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Occidental, Chevron units invest in carbon capture, control technology

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Occidental, Chevron units invest in carbon capture, control technology

Canadian clean-energy firm Carbon Engineering Ltd. announced Jan. 9 it has received equity investments from Occidental Petroleum Corp. subsidiary Oxy Low Carbon Ventures LLC and Chevron Corp. subsidiary Chevron Technology Ventures, which will speed up the commercialization of the firm's direct air capture technology and air-to-fuels technology.

No financial details were disclosed.

The direct air capture technology removes carbon dioxide directly from the air, while the air to fuels technology combines carbon dioxide from direct air capture with clean hydrogen from water electrolysis that provides a way to reduce emissions. The air-to-fuels products are compatible with existing cars, trucks, ships and planes, which allows existing vehicles to lower emissions without modification.