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Tesla's Musk Offers $100M Reward for Best Carbon-Capture Tech

TheStreet logo TheStreet 1/22/2021 Dan Weil
Elon Musk looking at the camera: Tesla's Musk Offers $100M Reward for Best Carbon-Capture Tech © TheStreet Tesla's Musk Offers $100M Reward for Best Carbon-Capture Tech

Tesla Chief Executive Elon Musk tweeted Thursday that he's donating $100 million to whoever can come up with the best carbon-capture technology.

"Am donating $100M towards a prize for best carbon capture technology," he tweeted. "Details next week."

https://twitter.com/elonmusk/status/1352392678177034242

Carbon dioxide, which is generated when fossil fuels are used to power cars or produce electricity, among other things, is the principal cause of global warming.

Research

Carbon capture includes an array of technologies that seek to collect carbon dioxide so it can't enter the atmosphere. Capture methods can take the greenhouse gas from power plants and factories or straight from the air.

As for Tesla, Morningstar analyst David Whiston has mixed views on the market's darling electric-vehicle maker.

He puts fair value for the stock at $306, well below its recent quote of $838.56, down 0.8%. It has jumped by more than a factor of 7 over the past year as investors have gone bananas for the electric-vehicle industry.

"Tesla has a chance to be the dominant electric vehicle firm long term and is a leading autonomous vehicle player as well as a vertically integrated sustainable energy company with energy generation and storage products," Whiston wrote in a commentary last month.

"[But] we do not see it having mass-market volume this decade."

"Tesla's product plans for now do not mean an electric vehicle for every consumer who wants one, because the prices are too high," the analyst added.

The Model X SUV starts at about $80,000, the Model S sedan at $69,420, the Model 3 sedan at $37,990, and the Model Y crossover at about $50,000, he said.

This article was originally published by TheStreet.

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