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.
Don't Miss:
- ‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.26/share with a $1000 minimum.
- Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — this is your last chance to become an investor for $0.80 per share.
- Massive Demand & Disruptive Potential – Boxabl has received interest for over 190,000 homes, positioning itself as a major disruptor in the housing market.
- Revolutionary Manufacturing Approach – Inspired by Henry Ford’s assembly line, Boxabl’s foldable tiny homes are designed for high-efficiency production, making homeownership more accessible.
- Affordable Investment Opportunity – With homes priced at $60,000, Boxabl is raising $1 billion to scale production, offering investors a chance to own a stake in its growth.
A Bold Climate Solution With Billion-Person Potential
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.
Trending: Donald Trump just announced a $500 billion AI infrastructure deal — here's how you can invest in the entertainment market's next big disruptor at $2.25 per share.
Musk's Involvement Brings Attention And Controversy
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.
CEO Shantanu Agarwal: "A Catalyst For Global Change"
Agarwal sees this win as validation. "Being named the grand prize winner of XPrize Carbon Removal is not just a validation of our approach to [carbon dioxide removal], it also represents a major catalyst to building out the science and infrastructure needed to deliver on our mission – generating climate resilience and economic empowerment for the more than 100 million smallholder farmers in developing economies worldwide," Agarwal said in a statement.
The company's method is also being recognized for meeting all the core criteria of the XPrize competition: operational feasibility, long-term sustainability, and low cost per ton of carbon removed.
A Startup Quietly Redefining What Climate Action Looks Like
Mati is already scaling its operations. With $50 million in hand, they plan to build out logistics, expand partnerships with farmers, and continue refining their carbon tracking software. The team uses a tech-forward system to monitor and verify carbon drawdown and soil improvement. This precision allows them to scale across vastly different geographies while maintaining impact integrity.
Mati Carbon's win comes at a moment when many climate startups are struggling to prove effectiveness. By focusing on simplicity, scale, and farmer empowerment, the startup has done what few others have: created a system that benefits people and the planet.
Read Next:
- Shark Tank's Kevin O'Leary called Missing Ring his biggest mistake — Don't repeat history—invest in RYSE at just $1.90/share.
- Invest Where It Hurts — And Help Millions Heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold.
Image: Shutterstock
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
