Carbon Engineering Ltd. (CE), a Canadian clean energy company, has received an equity investment from two global energy companies: Oxy Low Carbon Ventures (OLCV), and Chevron Technology Ventures (CTV), states Oxy Occidental's press release. These investments will accelerate the commercialization of CE’s proven Direct Air Capture (DAC) technology that removes carbon dioxide CO₂ directly from the air.

This announcement highlights the first significant collaboration between a DAC developer and the energy industry, with two global energy leaders investing in DAC.

CE has been developing DAC technology since 2009. The DAC plants are location-independent and can be co-located with an oilfield operation for enhanced oil recovery (EOR).  

OLCV is dedicated to advancing innovative low-carbon technology solutions that enhance Occidental's business both for today and tomorrow. Carbon Engineering's direct air capture technology has the unique capability to capture and provide large volumes of atmospheric CO₂. This capability complements Occidental's enhanced oil recovery business and provides further synergies by enabling large-scale CO₂ utilization and sequestration.

Occidental Petroleum's Senior Vice President, Operations Support, Richard Jackson

CE’s complementary AIR TO FUELS™ process – which combines CO₂ from DAC with clean hydrogen from water electrolysis – provides a second pathway for reducing transportation emissions by synthesizing ultra-low carbon intensity liquid fuels.

At the core of what we do is develop the energy that powers the world forward, which means providing affordable and reliable energy while reducing carbon emissions. Novel pathways such as through CE’s AIR TO FUELS™ technology represent a prime target area for our investment efforts that look to cut greenhouse gases through new low carbon value chains.

Barbara J. Burger, President of Chevron Technology Ventures

This announcement coincides with the arrival of market conditions that enable the widespread commercialization of DAC and AIR TO FUELS™ technologies.

It is a very important time for the air capture field right now. Leading jurisdictions create markets for low carbon fuels and technologies like DAC, through effective climate policy. These efficient market-based regulations, and action from energy industry leaders like Occidental and Chevron, show the power of policy in driving innovation and achieving emissions reductions while delivering reliable and affordable energy.

Steve Oldham, CEO of Carbon Engineering