Planetary Technologies wins nearly $1.4 million in the XPrize competition for its ocean-based CO2 removal system, advancing climate solutions.
Planetary Technologies, a promising cleantech startup based in Dartmouth, N.S., has secured a major victory in the global race to combat climate change. The company has won nearly $1.4 million CAD in the Elon Musk-funded XPrize Carbon XFactor competition for its innovative ocean-based carbon dioxide (CO2) removal technology. Competing against over 1,300 global teams, Planetary’s breakthrough solution stood out as one of the most promising methods for addressing the climate crisis.
Winning the XPrize: A Boost for Planetary and the Planet
Planetary was awarded $1 million USD ($1.39 million CAD) after impressing judges with its Ocean Carbon Platform, a technology designed to extract CO2 from the atmosphere by enhancing ocean alkalinity. This marks a significant achievement for the startup, which was selected as one of three Canadian finalists in 2024 for a challenge to remove over 1,000 net tonnes of CO2. Along with Project Hajar, a CO2 mineralization team-up between Aircapture and Oman’s 44.01, Planetary was awarded one of the two Carbon XFactor prizes.
The XPrize Carbon XFactor challenge, backed by the Musk Foundation, seeks to find large-scale solutions to remove a staggering 10 gigatonnes of CO2 from the atmosphere annually by 2050. This ambitious initiative aims to tackle climate change and help restore the Earth’s carbon balance. The total prize pool for the competition, launched in 2021, was $100 million USD (approximately $138.7 million CAD), highlighting the significant attention and funding devoted to finding climate solutions.
How Planetary’s Ocean Carbon Platform Works
Planetary’s innovative approach involves using magnesium hydroxide, a substance often employed in wastewater treatment plants, to increase ocean alkalinity. By introducing this material into existing coastal infrastructure—like power plant cooling systems and wastewater plants—the company neutralizes acidic CO2 and converts it into a stable, long-term salt. The process, which involves tanks, sensors, and pumps to ensure safety, not only stores CO2 for up to 100,000 years but also supports marine life.
The company emphasizes that its ocean-based solution is both environmentally safe and sustainable, with an independently-reviewed monitoring protocol to verify the amount of CO2 removed. The result is a scientifically sound and scalable method for mitigating the impacts of climate change.
Support from High-Profile Partners and Investors
Since its inception in 2019, Planetary has attracted considerable attention from both investors and high-profile clients. By March 2022, the company had raised $7.8 million CAD in pre-seed and seed funding. Among its first notable partnerships was one with Shopify, which signed on in January 2021 for a carbon credit collaboration. The company has also gained the support of payments giant Stripe and Frontier, an alliance of major tech companies like Alphabet and Meta focused on carbon removal.
Looking Forward: Partnerships and Scaling Up
Planetary’s success in the XPrize competition is not just a win for the company but also for the broader effort to combat climate change. In their statement, the team at Planetary acknowledged that their achievement was made possible through strong partnerships and teamwork, particularly with coastal communities, regulators, and research institutions that have helped shape their work.
The victory in the XPrize competition positions Planetary to continue scaling its operations, with an eye on expanding the use of its ocean-based CO2 removal technology to make a global impact. As climate change remains an urgent challenge, the company’s next steps will be crucial in shaping the future of carbon removal solutions.
Stay Tuned for More
This win is just the beginning for Planetary Technologies. With their innovative CO2 removal platform, they are poised to become a leader in the cleantech industry. As the company continues to forge partnerships and scale its technology, Maple News Wire will keep you updated on their progress and the growing importance of solutions like these in the global fight against climate change.
Stay tuned to Maple News Wire for ongoing coverage of the latest advancements in cleantech and sustainability.
