Clean energy collaboration for major oil firms

18 January 2019

Oxy Low Carbon Ventures, LLC (a subsidiary of Occidental Petroleum Corporation) and Chevron Technology Ventures, Chevron’s venture capital arm, have announced investment in Carbon Engineering, a company focused on carbon capture: the CO2 can then be converted to fuel. The move, the first substantial partnership of its kind, will allow for quicker commercialisation of Carbon Engineering’s Direct Air Capture (DAC) technology.

“CE’s relationships with Occidental and Chevron, and these new investments, will allow us to accelerate the deployment of our DAC and Air to Fuels technologies,” said Carbon Engineering’s CEO Steve Oldham. “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.”

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