Occidental subsidiary Oxy Low Carbon Ventures and Rusheen, a private equity firm, have formed a company called 1PointFive to « finance and deploy » Carbon Engineering’s technology in the U.S.
Why it matters: It’s a step toward building a plant that the companies say would be the world’s largest direct air capture (DAC) facility, with the capacity to remove up to 1 million metric tons of atmospheric CO2 annually.
More broadly, the new licensing deal with 1PointFive and Carbon Engineering for the Permian plant in Texas is the « first step toward their aspiration to deliver this technology on an industrial scale throughout the United States, » they said.
