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Elon Musk-funded XPRIZE carbon removal competition reveals its 15 “milestone round” winners – Teslarati

Published

3 years ago

April 23, 2022

Harry Miller

By Simon Alvarez

Posted on April 22, 2022

Fifteen early-phase “milestone round” winners from the Elon Musk-funded $100 million XPRIZE Carbon Removal competition were announced on Friday. Each of the winning teams will be receiving $1 million, which should provide the teams a notable boost to scale their work.

The XPRIZE Carbon Removal competition was launched to encourage the development of innovative techniques that can help reduce atmospheric carbon dioxide. The $100 million carbon capture prize, while provided by Elon Musk through the Musk Foundation, would be managed by XPRIZE, a nonprofit organization.

The global carbon removal competition was launched last year, and it’s expected to last four years. The grand prize winner of the competition is expected to be announced in April 2025. It should be noted that the recently-announced milestone winners are not necessarily favored to win the competition’s final prize. Interested groups may also join the competition until December 2023.

The winners of the $1 million “milestone round” proposed a number of novel innovations that could help remove carbon from the air. Planetary Technologies from Dartmouth, Nova Scotia, for example, suggested the utilization of antacids produced from the leftovers of metal mining to make the ocean more capable of absorbing greenhouse gases.

Planetary Technologies CEO Mike Kelland expressed his appreciation of his team’s accomplishment. “What we’ve said is you haven’t given us a million bucks; what you’ve done is catalyzed investment in this technology,” he noted.

Calcite from 8 Rivers Capital from Durham, North Carolina aims to trap atmospheric carbon dioxide in calcium carbonate crystals, a process that is not unlike how gas dissolved in the ocean aids in the formation of seashells and limestone. California-based Global Algae, on the other hand, seeks to cultivate algae to help restore rainforests.

The winning team or teams of the XPRIZE Carbon Removal initiative must accomplish a number of targets to earn the competition’s final prize. For one, they must demonstrate that their innovations are capable of removing 1,000 metric tons of carbon dioxide from the atmosphere annually. They must also show much it would cost to remove up to 1 million metric tons of carbon per year. Lastly, they must show a path towards the removal of billions of tons of carbon dioxide per year.

The following teams are the 15 winners of the XPRIZE Carbon Removal competition’s “milestone round.”

*Quotes courtesy of ABC News.

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Elon Musk-funded XPRIZE carbon removal competition reveals its 15 “milestone round” winners

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TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

Published

18 hours ago

November 7, 2024

Anne Joseph

CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

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BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

Published

18 hours ago

November 7, 2024

Anne Joseph

BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

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Canada Goose reports Q2 revenue down from year ago, trims full-year guidance

Published

18 hours ago

November 7, 2024

Anne Joseph

TORONTO – Canada Goose Holdings Inc. trimmed its financial guidance as it reported its second-quarter revenue fell compared with a year ago.

The luxury clothing company says revenue for the quarter ended Sept. 29 totalled $267.8 million, down from $281.1 million in the same quarter last year.

Net income attributable to shareholders amounted to $5.4 million or six cents per diluted share, up from $3.9 million or four cents per diluted share a year earlier.

On an adjusted basis, Canada Goose says it earned five cents per diluted share in its latest quarter compared with an adjusted profit of 16 cents per diluted share a year earlier.

In its outlook, Canada Goose says it now expects total revenue for its full financial year to show a low-single-digit percentage decrease to low-single-digit percentage increase compared with earlier guidance for a low-single-digit increase.

It also says it now expects its adjusted net income per diluted share to show a mid-single-digit percentage increase compared with earlier guidance for a percentage increase in the mid-teens.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:GOOS)

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