Mati Carbon's $50M leap forward
Episode 54 is with Shantanu Agrawal, Founder and CEO of Mati Carbon and Nikki Batchelor, Executive Director for the $100M Carbon Removal XPRIZE.In this episode, Na’im delves into the groundbreaking achievements in carbon removal led by Mati Carbon and the XPRIZE Carbon Dioxide Removal Competition. Shantanu Aggarwal, CEO of Mati Carbon, discusses winning the $50 million grand prize of the XPRIZE competition. Nikki Bachelor from XPRIZE highlights the competition’s impact in catalyzing the carbon removal market, with insights into scaling solutions and responsible deployment. The conversation covers the intersection of carbon removal, economic development, and global collaboration to combat climate change.In this episode, Na’im, Nikki, and Shantanu discuss: * The journey and development of the XPRIZE Carbon Removal Prize; * The catalytic impact of XPRIZE on the carbon removal industry; * The significant achievements and challenges faced by the finalist teams; * Mati Carbon’s strategy and successes, specifically their work with small holder farmers; * The importance of maintaining high standards for carbon removal verification and community engagement; * The ambitious goals and global development impact driven by Mati Carbon's enhanced rock weathering approach; and* Future directions and initiatives for XPRIZE.Relevant Links:* XPRIZE Carbon Removal - Website* XPRIZE Carbon Removal Winners - Article* Meet the Winners - Video* Mati Carbon - WebsiteAbout Shantanu:Shantanu Agrawal is a serial entrepreneur with over 22 years of experience in the energy and sustainability sectors. He holds a B.Tech in Chemical Engineering from the Indian Institute of Technology (IIT) Roorkee and an MBA from Harvard Business School. He is a Schmidt Innovation Fellow and a Henry Fellow, recognized for his work in advancing scalable climate solutions in the Global South. As the Founder & CEO of Mati Carbon, he directs strategy,fundraising and leads cross functional teams to deliver large-scale carbon-removal initiatives that strengthen climate resilience for smallholder farmers. Prior to founding Mati Carbon, Shantanu co-founded Sustaera, a Direct Air Capture company. He has also led investments in a number of energy and industrial tech startups in the past as a general partner in a venture capital fund.About Nikki:Nikki Batchelor is the Executive Director for the $100M XPRIZE Carbon Removal, a competition supported by the Musk Foundation to drive innovation, market adoption, and responsible deployment of carbon removal solutions. In this capacity she oversees program operations, develops partnerships, and leads strategic initiatives on topics such as environmental justice and investor engagement, including the Circular Carbon Network that provides market insights for the growing carbon tech and carbon removal sectors. Nikki also supports XPRIZE’s work across the Energy & Climate Domain and previously managed operations and impact programs for the $20M NRG COSIA Carbon XPRIZE from 2015-2021. She also serves on the Carbon Business Council Board of Directors and Puro.Earth Advisory Board.Background on Mati:Mati Carbon does durable carbon removal through Enhanced Rock Weathering (ERW) with smallholder farmers of the Global South. The company partners with smallholder farmers to apply finely ground basalt to croplands, accelerating the natural geochemical process of rock weathering that permanently removes atmospheric CO₂ while restoring soil fertility and increasing crop yields.Mati Carbon is the winner of the $50M XPRIZE Carbon Removal Grand Prize, and its high-quality carbon credits are purchased by marquee buyers including Stripe, Shopify, H&M, and Siemens. By the end of 2025, the company is on track to engage 30,000 Background on XPRIZE:XPRIZE is an established global leader in designing, launching, and executing large scale competitions to solve humanity’s greatest challenges. The XPRIZE unique model democratizes innovation by incentivizing crowd-sourced, scientifically viable solutions to create a more equitable and abundant future for all. This episode was made possible thanks to the generous support of the Consecon Foundation.This episode was created and published by Na’im Merchant. Episode production and content support provided by Tank Chen.Na’im Merchant is the co-founder and Executive Director of Carbon Removal Canada, a policy initiative focused on scaling carbon removal in Canada. He is on the advisory board of the Carbon Removal Standards Initiative and Terraset, and a former policy fellow with Elemental Impact. He previously ran carbon removal consulting practice Carbon Curve, and publishes The Carbon Curve newsletter and podcast. Every two weeks, Na’im will release a short interview with individuals advancing the policies, technologies, and collective action needed to scale up carbon removal around the world.Tank Chen is the Head of Content and Community at CDR.fyi, a public benefit corporation dedicated to accelerating carbon removal through transparency. He is also the co-founder of CDRjobs, a career platform for the carbon removal industry. Based in Taiwan, Tank is a carbon removal advocate focused on educating policymakers, corporate leaders, and the public on the importance of carbon removal, using data-driven insights to support communication and policy advocacy.If you enjoyed this episode, please subscribe to this podcast on your favorite podcast app or subscribe via The Carbon Curve newsletter here. If you’d like to get in touch with Na’im, you can reach out via LinkedIn. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit carboncurve.substack.com
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