Mati Carbon Wins $50M XPRIZE for Rock-Based CDR
Mati Carbon, a U.S.-based startup founded by Indian American entrepreneur Shantanu Agarwal, has won the $50 million XPRIZE Carbon Removal award backed by Elon Musk’s foundation. Beating out 1,300 teams from 88 nations, Mati stood out for its sustainable carbon dioxide removal (CDR) strategy using crushed basalt rock. The method, known as enhanced rock weathering, speeds up a natural process that absorbs atmospheric CO₂ and stores it in oceans for thousands of years.
Deployed across Indian farmlands, this eco-friendly technique not only captures carbon but also enriches soil, boosts crop yields, and reduces input costs—benefiting smallholder farmers who face the harshest climate threats. Impressively, Mati’s solution meets rigorous operational, cost, and sustainability benchmarks, making it a scalable climate solution.
CEO Agarwal highlighted the approach’s ability to address both planetary-scale environmental issues and economic challenges for over 100 million farmers worldwide. The initiative has already reached communities in India, Zambia, and Tanzania.
Other prize recipients include NetZero ($15 million), Vaulted Deep ($8 million), and UNDO Carbon ($5 million), while Planetary and Project Hajar earned $1 million each. XPRIZE officials praised the competition for igniting vital innovations needed to reverse climate change at scale.
