A Canadian company that is pioneering the use of direct air capture technology to remove carbon dioxide directly from the atmosphere has been acquired by U.S. oil company Occidental Petroleum.
The $1.1-billion US deal will see Squamish, B.C.-based Carbon Engineering Ltd. become a wholly owned subsidiary of Oxy Low Carbon Ventures, an Occidental company that is investing in a range of new emissions-reduction technologies.
Carbon Engineering — which was founded in Calgary by Harvard professor David Keith and currently has 150 employees— has already been working for years with Oxy subsidiary 1PointFive, which is aiming to commercialize the large-scale deployment of carbon capture, utilization and sequestration technology.
1PointFive is currently using Carbon
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