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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 51st 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/.
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SOURCE: Pond Technologies Holdings Inc.