Chevron, Occidental Invest in CO2 Removal Technology

Credit: Ernest Scheyder/Reuters.
Equipment used to process carbon dioxide, crude oil, and water is seen at an Occidental Petroleum enhanced oil recovery project in Hobbs, New Mexico, USĀ on 3 May 2017.

Canada-based Carbon Engineering said on 9 Jaunary that it had received investment from a subsidiary of Occidental Petroleum and the venture capital arm of Chevron for its technology that removes carbon dioxide directly from the air.

Oxy Low Carbon Ventures, a subsidiary of Occidental, and Chevron Technology Ventures, the venture capital division of Chevron, have invested an undisclosed sum in Carbon Engineering’s so-called direct air capture 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.

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