OCCIDENTAL acquired HOLOCENE and marked the second direct air capture startup purchased by a fossil fuel company in two years.
The contract was executed at an unveiled amount through OXY low -carbon venture, a subsidiary of oil and gas companies. HEATMAP first reported the news.
Holocene was racing to develop amino acid -based carbon removal technology in accordance with the $ 10 million contract signed in September.
The price was much lower than the competitor could offer today, with $ 100 per meter ton. At present, it takes about $ 600 per meter to remove carbon dioxide directly from the atmosphere to remove carbon dioxide directly from the atmosphere.
Western interest in carbon capture is originated from technology known as the enhanced oil recovery.2 It is injected underground to stimulate oil well. In 2023, the company bought another direct air capture startup, Carbon Engineering, for $ 1.1 billion.
Occidental spokesman said that the company will further develop the company’s own air capture research and development using HOLOCENE technology.
Direct Air Capture is equipped with a tax deduction according to the inflation reduction method and provides the final incentive depending on whether the equipment uses zero emission power and whether the captured carbon dioxide is used for enhanced oil recovery.
