April 25, 2024

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Calgary accelerator released to aid emerging tech corporations attempting to gain Elon Musk’s $100M XPrize

3 min read

A carbon know-how company in Calgary has partnered with the College of Calgary to support groups aiming to win the prestigious XPrize.

Tesla Inc. boss and billionaire entrepreneur Elon Musk is presenting up an unparalleled $100 million US for XPrize Carbon Removal — a four-yr global opposition to locate a way to pull carbon dioxide right from the atmosphere or oceans and lock it away permanently.

Eighteen months into the XPrize opposition, the prime 15 groups will obtain $1 million while 25 university student scholarships worthy of $200,000 every single will be dispersed to the competing college student teams.

Pursuing that, the grand prize winner will get $50 million, when the next place holder will get $20 million and $10 million will go to the third area holder.

Kevin Krausert is the CEO of Calgary-dependent carbon technologies business Avatar Innovations. (John Ulan)

On Wednesday, XPrize, Avatar Innovations and the U of C declared strategies to start the Avatar Carbon Removing Accelerator in Calgary.

They say the software-based mostly software will give teams that are intrigued in winning the prize obtain to workspace in the Electricity Changeover Centre in downtown Calgary. It’s set to open Oct. 1.

Teams will also have options to collaborate with energy business stakeholders, in addition to scientists in the U of C’s labs and tests services. 

“Any worldwide enterprise that thinks they have a answer for carbon elimination would be qualified to apply to the method, [and] frequently speaking, this will be rising systems,” said Kevin Krausert, the CEO of Avatar Improvements, on the Wednesday version of the Calgary Eyeopener.

“They are going to be having the chance to be operating in partnership with some of the largest electrical power corporations in the world … [and] they’ll also have entry to University of Calgary’s entire world-primary labs.”

Major know-how

The method designs to operate with 10 to 12 teams that will be evaluated by what Krausert explained as a “sturdy” selection committee.

The accelerator is also becoming supported by power firms that involve Suncor, Enbridge, Shell Canada, Imperial and Cenovus Vitality.

It hopes to bring highly determined gamers to construct and provide expense to Calgary’s carbon technological innovation sector, Krausert explained.

And though businesses unquestionably can do the job towards the XPrize on their own, Krausert explained the accelerator will support to offer the methods frequently desired by rising tech companies to final the period of the XPrize and attain industrial scale.

“To provide to the table serious technological innovation, a know-how roadmap — as effectively as, you know, possible companions that have the horsepower and the scale of a Shell or a Suncor — seriously bolsters their odds for success,” Krausert explained.

In accordance to Krausert, initiatives like the accelerator also assistance to carve out a area for Calgary on the carbon technologies map, which, he stated, is projected to develop into a multi-trillion greenback field by 2050.

“We have a fantastic ecosystem at the College of Calgary, and with the vitality business right here, to truly bolster the admissions for this XPrize, and base them appropriate in this article,” Krausert said.

“[And] to actually build a world primary sector … in partnership with authorities.”

Facts on admission standards for the Avatar Carbon Elimination Accelerator, and apps for the plan, can be identified on-line.

With information from The Related Push and the Calgary Eyeopener.

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