We are thrilled to share that Parallel Carbon was qualified as one of the Top 60 submissions to the XPRIZE Carbon Removal Competition, funded by Elon Musk and the Musk Foundation. We were chosen as one of the most promising carbon capture technologies out of 1,133 teams that joined the award.
This competition is aimed at tackling the biggest threat facing humanity: fighting climate change and rebalancing Earths’ carbon cycle. It is the largest incentive prize in history, for carbon removal solutions.
Our solution was selected based on scientific validity and potential for achieving a fully operational carbon removal solution that is scalable to megatons, and even gigatons, of CO₂.
We joined the Carbon Removal XPRIZE competition because we wanted to show the world that the emerging carbon removal industry can profitably deliver climate solutions. Parallel Carbon’s ambition is to leverage massive, existing supply chains and off-grid wind and solar electricity to achieve <$100 per tonne direct air capture by 2030.
Joining the XPrize also allowed us to introduce our DAC technology to the world. We submitted a strong application, and we are convinced joining an award like XPRIZE is not only about winning, but the goal is also to collectively inspire and create meaningful impact to stop climate change.
Our journey to permanently capture gigatonnes of CO2 has just started. We are already preparing for the big prize in 2025, so stay tuned!