Squamish-based Carbon Engineering is being acquired by Occidental Petroleum for an astounding $1.1 billion, aimed at boosting direct-air-capture (DAC) technology.
Occidental revealed the acquisition of Carbon Engineering’s equity will occur through a subsidiary, with payments spread across three equal annual sums.
Collaborating since 2019, Occidental and Carbon Engineering share the vision of DAC deployment. The purchase aligns with Occidental’s net-zero approach, leveraging Carbon Engineering’s DAC solutions for global carbon removal. Carbon Engineering’s DAC processes, built on proven industrial equipment, will remain operational in Squamish under Oxy Low Carbon Ventures.
Carbon Engineering’s personnel will remain pivotal in advancing DAC technology, working closely with Occidental and 1PointFive for effective DAC implementation.
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