The U.S. Division of Power’s Workplace of Clear Power Demonstrations (OCED) will present as much as $500 million to assist one of many key initiatives of Occidental Petroleum Corp subsidiary 1PointFive.
The OCED is funding the event of the South Texas Direct Air Seize (DAC) Hub of 1PointFive, a carbon seize, utilization, and sequestration (CCUS) firm.
“The award is a milestone in furthering commercial-scale DAC in the US and validation of Occidental and 1PointFive’s means to make use of their decades-long experience in carbon administration to speed up the important local weather expertise,” 1PointFive stated in a information launch.
- Advertisement -
Funding shall be supplied in a number of tranches. The preliminary award of $50 million will advance 1PointFive’s ongoing work on the South Texas DAC Hub. Upcoming actions embody engineering, allowing, the procurement of long-lead tools and continued group engagement to additional 1PointFive’s group advantages plan, in response to the discharge.
The entire award worth for the South Texas DAC Hub is anticipated to be as much as $500 million for the preliminary DAC facility on the web site, and has the potential to extend as much as $650 million for the event of an expanded regional carbon community in South Texas, 1PointFive stated.
“Massive-scale Direct Air Seize is without doubt one of the most essential applied sciences that may assist organizations and society obtain their web zero targets,” Occidental President and CEO Vicki Hollub stated. “This award demonstrates how the U.S. Division of Power is dedicated to realizing the total potential of DAC and its confidence within the South Texas DAC Hub to ship CO2 removing at a climate-relevant scale”.
1PointFive’s South Texas DAC Hub, positioned on the King Ranch in Kleberg County, Texas, will host a DAC facility with an preliminary removing capability of 500,000 metric tons of carbon dioxide (CO2) per yr with a plan to develop a build-out to over 1 million metric tons per yr sooner or later.
The positioning has the capability to develop as much as 30 million metric tons of CO2 removing per yr by way of DAC and securely retailer as much as 3 billion metric tons of CO2 in saline formations, in response to the discharge.
As a part of the hub’s improvement, 1PointFive famous that it’s also advancing applications to assist the South Texas area by way of its Neighborhood Advantages Plan. The plan is targeted on offering alternatives for native hiring, workforce improvement and academic initiatives.
In July, 1PointFive entered into an settlement with Microsoft to promote 500,000 metric tons of carbon dioxide removing (CDR) credit over six years to assist Microsoft’s carbon removing technique.
The settlement is the biggest single buy of CDR credit enabled by direct air seize (DAC) so far and “highlights the rising adoption of this local weather expertise as an answer to assist organizations obtain net-zero emissions,” 1PointFive stated in an earlier information launch.
The CDR credit for Microsoft shall be enabled by STRATOS, 1PointFive’s first industrial-scale DAC facility at present beneath development in Texas.
Underneath the phrases of the settlement with Microsoft, which has dedicated to changing into carbon damaging by 2030, the captured CO2 underlying the credit shall be securely saved by way of subsurface saline sequestration and won’t be used to supply oil and gasoline.
The corporate stated that DAC gives a clear and sturdy option to deal with emissions on a big scale, notably from hard-to-abate industries.
1PointFive describes itself as a CCUS firm working to assist curb international temperature rise to 1.5°C by 2050 by way of the deployment of decarbonization options, together with Carbon Engineering’s DAC and Air To Fuels expertise options alongside geologic sequestration hubs.
What do you suppose? We’d love to listen to from you, be part of the dialog on the
Rigzone Power Community.
The Rigzone Power Community is a brand new social expertise created for you and all power professionals to Converse Up about our trade, share data, join with friends and trade insiders and interact in knowledgeable group that may empower your profession in power.
