Global Carbon Removal Companies Selected to Begin Avatar Accelerator in search of $100M XPRIZE

CALGARY AB, Oct. 13, 2021 /CNW/ - Avatar Innovations is pleased to announce the selection of the final ten entrants into the Avatar Carbon Removal Accelerator ('the Accelerator') presented by the National Bank of Canada. Representing 4 countries – Canada, USA, Germany, and Singapore - the finalists will undergo a Calgary based process to support their entries into the $100M Carbon Removal XPRIZE.

This rigorous program will provide the finalists with a unique, technology-focused entrepreneurship curriculum and partnership opportunities and mentorship from some of the world's leading energy companies – Cenovus Energy, Enbridge, Imperial, Shell Canada, and Suncor. Avatar's partnership with the University of Calgary provides access to UCalgary's global carbon research and test facilities.

The Accelerator has been designed to support early-stage carbon removal companies as they test and refine their technologies and processes – with the goal of winning the $100M XPRIZE Carbon Removal competition. Funded by the Musk Foundation, the $100M XPRIZE Carbon Removal is the largest prize to date focused on finding solutions to remove carbon from the environment. To win the four-year competition, teams must demonstrate solutions that permanently remove carbon dioxide and reduce the impact of climate change.

Presented by National Bank of Canada, one of Canada's leading integrated financial groups, the Avatar Carbon Removal Accelerator will integrate leading financial and capital market experts to root one of the world's most exciting climate technology industries in Canada.

The companies beginning the accelerator today will undergo a 12-week technology curriculum designed by one of the world's entrepreneurial thought leaders, Dr. Andrew Maxwell, the Bergeron Chair in Technology Entrepreneurship Lassonde School of Engineering York University. Lab and research capabilities will be bolstered by UCalgary, with unique access to researchers and investors, labs, expert advisement, and $1B worth of carbon technology testing facilities. The goal is to support the applicants in their quest to prove their ideas and be successful in developing carbon removal technologies that are scalable and meet the criteria of the XPRIZE. UCalgary will also connect the accepted parties into the same the successful carbon eco-system that generated successful finalists for the NRG COSIA XPRIZE.

Admitted from a highly competitive list of 43 global applications that underwent a rigorous technical and commercial review for admission, the final 10 entrants beginning this journey are:

1. AirTerra (Canada): Co-composted biochar super soil ingredient.
2. The Blue Carbon Factory (USA): Giant kelp afforestation carbon removal factory.
3. Blue Line Carbon Capture (Canada): Cryogenic direct air capture solution.
4. CANTON (Canada): Carbon nanomaterials using novel chemical looping process.
5. Carbon Sirge (USA): Subsurface carbon biomass geo-engineering solution.
6. CauseAlgae (Singapore): Carbon negative biopolymers from engineered algae.
7. Hydrogenate (Germany): Solid carbon with oxidation state 0.
8. Pure Catalysts (USA): Nano-catalyst for carbon removal reactions.
9. Undesert (USA): Terraforming idle deserts into carbon sinks.
10. ZS2 Technologies (Canada): Magnesium carbonate-based cement.

ADDITIONAL QUOTES

"Carbon Removal Technologies hold the ability to not just stop some of the worst effects of climate change - but reverse it. These 10 global carbon removal companies hold the potential to both win the XPRIZE and shape and make this emerging global market. Canada's energy sector is once again leading the country towards our shared climate ambitions with real technology and real solutions".

-  Kevin Krausert, CEO, Avatar Innovations

"This initiative is aligned with our commitment to achieving net-zero GHG emissions by 2050 and playing an active role in the climate transition. We congratulate these 10 companies for having developed ground- breaking innovations that will have a positive impact on the future of our planet."

-  Arun Chandrasekaran, Head of Energy Investment Banking, National Bank Financial Inc.

"We need many things to fight climate change, including immediate and deep emissions cuts, and new solutions working in parallel. That means creating an entire ecosystem of technologies and solutions that are working to rebalance Earth's carbon cycle. The $100M XPRIZE Carbon Removal was created to inspire and create real, tangible change in the climate math. The Avatar Carbon Removal Accelerator is an incredible example of a community collaborating towards this common goal and driving innovation."

-  Marcius Extavour Vice President of Climate & Energy, XPRIZE

"By bringing together some of the most promising climate technologies with financial and capital market expertise, the Avatar Carbon Removal Accelerator super charges efforts to tackle climate challenges. It will further position Canada as a leader in carbon research and solutions – Suncor is proud to be a partner is this effort."

-  Martha Hall-Findlay Chief Sustainability Officer, Suncor

"The Avatar Carbon Removal Accelerator is a unique example of private sector collaboration working to solve one of the world's grand challenges – reducing carbon emissions to decrease the impact of climate change. We are very excited it has chosen to be in Calgary – because it will highlight the progress already being made by the energy sector and the University of Calgary.

-  Deborah Yedlin, CEO, Calgary Chamber of Commerce

SOURCE Avatar Innovations

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