Round 3 and share a $2.5 million milestone purse.
- Round 3: Teams will demonstrate technologies under real world conditions, at a larger scale. Teams will have access to two test centers adjacent to existing power plants, and will prove their technologies using actual power plant flue gas. Teams must meet minimum requirements and will be scored on how much CO2 they convert and the net value of their products. In each track, the winner will be awarded a $7.5 million grand prize.
Before launching a prize, XPRIZE conducts extensive research with industry leaders and experts to design a competition that will significantly advance technology for exponential impact. Click here for XPRIZE’s assessment of the landscape for carbon conversion.
The Carbon XPRIZE seeks to inspire the brightest minds around the world to tackle a significant challenge and help solve climate change.
The prize will incentivize development of new and emerging CO2 conversion technologies, accelerating them from laboratory testing to demonstration under real world conditions. The prize will help identify the most promising pathways for CO2 conversion and prove they can be deployed at power plants and other industrial facilities.
Ultimately, the impact of the prize will go far beyond the critical demonstration of innovative technologies, by inspiring transformation, enabling new markets, and empowering people to be a part of the solution to one of our world’s grandest challenges.
Do you have what it takes to turn CO2 emissions into valuable products?