Occidental has purchased Holocene, its second direct air capture startup, emphasizing a push into carbon removal technology. Oxy Low Carbon Ventures executed the deal, aligning with Occidental's recent acquisition of Carbon Engineering. Holocene's technology, appealing due to its $100 per metric ton removal cost, aims to meet significant carbon removal contracts, including a partnership with Google. Direct air capture technologies, highlighted in the Inflation Reduction Act for tax incentives, are pivotal in Occidental's strategy to integrate CO2 in enhanced oil recovery, showcasing the intersection of fossil fuels and climate innovation.
Occidental has acquired Holocene, marking a strategic expansion in direct air capture technology, priced competitively at $100 per metric ton—far below industry average.
Holocene aims to enhance carbon removal capacity with Google partnership, demonstrating a trend in corporate collaboration to accelerate advanced technologies for climate solutions.
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