LONDON: Canada-based Carbon Engineering said on Wednesday it had received investment from a subsidiary of Occidental Petroleum Corporation and the venture capital arm of Chevron Corp for its technology that removes carbon dioxide directly from the air.
Oxy Low Carbon Ventures, a subsidiary of Occidental Petroleum Corporation, and Chevron Technology Ventures, the venture capital division of Chevron Corporation, have invested an undisclosed sum in Carbon Engineering’s so-called direct air capture (DAC) 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 commercialisation of its technology. — Reuters