Calgary accelerator launched to aid rising tech organizations seeking to acquire Elon Musk’s $100M XPrize

A carbon know-how company in Calgary has partnered with the University of Calgary to assist teams aiming to earn the prestigious XPrize.

Tesla Inc. manager and billionaire entrepreneur Elon Musk is featuring up an unparalleled $100 million US for XPrize Carbon Elimination — a four-year world wide competitors to obtain a way to pull carbon dioxide immediately from the ambiance or oceans and lock it away completely.

Eighteen months into the XPrize level of competition, the top 15 teams will acquire $1 million although 25 pupil scholarships value $200,000 each will be dispersed to the competing scholar teams.

Pursuing that, the grand prize winner will get $50 million, although the 2nd spot holder will get $20 million and $10 million will go to the 3rd position holder.

Kevin Krausert is the CEO of Calgary-based carbon technological innovation firm Avatar Improvements. (John Ulan)

On Wednesday, XPrize, Avatar Improvements and the U of C announced options to start the Avatar Carbon Removal Accelerator in Calgary.

They say the software-based mostly program will give groups that are intrigued in winning the prize access to workspace in the Electrical power Transition Centre in downtown Calgary. It’s set to open Oct. 1.

Groups will also have possibilities to collaborate with energy market stakeholders, in addition to researchers in the U of C’s labs and screening amenities. 

“Any world wide organization that thinks they have a resolution for carbon elimination would be suitable to utilize to the plan, [and] frequently speaking, this will be emerging systems,” mentioned Kevin Krausert, the CEO of Avatar Improvements, on the Wednesday edition of the Calgary Eyeopener.

“They are going to be possessing the prospect to be operating in partnership with some of the biggest electrical power companies in the planet … [and] they will also have entry to University of Calgary’s environment-foremost labs.”

Significant technologies

The program plans to operate with 10 to 12 groups that will be evaluated by what Krausert explained as a “robust” selection committee.

The accelerator is also remaining supported by strength businesses that incorporate Suncor, Enbridge, Shell Canada, Imperial and Cenovus Vitality.

It hopes to bring highly determined gamers to create and carry investment to Calgary’s carbon technological innovation sector, Krausert stated.

And when firms unquestionably can function towards the XPrize on their own, Krausert mentioned the accelerator will support to supply the means often needed by emerging tech providers to past the duration of the XPrize and reach industrial scale.

“To bring to the table serious technological innovation, a technological know-how roadmap — as perfectly as, you know, potential partners that have the horsepower and the scale of a Shell or a Suncor — truly bolsters their chances for success,” Krausert mentioned.

According to Krausert, initiatives like the accelerator also support to carve out a location for Calgary on the carbon technological know-how map, which, he explained, is projected to come to be a multi-trillion dollar industry by 2050.

“We have a good ecosystem at the University of Calgary, and with the power sector listed here, to genuinely bolster the admissions for this XPrize, and base them ideal in this article,” Krausert said.

“[And] to genuinely establish a world foremost sector … in partnership with specialists.”

Aspects on admission conditions for the Avatar Carbon Removing Accelerator, and programs for the program, can be identified on line.

With data files from The Affiliated Push and the Calgary Eyeopener.