Verde AgriTech ranks in Top 100 Teams in XPRIZE Carbon Removal Competition

SINGAPORE, April 29, 2024 (GLOBE NEWSWIRE) -- Verde AgriTech Ltd (TSX: “NPK”) (“Verde” or the “Company”) is pleased to announce that it has been named as one of the Top 100 most promising carbon removal innovators competing in the XPRIZE Carbon Removal. The goal of the XPRIZE Carbon Removal is to build a new industry of successful carbon removal companies that collectively reach gigatonne-scale. Verde has been ranked amongst the top 100 collection of innovating companies from 25 countries which represent all carbon dioxide removal pathways: Air, Ocean, Land and Rocks. The XPRIZE announcement kicks-off a campaign to promote the most promising carbon removal companies in the world and the publication of the “Top 100 Team Book”.¹

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“In other editions, the XPRIZE has been a driver for innovation at large scale in critical global challenges, such as private spaceflight and alternative protein production. Therefore, it is an honor to have Verde recognized among the Top 100 innovators in XPRIZE Carbon Removal. For us, this is only the beginning, Verde will make the most of the opportunities and collaborations stemming from this accolade. Verde’s installed production capacity has the CO2 capture and offset potential equivalent to that absorbed by about 14 million trees per year.² We are obsessed in making that a reality, the sooner the better for the Planet as whole,” stated Cristiano Veloso, Verde’s Founder and CEO.

As an official XPRIZE Carbon Removal Top 100 Team, Verde has been invited to participate in the Carbon Removal Capital Summit in San Francisco, September 10-12, 2024. This event will foster interactions between the Top 100 teams with a curated group of investors, bankers, and financiers that have an interest in funding CDR companies.

Verde’s Carbon Removal Potential

Located in São Gotardo within the state of Minas Gerais, Brazil, Verde’s operations are underpinned by one of the world’s largest potash resources, at 5.9 billion tons as approved by the Brazilian Mining Agency, of which 3.32 billion tons have been certified under Canadian National Instrument 43-101.³ Thereupon, Verde has a total capture potential of 0.7 gigatons of CO2 from the atmosphere,⁴ which would establish it as one of the world’s largest carbon capture projects.

As Brazil’s largest potash producer by capacity, Verde has an annual production capacity of 3 million tons.⁵ With no further CAPEX investment, the Company is capable of capturing up to 0.36 million tons of CO2 per year based on its existing production facilities.⁶

About XPRIZE

XPRIZE is an established global leader in designing, launching, and executing large-scale competitions to solve humanity’s greatest challenges. Its unique model democratizes innovation by incentivizing crowd-sourced, scientifically viable solutions to create a more equitable and abundant future for all. Donate, learn more, or join a team at xprize.org.

About Verde AgriTech

Verde AgriTech is dedicated to advancing sustainable agriculture through the innovation of specialty multi-nutrient potassium fertilizers. Our mission is to increase agricultural productivity, enhance soil health, and significantly contribute to environmental sustainability. Utilizing our unique position in Brazil, we harness proprietary technologies to develop solutions that not only meet the immediate needs of farmers but also address global challenges such as food security and climate change. Our commitment to carbon capture and the production of eco-friendly fertilizers underscores our vision for a future where agriculture contributes positively to the health of our planet.

¹ Learn more at: https://www.xprize.org/prizes/carbonremoval/articles/xprize-carbon-removal-top-100-team-book-2024
² A tree absorbs approximately 25 kg of CO2 annually, ranging from 10 to 40kg of CO2 absorbed per tree per year over a lifetime. In their youth, trees grow faster so they absorb CO2 quicker, but in their old age their density is greater so they can absorb more CO2, as this 2014 study in Nature demonstrates. Source: EcoTree
³ Combined measured and indicated mineral resource of 1.47 billion tons at 9.28% K2O and an inferred mineral resource of 1.85 billion tons at 8.60% K2O (using a 7.5% K2O cut-off grade). As per the National Instrument 43-101 Standards of Disclosure for Mineral Projects within Canada (“NI 43 -101”), filed on SEDAR in 2022. For further information, see the Pre-Feasibility Study at: https://investor.verde.ag/wp-content/uploads/2022/05/NI-43-101-Pre-Feasibility-Technical-Report-for-the-Cerrado-Verde-Project.pdf
⁴ The carbon capture potential of Verde’s products, through Enhanced Rock Weathering (ERW), is 120 kg CO2e per ton of K Forte®. For further information, see “Verde’s Products Remove Carbon Dioxide From the Air”.
⁵ Verde is currently fully licensed to produce up to 2.8 million tons per year of its Products and has submitted mining and environmental applications for an additional 25 million tpy awaiting approval.
⁶ One carbon credit is equivalent to one metric ton of carbon dioxide captured.