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sector, which is typically slow to adopt changes. This slow pace of adoption among incumbent industries is used by critics of CCUS and DAC point out that they are likely to affect emissions only at the margins. The Carbon XPRIZE Despite industry fragmentation, companies utilizing carbon capture have found an industry community in the Carbon XPRIZE competition, which is sponsored by NRG and Cosia. The competition’s purpose is to inspire “radical new approaches and breakthroughs in science, engineering, policy and business.” By raising the profile of these companies and their technologies to investors, the XPRIZE seeks to accelerate the commercial use of these technologies to cut emissions. The contest has highlighted how the industry is both competitive and collaborative. The companies in the competition reflect how much capital is necessary to reach commercialization. The finalists for the XPRIZE are competing for $20 million. Yet, the ten XPRIZE finalists need a total of $60 million in funding to cover capital and development costs to build out pilot programs. A majority of the companies have yet to move beyond the lab pilot phase. Two are labeled as early commercial, another a commercial pilot, while only one is in the “growth” phase. (See the Annex for profiles of some of the finalists). The competition, which consists of three rounds over four and a half years, is now in the “testing and certification” phase, where finalists show their technologies to judges. One of the judge’s criteria is whether the companies use more CO2 in their products than they emit when they consume energy – essentially showing that it is developing a carbon negative technology. The XPRIZE has provided a platform for companies that may have otherwise not received much attention. Even companies that are no longer in the competition have benefitted from the publicity from participating in it. The competition has elevated the visibility of the different types of technology available and the promise of the sector’s role in mitigating the effects of climate change. “The prize will prove that CO2 can be a valuable asset—a building block for a wide variety of products that we use every day.”53 DAC, NET, and CCUS Company Profiles Global Thermostat The main U.S.-based company with DAC facilities is Global Thermostat. The company, whose CEO is Graciela Chichilnsky, launched the company with Peter Eisenberger, formerly a physicist with ExxonMobil. Chichilnsky won the Nobel Peace Prize with Al Gore when she served on the UN IPCC, while Eisenberger became frustrated at Exxon that the oil major would not move beyond fossil fuels. Since it began as a startup in 2010, Global Thermostat has raised $51 million. It has not disclosed its private investors, but it reportedly has the backing of a U.S. energy company and Edgar Bronfman Jr, the former chairman and CEO of Warner Music.54 It has received public money, including a $250,000 grant in 2017 from the New York State Energy Research and Development Authority. Global Thermostat, along with Georgia Tech and Algenol, was also awarded $2 million from the U.S. Department of Energy. A number of companies have used Global Thermostat’s technology to reduce emissions. For instance, Algae Systems, a renewable energy company, produces carbon negative fuels with Global Thermostat’s equipment by injecting CO2 into its algae and producing biochar, diesel and jet fuel.55 53 XPrize Foundation. https://carbon.xprize.org/prizes/carbon/faq 54 Gunther, Marc. “Startups have figured out how to remove carbon from the air. Will anyone pay them to do it?”. The Guardian. July 14, 2015. https://www.theguardian.com/sustainable-business/2015/jul/14/carbon-direct-air-capture-startups-tech-climate 55 Fehrenbacher, Katie. “An algae startup emerges with a pilot plant in Alabama”. Global Thermostat. http://globalthermostat.com/wp-content/uploads/2014/08/algae-startup.pdf 27PDF Image | Carbon Removal Final Report
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