Big Oil's interest in carbon capture tech increases
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Chevron and Occidental are investing an undisclosed amount in Carbon Engineering, a Canadian company aiming to commercialize technology that captures carbon emissions directly from the atmosphere.
Why it matters: It's a clear sign of increasing interest in the viability of direct air capture (DAC) technologies.
From Carbon Engineering's announcement on Wednesday:
"This ... highlights the first significant collaboration between a DAC developer and the energy industry, with two global energy leaders investing in DAC as a mechanism to reduce emissions from transportation and enable permanent capture of existing atmospheric CO2 that can be utilized both in oil production and in direct synthesis of fuels."
Where it stands: The two U.S.-based multinational firms are joining some existing, high-profile backers, according to Financial Post.
- "Privately held Carbon Engineering Ltd. already counts some big-name investors among its shareholders, including Microsoft founder Bill Gates and Canadian Natural Resources Ltd. founder Murray Edwards," it reports.
- The amount of the investment was not disclosed.