Occidental Acquires Carbon Removal Startup Holocene to Boost Direct Air Capture Efforts
Occidental Petroleum has acquired Holocene, a carbon removal startup, through its subsidiary Oxy Low Carbon Ventures. This marks Occidental's second acquisition of a direct air capture company in two years. Holocene's technology, which utilizes amino acids for carbon capture, is priced at $100 per metric ton, significantly lower than current market rates. The acquisition will support Occidental's ongoing research in enhanced oil recovery, utilizing captured CO2. Holocene previously secured a $10 million deal with Google for carbon removal services, aiming to deliver 100,000 metric tons by the 2030s.
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