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 $1.1-billion US 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.
Unlike the more common form of carbon capture and storage technology — which captures emissions from industrial flue stacks and sequesters them safely deep underground — direct air capture technology removes harmful C02 emissions directly from the air for safe storage underground. 1PointFive has stated it believes it can deploy 70 direct air capture facilities worldwide by 2035, under current compliance and market scenarios.
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