Elon Musk To Award $100M For Development Of 'Best' Carbon Capture Tech

Tesla Inc TSLA CEO Elon Musk plans to donate $100 million in prize money towards the best carbon capture technology.

What Happened: The billionaire tweeted his intentions to give away the prize on Thursday.

Details on the award would emerge next week, as per Musk.

Why It Matters: Little progress has been made on technology that can take carbon out of the air, according to Reuters.

There is increasingly the need to make use of such technologies for countries to meet their net-zero emission targets, according to the International Energy Agency.

President Joe Biden recently appointed Jennifer Wilcox, a carbon removal technology expert, as the principal deputy assistant secretary for fossil energy at the U.S. Department of Energy.

See Also: Why Gevo Shares Surged Another 72% Today

Price Action: Tesla shares closed nearly 0.6% lower at $844.99 on Thursday and fell 0.36% in the after-hours session.

Click here to check out Benzinga’s EV Hub for the latest electric vehicles news. 

Photo courtesy: Forbes via Wikimedia