Today XPrize, the world's largest technology prize foundation, launched the Carbon XPrize.
The prize, sponsored by NRG and COSIA, aims to:
"...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." (from: http://carbon.xprize.org/about/overview)
The final reward of US$20 million will be split between teams applying technologies to utlise CO2 from both coal and gas-fired power plants. The winner will be based on the amount of CO2 utilised and the net worth of the product.
Earlier this year, Carbon Counts completed its work for the European Commission, in designing a Horizon Prize for CO2 Reuse, with a launch date expected sometime later in 2015.
Interesting times lie ahead for all developers working on innovative approaches to utilising CO2!