NetZero, a French company transforming agricultural waste into biocharBiochar is a carbon-rich material created from biomass decomposition in low-oxygen conditions. It has important applications in environmental remediation, soil improvement, agriculture, carbon sequestration, energy storage, and sustainable materials, promoting efficiency and reducing waste in various contexts while addressing climate change challenges. More, is among 20 firms globally selected for the final round of the XPrize Carbon Removal competition, funded by billionaire entrepreneur Elon Musk. This places NetZero in contention for a €50 million prize, which will be awarded in 2025 to a company demonstrating large-scale effectiveness in combating climate change and rebalancing Earth’s carbon cycle.

In 2022, NetZero won €1 million from the prize fund, standing out among 1,500 entries in the first round. The company creates biochar by heating agricultural waste, such as coffee bean shells, in an oxygen-poor environment to produce charcoalCharcoal is a black, brittle, and porous material produced by heating wood or other organic substances in a low-oxygen environment. It is primarily used as a fuel source for cooking and heating.   More. This biochar is then distributed to farmers as a soil conditioner, enhancing soil moisture retention and its ability to absorb carbon dioxide (CO2). Studies indicate that one tonne of biochar can enable soil to absorb between 1.5 and 2 tonnes of CO2.

To finance its operations, NetZero trades carbon credits, selling them for €150 to €200 per tonne of carbon to companies needing to reduce their carbon footprints for tax purposes. Although this price is about three times the market rate, firms are willing to pay due to the system’s proven reliability amidst widespread fraud and scams in the carbon market.

NetZero inaugurated its first factory in Cameroon in 2022, producing 1,500 tonnes of biochar annually from coffee bean shells. This year, three additional factories are slated to open alongside coffee producers in Brazil.