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Chevron, Occidental buy stakes in Canadian CO2 capturing firm
HOUSTON, January 9, 2019 (PCW) -- Canadian company Carbon Engineering Ltd. says it received an unspecified investment from Chevron and Occidental Petroleum for its technology that removes carbon dioxide directly from the air.
The privately-held company says its technology captures CO2 directly from the atmosphere and converts it into low-carbon fuels for transport and for use in enhanced oil recovery, and plans to use the investments to develop and roll out a commercial version of its pilot facility currently operating in British Columbia.
These investments will accelerate the commercialization of CE’s proven Direct Air Capture (DAC) technology that removes carbon dioxide (CO2) directly from the air, the company said.
Carbon Engineering has been developing DAC technology since 2009 and capturing CO2 from the atmosphere at a pilot plant in Squamish, B.C. since 2015.
“Carbon Engineering’s direct air capture technology has the unique capability to capture and provide large volumes of atmospheric CO2. This capability complements Occidental’s enhanced oil recovery business and provides further synergies by enabling large-scale CO2 utilization and sequestration,” said Occidental Petroleum’s Senior Vice President, Operations Support, Richard Jackson. -- Donna Todd