HOUSTON, Oct. 03, 2024 (GLOBE NEWSWIRE) -- 1PointFive, a wholly owned subsidiary of Occidental, announced today that its Bluebonnet and Magnolia Sequestration Hubs were awarded a total of $36 million in funding from the U.S. Department of Energy (DOE) under Phase III of the Carbon Storage Assurance Facility Enterprise (CarbonSAFE) Initiative. The awards will support the development of 1PointFive's carbon dioxide (CO2) sequestration hubs that provide a solution to address industrial sources of emissions.
1PointFive's Bluebonnet Sequestration Hub, located in Chambers County, Texas, and Magnolia Sequestration Hub, located in Allen Parish, Louisiana, are well-suited for large-scale geologic CO2 storage and positioned near industrial emissions sources. By bringing together pore space, UIC Class VI sequestration permits that are progressing and infrastructure, 1PointFive's hubs will provide a practical way for hard-to-decarbonize industries to advance their climate goals.
"We are using our over 50 years of carbon management expertise and experience developing projects at scale to deliver a proven solution that helps advance industrial decarbonization," said Jeff Alvarez, President of 1PointFive Sequestration. "Working in partnership with the Department of Energy supports our ability to rapidly progress our hubs and realize the potential of CCS to further climate goals."
The funding will help advance 1PointFive's site characterization activities, permitting and environmental approvals for construction at each hub. 1PointFive is also implementing a community benefit program focusing on education initiatives, engaging and building diverse community relationships and ...
