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.
Read the full story here.
Don't miss our latest HSE content, delivered to your inbox twice monthly. Sign up for the HSE Now newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
19 Jul 2020
- Austin, Texas
This one-day session will include a view of best practices for Carbon Management with a focus on fugitive methane reduction.
14 Sep 2020
- Bergen, Norway
The SPE Norway Subsurface Conference brings together the E&P industry to expand industry technical knowledge, connect with innovators and leaders and address technical challenges facing upstream oil and gas professionals.
14 - 16 Sep 2020
- Muscat, Oman
Shaping the Future of the Energy Industry.
28 Apr 2020
- Brisbane, Australia
This one-day session features view on best practices for Carbon Management with a focus on fugitive methane reduction.
7 - 10 Dec 2020
- Amsterdam, The Netherlands
Delivery for the Energy Challenge: Today and Tomorrow
17 - 19 Aug 2020
- Kuala Lumpur, Malaysia
Where Energy Professionals Exchange Ideas
15 - 16 Sep 2020
- Brisbane, Australia
We are in the throes of an energy transition - our energy system is evolving rapidly and diversifying, decarbonising and decentralising.
HSE Now is a source for news and technical information affecting the health, safety, security, environment, and social responsibility discipline of the upstream oil and gas industry.
©2003-2020 Society of Petroleum Engineers, All Rights Reserved.