$50M XPRIZE Win Validates Technology: Mati Carbon’s enhanced rock weathering (ERW) approach wins the XPRIZE Carbon Removal grand prize, beating out 1,300 global competitors.
Blended Finance from J.P. Morgan Fuels Global Expansion: Backed by the Schmidt Family Foundation, the new facility enables Mati to scale ERW across India and Sub-Saharan Africa.
High-Integrity CDR with Local Economic Benefits: Mati’s model boosts smallholder farmer income by up to 20% while delivering scalable, scientifically verified CO₂ removal.
J.P. Morgan has committed blended finance to support Mati Carbon’s global expansion, enabling the carbon removal startup to scale its enhanced rock weathering (ERW) technology across the Global South.
The investment follows Mati Carbon’s $50 million grand prize win in the XPRIZE Carbon Removal competition—a global challenge backed by Elon Musk to identify scalable solutions capable of gigaton-level CO₂ removal. Mati stood out from over 1,300 applicants with its scientifically robust, low-cost approach and ability to improve crop yields for smallholder farmers.
“Winning this XPRIZE competition is an incredible honor and a definitive validation of our research and development,” said Shantanu Agarwal, Founder and CEO of Mati Carbon. “This recognition will allow us to collaborate with local partners to accelerate the use of enhanced rock weathering across the Global South.”
Founded in 2022, Houston-based Mati Carbon spreads finely crushed basalt across agricultural lands in India and Africa. This accelerates a natural weathering process that draws down atmospheric CO₂—offering both climate and agronomic benefits. Farmers see average yield increases of 20%, translating into higher income, debt reduction, and greater climate resilience.
The latest financing round, structured as a blended finance facility by J.P. Morgan and credit-supported by the Schmidt Family Foundation, will fund Mati’s expansion across India, Tanzania, and Zambia. The company aims to reach 30,000 smallholder farmers by the end of 2025.
“J.P. Morgan is pleased to support Mati Carbon’s next phase of growth,” said Kelly Belcher, Head of Climate Tech at J.P. Morgan. “This work is actively helping to decarbonize the globe, grow local economies and build a more sustainable future.”
Blended finance de-risks emerging technologies by combining private capital with philanthropic or public funding—unlocking institutional investment for high-impact climate solutions.
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Mati’s value proposition extends beyond agronomic outcomes. Its proprietary ERP platform, matiC, integrates AI-driven logistics, laboratory operations, and end-to-end field verification. A robust Monitoring, Reporting, and Verification (MRV) framework—developed with IIT Kanpur and Yale University—ensures transparency and scientific integrity of its carbon credits.
“The current scientific literature suggests that ERW can provide a durable pathway to remove and sequester carbon dioxide from the atmosphere with a duration of about 10,000 years,” noted Jake Jordan, Chief Science Officer at Mati Carbon.
Patrick McGrath of the Schmidt Family Foundation added: “Partnerships like this are critical to unlocking the potential of ERW. This collaboration demonstrates how innovative approaches—in technology and in finance—can drive both climate impact and economic opportunity.”
Mati Carbon already counts Shopify, Stripe, and H&M among its CDR credit buyers. With the new capital, it aims to accelerate deployment of high-integrity carbon credits while transforming the livelihoods of 100 million smallholder farmers.
“With support from J.P. Morgan, we will be able to scale the impact and reach of Enhanced Rock Weathering to many more smallholder farmers and prove that high-integrity carbon removal is both financially viable and deeply impactful,” said Agarwal.
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