Occidental Petroleum Corporation‘s (NYSE:OXY) subsidiary, 1PointFive, disclosed that the U.S. Department of Energy’s Office of Clean Energy Demonstrations (OCED) will provide up to $500 million to support the development of the South Texas Direct Air Capture (DAC) Hub.
1PointFive’s South Texas DAC Hub, located on the King Ranch in Texas, will start with a capacity to remove 500,000 metric tons of CO2 annually, with plans to scale to over 1 million metric tons.
The site could expand to remove 30 million metric tons per year and securely store up to 3 billion metric tons in saline formations.
The funding will be provided in multiple phases, starting with an ...
