Carbon management specialist Occidental has signed a definitive purchase agreement to acquire the outstanding equity of Carbon Engineering for approximately $1.1bn.
Occidental and Carbon Engineering have been working together on direct air capture (DAC) deployment since 2019. The duo is currently building what is believed to be the world’s largest DAC plant in Ector County, Texas, which is scheduled for start-up in 2025.
Vicki Hollub, President and CEO of Occidental, said the acquisition will allow the company to catalyse broader development partnerships for DAC deployment in a capital efficient and valuable way.
She added, “Together, Occidental and Carbon Engineering can accelerate plans to globally deploy DAC technology at a climate-relevant scale and make DAC the preferred solution for businesses seeking to remove their hard-to-abate emissions.”
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