Mati Carbon, a climate-tech startup based in Houston, just walked away with $50 million in prize money from the Elon Musk-backed XPrize Carbon Removal competition.
The company announced the win, highlighting it as a major step toward scaling its carbon removal efforts globally. The funding positions Mati at the forefront of a massive shift in how carbon is removed from the atmosphere by spreading pulverized rock on farmland.
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Founded in 2022, Mati Carbon’s rock weathering method caught the attention of investors, scientists, and climate advocates alike. The startup’s goal is to remove carbon dioxide from the air while boosting crop yields for smallholder farmers across India, Tanzania, and Zambia.
Mati’s process is simple. It grinds basalt rock into a fine dust and then applies it to agricultural land. As rainwater and natural weather conditions interact with the basalt, the rock binds with carbon dioxide in the atmosphere and turns it into a stable form of carbon stored in the soil. As the basalt breaks down, it releases vital minerals that re-mineralize depleted soil. Farmers see yield increases and stronger crops without paying anything upfront. Mati provides the service at no cost.
The startup is already on track to work with 30,000 farmers by the end of this year, and founder and CEO Shantanu Agarwal said in an interview with Time last week, the goal is to reach 100 million globally by 2040. In many cases, this method increases yields by 25% to 70%, depending on the condition of the soil, Agarwal told TechCrunch.
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The XPrize Foundation, funded by Musk’s Musk Foundation, awarded Mati Carbon the $50 million prize as part of a broader $100 million initiative to accelerate carbon removal technologies. While the backing from Musk gives the award high-profile visibility, it also brings some scrutiny.
Climate policy expert Wil Burns, who helped design the XPrize guidelines, expressed concern in an interview with Politico, saying Musk’s funding of this prize while pushing for research cuts in other areas taints the credibility of the initiative. Still, the prize remains one of the largest ever awarded for climate innovation.
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