The New Economy

The New Economy

May 09, 2016 11:56 ET

Ingenuity Lab to Compete at Prestigious XPRIZE Competition

LONDON, ENGLAND--(Marketwired - May 9, 2016) - Alberta-based Ingenuity Lab has entered the Carbon XPRIZE under the name of Ingenuity Carbon Solutions. With competition registration taking place in March, Ingenuity Carbon Solutions plans to launch its latest carbon transformation technology and win the backing it so deserves on the world stage.

Ingenuity Lab brings the best minds together to implement applied research and enable the translation of new 22nd century technologies to address pressing global challenges. Funded by CCEMC, the goal of Ingenuity Lab is to eliminate the negative emissions related to fossil fuels and create solutions that enable "economic diversification" and "increased prosperity for all Albertans"; all while leading the way for the conscientious development of technologies to support global prosperity and strong environmental stewardship.

Ingenuity Lab is working to develop a technology that transforms CO2 emissions and changes the conversation on carbon and its consequences for the environment. By developing nano particles that have the capability to sequester CO2 from facility gas flue emissions, the technology can metabolize emissions into marketable by-products.

The Carbon XPRIZE this year seeks to inspire solutions to the issue of climate change by incentivizing the development of new and emerging CO2 conversation technologies. Described recently in a WEF survey as the biggest potential threat to the economy in 2016, climate change has been targeted as a priority issue, and the XPRIZE has done a great deal to provide answers to the climate question.

Renowned for its role in bringing new and radical thought leaders into the public domain, the XPRIZE Board of Trustees include Elon Musk, James Cameron and Arianna Huffington and the prize never fails to attract the world's brightest minds.

This year's Carbon XPRIZE challenges participants including Ingenuity Lab and its Ingenuity Carbon Solutions team to reimagine the climate question by accelerating the development of technologies to convert CO2 into valuable products. Ingenuity Carbon Solutions and others will compete in a three-round competition for a total prize purse of $20m, with the winnings going towards the technology's continued development.

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