Sept 12 (Askume) – The Sept 12 report has been revised to show that BlackRock provided funding to the company’s Stratos facility in Odessa, Texas, rather than South Africa, as stated in paragraph 2. Texas DAC Center.
1pointfive, the carbon capture and storage unit of Occidental Petroleum Corp (OXY.N), said on Thursday the US Energy Department’s Clean Energy Demonstration Office has committed up to $500 million in funding to support its South Texas Direct Air Capture (DAC) Center.
The company previously received financing from BlackRock, the world’s largest asset manager, for Stratos, a DAC facility under construction in Odessa, Texas.
Occidental’s first large-scale DAC facility represents an important economic test of the technology, which the International Energy Agency says will play a key role in decarbonizing global industry despite the high cost of early trials.
The total award from OCED to develop an expanded regional carbon network in South Texas will increase to $650 million, according to a news release from Occidental Petroleum Corporation.
Occidental said the center’s initial carbon dioxide removal capacity will be 500,000 tons per year and can be expanded to 1 million tons per year.
Earlier this year, 1pointfive also said it would sell carbon credits to companies including AT&T (TN) and Microsoft (MSFT.O) .
These carbon credits are tradable permits that allow the owner to emit a specified amount of greenhouse gases.
