Chevron Corp. and Occidental Petroleum Corp. have apparently joined forces in a bid to pour in capital in carbon dioxide elimination technology. As per credible reports, a subsidiary of the latter and Chevron’s venture capital arm have jointly invested in Carbon Engineering for its technology designed to remove carbon dioxide directly from air.
So far, the amount that Oxy Low Carbon Ventures (Occidental Petroleum’s arm) and Chevron Technology Ventures have jointly invested in Carbon Engineering has not been revealed by either of the parties.
Carbon Engineering’s direct air capture (DAC) technology, for the uninitiated, captured CO2 directly from the atmosphere, post which it is converted into low-carbon fuels to be used for enhanced oil recovery as well as transportation.
A report by Reuters states that Carbon Engineering anticipates to reach its $60 million financing target by the end of Q1 2019, putting it on track to speed up the commercialization of DAC.
Steve Oldham, CEO, Carbon Engineering (CE), has been reported to say that these new investments will enable the company to accelerate the application of CE’s AIR TO FUELS and DAC technologies. The firm’s technologies play a pivotal role in an era retaining increased focus on the demand for aggressive emissions reductions, he continues, adding that the involvement of energy industry magnates like Chevron and Occidental will commendable speed up the commercialization scale of CE’s technology.
Experts vouch for the fact that while extracting a considerable amount of carbon dioxide from the atmosphere would help reduce global warming that is responsible for wildfires, rising sea levels, heatwaves, floods, and the like, CO2-elimination technologies are heavily exorbitant, and a vast number of plants would be required to make a dent in manmade CO2 emissions.
The joint investment, for the record, comes at a time when legislations across British Columbia and California are making low carbon fuels economically viable.