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Calgary-based innovators could see a big payday for going green.

Team CleanCarbon Energy is the Calgary-based company gunning for the $20 million Carbon X Prize, a contest challenging teams to develop breakthrough technologies that convert the most CO2 into products with the highest net value, making it a recycling Holy Grail.

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Made up of engineers, designers, and venture capitalists in Calgary’s oil and gas industry, Team CleanCarbon have developed carbon converting technologies with a laboratory team at the Olds College Centre for Innovation (OCCI).

“Our team has substantial experience in energy production, drilling and completions, petrochemicals and carbon conversion with two patents pending that can enable the large scale conversion of greenhouse gas emissions to value added products,” team project manager Jane Bouey said in a release.

Using plant material and geothermal energy in the Earth’s subsurface, the company’s two technologies — the Downhole Flexfuel Gasifier and the DualCycle Geo-bioreactor — convert carbon dioxide into biomass and produces sustainable fuels, power, and chemicals.