Oxy Low Carbon Ventures, a subsidiary of Occidental, and Rusheen Capital Management, a private equity firm, have formed a development company to finance and deploy Carbon Engineering’s large-scale direct air capture (DAC) technology.
Called 1PointFive, the joint venture has signed a licencing agreement with Carbon Engineering to enable the commercial development of the world’s largest DAC facility, located in the Permian Basin, a first step towards its ambition of delivering the technology on an industrial scale throughout the US.
“The formation of 1PointFive is a significant catalyst that will advance our plans to build the world’s largest-scale DAC facility to remove substantial volumes of CO2 emissions from the atmosphere,” said Richard Jackson, Oxy Low Carbon Ventures President and Chairman of 1PointFive.
“Occidental has over 40 years of CO2 management experience, and Oxy Low Carbon Ventures is applying our technical ingenuity and engineering skill to help make large-scale DAC facilities a reality.”
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