Construction Boxscore Database is produced by Hydrocarbon Processing | HydrocarbonProcessing.com
Subscriber Login
 

News Post

Chevron, Occidental invest in CO2 removal technology

Canada-based Carbon Engineering has received investment from a subsidiary of Occidental Petroleum Corp. and the venture capital arm of Chevron Corp. for its technology that removes carbon diox ide directly from the air.

Oxy Low Carbon Ventures, a subsidiary of Occidental Petroleum Corporation, and Chevron Technology Ventures, the venture capital division of Chevron Corporation, have invested an undisclosed sum in Carbon Engineering's so-called direct air capture (DAC) technology.

Founded in 2009, Carbon Engineering developed technology that captures carbon dioxide (CO2) directly from the atmosphere and converts it into low-carbon fuels for transport and for use in enhanced oil recovery.

The firm has been removing CO2 from the atmosphere since 2015 at a pilot plant in British Columbia and converting it into fuel since 2017.

Carbon Engineering expects to reach its financing target of $60 million by the end of the first quarter, putting it on track to accelerate the commercialization of its technology, the firm told Reuters.

"(...) These new investments will allow us to accelerate the deployment of our DAC and AIR TO FUELS technologies," said Steve Oldham, chief executive of Carbon Engineering (CE).

"With an increasing focus worldwide on the need for aggressive emissions reductions, CE’s technology can play a major role, and energy industry leaders like Occidental and Chevron will greatly accelerate commercialization of CE’s technology," he added.

Extracting vast amounts of carbon dioxide from the atmosphere could help to limit global warming, blamed for causing more heatwaves, wildfires, floods and rising sea levels.

The costs of such technologies are high, however, and a huge number of plants would be needed to make a dent in manmade CO2 emissions.

Source: Reuters

For questions or to give feedback:
Bob Andrew 
+1 (713) 520-4474

For subscriptions or a demo:
Josh Allen
+ 1 (713) 520-4456

John Bulmer
+44 20 3409 2242

Download our brochure today!

 

Boxscore Online Demo


Boxscore-Now

 

Project News

Boxscore Construction Analysis:
Business Trends: Asia and Europe join the feedstock evolution with steam crackers

From the April 2018 issue of Hydrocarbon Processing

 

 
Please read our Term and Conditions, Cookies Policy, and Privacy Policy before using the site. All material subject to strictly enforced copyright laws. © 2019 Gulf Publishing Holdings LLC.