A Canadian company that is pioneering the use of direct air capture technology to remove carbon dioxide directly from the atmosphere has been acquired by U.S. oil company Occidental Petroleum.
The US$1.1-billion deal will see Squamish, B.C.-based Carbon Engineering Ltd. become a wholly owned subsidiary of Oxy Low Carbon Ventures, an Occidental company that is investing in a range of new emissions-reduction technologies.
1PointFive is currently using Carbon Engineering's technology to construct what it says will be the largest direct air capture project in the world, in Ector County, Texas. Advocates say direct air capture technology has the potential to not only reduce current greenhouse gas emissions, but also to begin removing the large quantities of CO2 emitted in the past that remain trapped in the earth's atmosphere.
"The past several years has seen major progress in the number of countries and markets implementing climate policy, and in the types of support for and low carbon fuels," Carbon Engineering Ltd. states on its website.
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