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Occidental Petroleum, or OXY, an American oil and gas company, announced it will buy the Canadian startup that provides carbon capture technology, Carbon Engineering. OXY is acquiring the company in cash worth $1.1 billion.
On Tuesday, Aug. 15, Occidental Petroleum confirmed its acquisition plans for Carbon Engineering. OXY aims to use the company’s direct air capture (DAC) technology, which uses chemical reactions to eliminate carbon dioxide from the air, which can be kept reserved underground or used in products like aviation fuel or concrete.
According to Reuters, DAC is considered an effective instrument in neutralizing greenhouse gas emissions when distributed at an industrial scale. It was mentioned that Occidental Petroleum and Carbon Engineering are already acquainted prior to the acquisition.
It was revealed that the two companies have been working together on DAC deployment since 2019. The two sides expect their deal to be completed before this year ends and still subject to reviews by the Canadian court and regulatory approvals from both the U.S. and Canada.
“We expect the acquisition of Carbon Engineering to deliver our shareholders value through an improved drive for technology innovation and accelerated DAC cost reductions,” Vicki Hollub, the president of Occidental Petroleum, said in a press release. “The technology partnership also adds new revenue streams in the form of technology licensing and royalties.”
She added, “Importantly, the acquisition enables Occidental to catalyze broader development partnerships for DAC deployment in the most capital-efficient and valuable way. We look forward to continuing our collaboration with the Carbon Engineering team, which has been a leader in pioneering and advancing DAC technology.”
Finally, Hollub said that Occidental Petroleum and Carbon Engineering will scale up their plans for the deployment of the DAC technology worldwide. The aim is to make DAC the preferred solution for companies that are looking to eliminate “hard-to-abate emissions” and help with climate change efforts.
Photo by: OXY Press Release
