<p><img src="https://static2.businessinsider.com/image/5fff5b81a8de7700187d3b80-2400/5fa27f2569331a0011bc72ed.jpeg" border="0" alt="Elon Musk" data-mce-source="Win McNamee/Getty Images"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p style="text-align: left;">By way of a simple 11-word <a href="https://twitter.com/elonmusk/status/1352392678177034242">tweet</a>, Tesla chief Elon Musk said Thursday he's donating $100 million to develop a prize for the "best" carbon-capture technology, becoming the latest billionaire to throw weight behind the nascent industry.</p><p style="text-align: left;">Musk, the world's second-wealthiest man, didn't say what the prize would entail. He mentioned more details will come next week. </p><p style="text-align: left;">Carbon capture technologies are designed to pull greenhouse gas emissions out of the air or from sources of pollution, such as steelmaking factories, typically as a tool to fight climate change. In many cases, the captured carbon dioxide is recycled to make new products like sustainable fuels. </p><p style="text-align: left;">Musk has hinted in the past at the idea of using carbon-capture technologies to make rocket fuel. Rocket flights will be net-zero in the longterm, <a href="https://twitter.com/elonmusk/status/1175260773687472129">he said on Twitter</a> in 2019, by using this approach. More recently he <a href="https://twitter.com/elonmusk/status/1347356316763705344">asked his followers</a> for advice on how to spend his fortunes to make a difference. </p><p style="text-align: left;">The Tesla founder is among a growing list of big investors to pile into carbon capture.</p><p style="text-align: left;">In January, Breakthrough Energy Ventures, a climate venture fund led by Bill Gates, <a href="https://www.businessinsider.com/climate-tech-bill-gates-breakthrough-energy-ventures-fund-investments-strategy-2021-1">said it had raised a second $1 billion fund</a>, which will go towards tough climate challenges that may include direct-air carbon capture. And <a href="https://www.businessinsider.com/meet-the-5-buzziest-startups-turning-carbon-emissions-into-profit-2020-1">Microsoft said it would put $1 billion towards carbon capture</a> and removal early last year. </p><p style="text-align: left;"><em><strong>Read more: </strong></em><a href="https://www.businessinsider.com/climate-tech-bill-gates-breakthrough-energy-ventures-fund-investments-strategy-2021-1"><em>A Bill Gates-led climate venture fund just raised another $1 billion. Here's the tech it's eyeing.</em></a></p><p style="text-align: left;">The challenge to scaling up the technologywhich scientists say will be necessary to reach the goals of the Paris Agreementis bringing down the cost, especially for direct-air capture. The price tag for capturing a ton of carbon dioxide can be as high as $600. </p><p style="text-align: left;">A raft of startups is working to that end, testing out cheaper technologies and piloting new facilitiesthough it's not clear whether they'll be among the firms eligible for Musk's money. </p><p style="text-align: left;">In December, we asked more than a dozen top climate-tech VCs <a href="https://twitter.com/elonmusk/status/1175260773687472129">which startups to watch in 2021</a>. Four of the names they offered up were firms focused on carbon capture, which we've included below. They're listed in alphabetical order. </p><h3>Carbon Engineering</h3><img src="https://static4.businessinsider.com/image/600b0961933f1100193111bb-400-300/carbon-engineering.jpg" alt="" /><p><p><strong>Year founded: </strong>2009</p><p><strong>What it is: </strong>Carbon Engineering is among the buzziest startups that are developing a technology to pull carbon dioxide, a greenhouse gas, out of ambient air. The gas can then be turned into other products such as fuel. </p><p><strong>Total funding: </strong>About $95 million (including $11 million in government funding)</p><p><strong>Notable investors: </strong>Bill Gates, BHP, Chevron Technology Ventures, and Oxy Low Carbon Ventures</p><p><strong>Picked by: </strong>Wal van Lierop, executive chairman and founding partner of Chrysalix Venture Capital</p><p>"I'm looking at companies that could have a material impact on the future of this world. [Carbon Engineering] has a material impact on climate change."</p><p>— Wal van Lierop of Chrysalix</p></p><br/><br/><h3>LanzaTech</h3><img src="https://static2.businessinsider.com/image/600b09a55c82bc0018f981a4-400-300/lanzatech.jpg" alt="" /><p><p><strong>Year founded: </strong>2005</p><p><strong>What it is: </strong>LanzaTech developed a technology to turn waste emissions, such as from steelmaking, into fuels and chemicals. The company recently spun out LanzaJet, which produces sustainable jet fuel. </p><p><strong>Total funding: </strong>About $400 million </p><p><strong>Notable investors: </strong>Khosla Ventures, BASF, Suncor Energy, Petronas, Indian Oil, and Mitsui</p><p><strong>Picked by: </strong>Vinod Khosla, founder of Khosla Ventures</p><p>"Electric cars and electric trucks powered by renewable electricity are likely solutions, but air transportation by passenger jets needs a liquid fuel compatible with today's jet fleet. [LanzaJet] is building its first pilot plant to produce 100% renewable jet biofuel. The technology is likely to be cost-competitive at scale with today's jet fuel prices. We need only one technology to transform air travel."</p><p>— <a href="https://medium.com/@vkhosla/a-few-critical-climate-technology-breakthroughs-multiplied-by-instigators-is-desperately-needed-254afd98d8c2" data-analytics-module="body_link" data-analytics-post-depth="60" data-uri="fd1ea7f453479b510422efc1f32c2b6e">Vinod Khosla</a> of Khosla Ventures (Khosla Ventures is an investor)</p></p><br/><br/><h3>Opus 12</h3><img src="https://static5.businessinsider.com/image/600b09ee5c82bc0018f981a8-400-300/opus-12.jpg" alt="" /><p><p><strong>Year founded: </strong>2015</p><p><strong>What it is: </strong>Opus 12 is developing a technology to turn carbon emissions into chemicals and fuels. Etosha Cave, the company's cofounder, was one of Business Insider's <a href="https://www.businessinsider.com/meet-the-rising-stars-leaders-of-clean-energy-2020-6" data-analytics-module="body_link" data-analytics-post-depth="60" data-uri="67015eb64a6b795447c6453bb8932b79">rising stars of clean energy</a>. </p><p><strong>Total funding: </strong>The company declined to share its total investment on the record (available public numbers were not accurate, the company said). </p><p><strong>Notable investors: </strong>Breakout Ventures; Shell's incubator, GameChanger; and Techstars</p><p><strong>Picked by: </strong>Milad Malek, venture associate for energy at Plug and Play Tech Center</p></p><br/><br/><h3>Svante</h3><img src="https://static4.businessinsider.com/image/5fd29e20e00bce00188baa99-400-300/svante.jpg" alt="" /><p><p><strong>Year founded: </strong>2007</p><p><strong>What it is: </strong>Svante developed a technology to capture carbon emissions produced directly by various industries including steelmaking. In February the company announced that it's partnering with Chevron to <a href="https://svanteinc.com/svante-and-chevron-technology-ventures-launch-study-for-carbon-capture-pilot-unit/" data-analytics-module="body_link" data-analytics-post-depth="80" data-uri="c3df03e1555e36778bdcdb0cb28b55a6">launch a study</a> to see if the technology could be used in the oil giant's operations. </p><p><strong>Total funding: </strong>$75 million</p><p><strong>Notable investors: </strong>Chevron Technology Ventures, Husky Energy, Chrysalix, and Mitsui, according to Crunchbase</p><p><strong>Picked by: </strong>Wal van Lierop, executive chairman and founding partner of Chrysalix Venture Capital</p></p><br/><br/>
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