Tesla Inc boss and billionaire entrepreneur Elon Musk is providing a $100 million prize in a four-year world competitors to discover a method of lowering carbon dioxide from the Earth’s environment.
Musk, who additionally heads rocket firm SpaceX, had first tweeted in regards to the prize in January and had mentioned he would disclose particulars of the competitors at a later date.
“This isn’t a theoretical competitors; we wish groups that can construct actual programs that may make a measurable influence and scale to a gigaton stage,” Musk mentioned in a press release on Monday.
Full tips might be introduced on April 22 and the competitors will final for 4 years by way of Earth Day, 2025, XPrize, which organized the competitors, mentioned on Monday.
Eighteen months into the competitors, the highest 15 groups will obtain $1 million whereas twenty-five $200,000 scholar scholarships can even be distributed to the competing scholar groups.
Following that, the grand prize winner will get $50 million, whereas the second place holder will get $20 million and $10 million will go to the third place holder, the California-based non-profit group mentioned.
To win the competitors, the groups would have “to create and display an answer that may pull carbon dioxide immediately from the environment or oceans and lock it away completely in an environmentally benign method,” XPrize added.