Former Carbon XPRISE Semi-Finalist, Pond Technologies, Announces Entry to Elon Musk sponsored XPRIZE Carbon Removal Competition

Rhea-AI Summary

Pond Technologies Holdings Inc. (OTCQB:PNDHF) has announced its entry into the $100 million XPRIZE Carbon Removal competition, aiming to develop solutions for large-scale carbon dioxide removal from the atmosphere. This competition, funded by Elon Musk, seeks innovative teams to create technologies that can remove up to 10 gigatonnes of CO2 annually by 2050. Pond aims to leverage its proprietary technologies, including micro-algae cultivation, to offer significant revenue opportunities for industrial emitters while contributing to climate change mitigation.

Positive

• Entry into the $100 million XPRIZE Carbon Removal competition could enhance brand visibility and potential funding for technology development.
• Pond's proprietary technology has advanced since its last XPRIZE entry, positioning it well for competition success.

Negative

• None.

MARKHAM, ON / ACCESSWIRE / April 22, 2021 / Pond Technologies Holdings Inc. ("Pond") (TSX.V:POND) (OTCQBPNDHF) (FSE:400), an ESG company addressing global sustainability challenges of wellness and climate change, announces that it is preparing to enter the XPRIZE Carbon Removal competition which officially opened for applications today. Funded by Elon Musk and the Musk Foundation, this $100M competition is the largest incentive prize in history. Previously, Pond was a semifinalist in the 2017 global $20 Million NRG Cosia Carbon XPRIZE competition to transform carbon into useful products.

XPRIZE Carbon Removal is a four-year global competition that invites innovators and teams from anywhere on the planet to create and demonstrate solutions that can pull carbon dioxide directly from the atmosphere or oceans ultimately scaling massively to gigaton levels, while locking away CO2 permanently in an environmentally benign way.

Pond CEO, Grant Smith commented, "We are pleased to mark the 51^st Anniversary of Earth Day with the announcement of our planned entry to the XPRIZE Carbon Removal competition. Pond is excited to demonstrate the advancements in Pond's proprietary carbon removal capabilities since our last XPRIZE entry to both XPRIZE officials and industries worldwide. We believe that offering industrial emitters a meaningful revenue stream from the natural sequestration of CO2 emissions in algae will play a major role in hastening the global reduction of carbon.

The XPRIZE notes "The International Panel on Climate Change (IPCC) estimates that we may need to remove as much as 10 billion tonnes, (10 gigatonnes) per year by 2050, including 2.5 gigatons, of CO2 per year by 2030 to avoid the worst effects of climate change. For humanity to reach the Paris Agreements goal of limiting the Earth's temperature rise to no more than 1.5˚(C) of pre-industrial levels, or even 2˚(C), we need bold, radical tech innovation and scale up that goes beyond limiting CO2 emissions, but actually removes CO2 already in the air and oceans. If humanity continues on a business-as-usual path, the global average temperature could increase 6˚(C) by the year 2100."

About Pond Technologies Holdings Inc.:

Located in Markham, Ontario, Pond is a technology leader in controlled environment cultivation of micro-algae. In over ten years of R&D, Pond has developed a robust disruptive technology platform based on artificial intelligence, proprietary LED-lights and patented CO₂-management. The use of concentrated CO₂ from industrial waste streams enables Pond to boost productivity of micro-algae well beyond the capacity of outdoor algae growers and allows industrial emitters to abate and ultimately recycle CO₂. Pond is currently selling micro-algae derived antioxidant Astaxanthin under its Regenurex brand. As micro-algae are becoming increasingly important in pharmaceuticals and cosmetics, nutraceuticals, human nutrition, aqua farming, bioplastics and biofuels, Pond has begun to license its technology to third parties for ongoing license fees and royalties. Pond recently added a Biotech division focused on the growth of unique strains of micro-algae to be used as a reproductive medium for the expression of human anti-bodies and proteins.

For more information, please visit https://www.pondtech.com/.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

For further information contact: Grant Smith, Chief Executive Officer, at g.smith@pondtech.com, 416-287-3835 ext. 201; or Chris Cory at c.cory@pondtech.com , 416-287-3835 ext. 215

SOURCE: Pond Technologies Holdings Inc.

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https://www.accesswire.com/641779/Former-Carbon-XPRISE-Semi-Finalist-Pond-Technologies-Announces-Entry-to-Elon-Musk-sponsored-XPRIZE-Carbon-Removal-Competition

FAQ

What is Pond Technologies' latest announcement regarding the XPRIZE Carbon Removal competition?

Pond Technologies announced its entry into the $100 million XPRIZE Carbon Removal competition, aiming to develop innovative technologies for large-scale carbon dioxide removal.

What is the significance of the XPRIZE Carbon Removal competition for Pond Technologies?

The competition represents a significant opportunity for Pond to enhance its technological capabilities and gain funding while addressing climate change challenges.

What is the funding source for the XPRIZE Carbon Removal competition?

The competition is funded by Elon Musk and the Musk Foundation, making it the largest incentive prize in history.

How much CO2 does the XPRIZE competition aim to remove by 2050?

The XPRIZE Carbon Removal competition aims to achieve the removal of up to 10 gigatonnes of CO2 annually by 2050.

What technologies is Pond Technologies utilizing to address carbon emissions?

Pond Technologies uses its proprietary micro-algae cultivation technology to capture carbon emissions from industrial sources.